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Question of the Month - How do you review your finances at the end of the year?

Quicken SarahQuicken Sarah Administrator, Moderator mod

When the end of the year comes, it is a good time to assess your finances. The best way to do this is to take advantage of Quicken’s extensive number of reports and graphs.

Below are five reports you should review at the end of the year. You can access any report from the Quicken Reports menu. Remember to set your date range to capture the year.

Cash Flow Report

The Cash Flow report is a great starting point for reviewing your finances. It provides an overview of your financial situation. From there you can see both your income for the year and your expenses listed by category. Be sure to check to see if there are uncategorized transactions.

Net Worth Over Time

The Net Worth Over Time report helps you see how your circumstances have changed over the year. You can review a graph of how your assets and liabilities changed from month to month.

Tax Schedule Report

The Tax Schedule Report gives you an overview of your taxable income and expenses listed by the corresponding tax form. You can use this information to review your tax situation.

Transactions by Category

Transactions by Category is the best way to see what areas you have spent your money in. It is useful for setting up a budget and evaluating how you spend.

Transactions by Payee

Transactions by Payee is a useful report that people often overlook. Knowing where you are spending money is an important aspect of knowing how you are spending your money.

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