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New functionality - "add recurring transaction"

I am a long term Quicken user - 30 years next year. I would like to see a true recurring transaction function added to transaction entry that generates said transaction after the passage of a date. As an example, I pay bills such as insurance annually and post that transaction to a prepaid insurance account (asset). Currently, each month, I credit that prepaid account and debit the insurance expense account for the monthly amount of expense. This properly applies the expense to the period and smooths the total expense over the whole year. This is most useful for income statements and budgeting. It would be nice not to have to do this each month and the availability of a recurring transaction functionality would be nice.

The suggested workarounds with online bill pay and scheduling are just clunky alternatives.

Please consider for enhancement.
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  • Rocket J SquirrelRocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    I may be missing something in your idea. Can't you do this with a Reminder (formerly called Scheduled Transaction)?
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • FirvoFirvo Member ✭✭
    Bill pay logic requires you to use a cash account. It does not give me the capability to do what I described above. I cannot make the source account an other asset account. It asks for a payee of which there is none. This enhancement amounts to a general journal type of transaction that allows recurring automated transactions that move funds out of an asset or liability account to either an income or expense category. Bill pay functionality does not do this, so a reminder transaction is not only clunky, it doesn't work for this purpose.

    Thanks for getting me to try it though.
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    Perhaps I am missing something, but why not set up your prepaid insurance account as a cash account rather than an asset account?
    -- Jim QWin Premier subscription
  • Rocket J SquirrelRocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited October 17
    This has nothing to do with bill payment. Create a recurring transfer reminder and you're done.

    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • FirvoFirvo Member ✭✭
    Transfer doesn't work either. It does From account to account. I need from account to category. I don't want a prepaid account to be a cash account. I would just like Quicken to consider this for enhancement.

    I appreciate your input but this is the only place I know of to request a product enhancement.
  • Chris_QPWChris_QPW Member ✭✭✭✭
    @Firvo that just sound like a normal bill reminder.

    Why will it not work for your purpose?
    Reminders can be used in any non investment account (and even there with special steps) and the reminder can be to any category. It can even be a split transaction to multiple categories and include transfers to other accounts if need be.
    (I'm using the latest Quicken subscription version)
  • Rocket J SquirrelRocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited October 17
    Firvo said:
    Currently, each month, I credit that prepaid account and debit the insurance expense account for the monthly amount of expense.
    That sounds like a transfer to me.
    Firvo said:
    Transfer doesn't work either. It does From account to account. I need from account to category.
    Periodically debiting an account and categorizing the debit is what Quicken calls a "manual bill reminder" even when no actual bill is involved. It should be called "expense reminder" or, better yet, "scheduled expense transaction". It asks for a payee, but you can supply anything you want for that field.
    Firvo said:
    I don't want a prepaid account to be a cash account.
    I guess I'm also confused about what you mean by "prepaid account". That is not a Quicken term. What does "prepaid" mean? I was thinking it was a holding account or pseudo-account into which monthly transfers are made and from which your annual insurance is actually paid. If that's not a cash account, what is it?
    If you want the "from" account to be an asset account, you can do that. When creating the bill reminder, you can choose from "Net Worth" accounts, which include asset accounts.
    As you can see, I'm lost trying to understand your enhancement request. What am I failing to understand?
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Chris_QPWChris_QPW Member ✭✭✭✭
    edited October 17
    Firvo said:
    I appreciate your input but this is the only place I know of to request a product enhancement.
    Note this is the right place to submit product suggestions except that you should have set it to an Idea so that people can vote on it (instead of a question).

    But if none of us long time users of Quicken can figure out what your use case is, then there is very little chance that Quicken Inc will understand, and that certainly is the first step in deciding to implement it.
    (I'm using the latest Quicken subscription version)
  • FirvoFirvo Member ✭✭
    I set up a prepaid account as an other asset in Quicken so it can be decremented by month. I trained as an accountant (CPA) and worked my career heading up an IT function. I am simply asking that the ability to set up a manual transaction moving funds sitting in non bank quicken accounts (like Other Assets or Liability) to an expense or income category. None of the suggestions above that I can see do anything like that. I am not looking for a vote, I am just trying to submit to the Company I now pay every year to maintain the software, to hopefully consider adding this, admittedly advanced and perhaps unique enhancement request for their review and consideration. I am not new to doing that having requested excel direct downloads for the better part of a decade if not longer.

    As Monty Python would say "I wasn't looking for the spanish inquisition"
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