Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

Does Quicken allow you to categorize the individual charges on a VISA bill?

Does Quicken allow you to categorize the individual charges on a VISA bill to different expense "buckets"? I want to be able to track the purchases I make by category, and not just "credit cards".

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    How are you entering them?  Just in case you are doing it the wrong way,

    The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.


    When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited December 2020
    It's unfortunate that one of Quicken's default categories is "Bills & Utilities:Credit Card Payment".
    This misleads new users into thinking this is how to deal with a credit card payment, when it is wrong on 2 levels.
    • As @volvogirl says, each credit card should have its own account into which payments are transferred.
    • A top-level category "Bills & Utilities" is pretty stupid. Many things are bills, why lump Utilities explicitly into the category name?
    A long time ago, on a site far away, I suggested that Quicken re-think the default categories. That didn't happen, so all we can do is explain best practices.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    Oh, by the way, because this question is in the "Before you buy" section, the short answer is "yes."
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited December 2020
    @MEB - Since you posted this in the "Before you buy" section I am assuming you have not yet purchased Quicken.   You might want to consider buying, installing and then play around with the program for a while.  That will be the best way to find out the features and capabilities of the program and it comes risk-free. If within 30 days you decide you don't want, need or like it, Quicken will give you full refund.
    (QW Premier Subscription: R32.12 on Windows 10)
  •  MEB
    MEB Member
    So is Quicken actually an accounting program (a good thing) with debits and credits getting entered (again, a good thing)?
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Yes basically.  But not a true double accounting program.  You can make one sided entries.  You set up accounts that have a register and enter individual transactions with categories.  
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Technically, Quicken is a "Personal Financial Management' program ... and not a full fledged "accounting" program.
    Q allows certain actions that would be repugnant in an accounting program. Such as allowing a transaction (in an appropriate account) to reference it's own Account name as a means of changing the account balance.
    And, allowing an "Opening Balance" in an account to substitute for all of the transactions that have happened before the account was first created in Q.
    Also, there's no "General Ledger" or "Trial Balance" in Q.  Q uses a "checkbook" metaphor, where Credits and Debits are input into the account register directly and the use/non-use of "Categories" to assign those transactions to Income and Expense ledgers.  Category is Q's term for these types of accounts.
    Others can probably add more examples of how Q is not a full fledged accounting program, but those are the 1st examples that come to my mind.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Yes, Quicken is not "a full fledged accounting program" but the reality is that for most of their customer base that is probably a good thing since most people aren't accountants.  They don't want or need the complexity and detail that comes with accounting programs.  Most people want a program that consolidates all of their financials in one place in a relatively easy to use and easy to understand format. "Checkbook" type registers are something that most people can easily use and comprehend.
    (QW Premier Subscription: R32.12 on Windows 10)
This discussion has been closed.