Separate Accounts: Multiple Groups of Accounts?

Demetri

I love the new feature!! I manage my children's minor finances as they are still in school. I would like to have all of their accounts under the "Separate Accounts" list but grouped by child (ie Child #1, Child #2, etc). Is this possible with the new feature?

Separate Accounts:
-------------------Child #1 Totals
>Child #1
>>Checking
>>Savings

-------------------Child #2 Totals
>Child #2
>>Checking
>>Savings

Frankx

Hi Demetri,

Based on my experience with separate accounts, (and for the record I am a Windows user - not a Mac user) I don't believe that you can "group" separate accounts, as you seem to want to do.  You can have separate accounts (as I do) but they will be "separate" for each account.

As an alternate, I would suggest that you simply establish separate "quicken data files" for each of your children.  If you take this approach, you can monitor each child's accounts separate from your own accounts, and also separate from the other children.  While this may seem more complicated now, ultimately it will turn out to be the most reasonable approach, especially from a tax standpoint, since the co-mingling of accounts, for tax purposes, could be problematic.

Good luck!

Frankx

Frankx

Hi Demetri,

Based on my experience with separate accounts, (and for the record I am a Windows user - not a Mac user) I don't believe that you can "group" separate accounts, as you seem to want to do.  You can have separate accounts (as I do) but they will be "separate" for each account.

As an alternate, I would suggest that you simply establish separate "quicken data files" for each of your children.  If you take this approach, you can monitor each child's accounts separate from your own accounts, and also separate from the other children.  While this may seem more complicated now, ultimately it will turn out to be the most reasonable approach, especially from a tax standpoint, since the co-mingling of accounts, for tax purposes, could be problematic.

Good luck!

Frankx

NotACPA

 "since the co-mingling of accounts, for tax purposes, could be problematic."

If these children are minors, and any income or expenses that they have are reported on the Parent's tax return ... the the quoted statement would be entirely wrong.

IF they file their own tax returns, which seems doubtful given the question, then the quote would be correct.

Frankx

The statement is entirely correct - it says "could"

Frankx

Demetri

Thanks for the responses!

Frankx

Hi again Demetri,

You're very welcome!

Frankx