quicken account type for credit unions?

greetings,

question about account types...

i've been using quicken since the latter part of 1990s. a lot has changed and with the evolution of the software and things, not sure i have some things set up the best way for the current incarnations of the software...

recently noticed that most of my accounts with banks over the years were set up as "checking accounts". i switched a couple that were really savings accounts (didn't have checkbooks and paid interest) to "savings accounts" in quicken. this moved those account in quicken to a separate section in the accounts list on the left pane. i think some of these setups got changed in the conversion from the old program to the newer one some years ago and i didn't notice it. (old versions had different colored backgrounds for savings, checking etc. so i knew that the savings accounts were set that way because the background was different from a checking account)
i'm generally planing to change the account categories that don't have checkbooks to savings accounts. (im not talking about retirement investments, which i have set up as retirement accounts). is that the best way to decide if an account should have the category as savings vs checking account? i have a credit union which has a couple "sub accounts". one has a checkbook and the other does. both pay interest but the savings account pays more than the account with the check book.
i also have another credit union that does not have checkbooks. those all show up under checking but i assume i should switch them to savings, right?

is there any real different in quicken if the account is set up as a checking or savings account? i looked around in the forum and didn't see a good article about credit unions/account types. etc.

thanks for any feedback.
jeffery

--
am using quicken for mac, v 5.18.2... macos 10.14.6

Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Someone else might jump in with a different take on this, but I can't think of any meaningful distinction between a savings or checking account in Quicken. The only one I can think of show up if you're a user like me who prefers separate columns for money in and money out instead of the single Amount column: for a checking account, these columns are called Payment and Deposit, while for a savings account they're called Withdrawal and Deposit. It's a purely ornamental difference, as they function identically -- and if you use the single Amount column instead, you won't even notice. 

    I've thought it odd that since the modern Quicken Mac came out, it considered checking accounts and cash accounts should be together in the left sidebar under the Cash subheading, while savings accounts were separated out under a separate Savings subheading.

    So I'd say you could call them all Checking accounts in Quicken if you want them all together under the Cash subheading. (I add a single digit prefix to my cash and credit card accounts -- e.g. "1-XYZ Bank Checking" -- so I can put them in the order I prefer instead of alphabetically.)

    The only reason I can think of for not calling a checking account savings or a savings account checking if you find that downloading from your credit union automatically changes the account type in Quicken. (But based on you using a version that's now 5 months old, perhaps you don't have a current subscription and aren't downloading transactions?)
    Quicken Mac Subscription • Quicken user since 1993
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    jacobs said:
    I've thought it odd that since the modern Quicken Mac came out, it considered checking accounts and cash accounts should be together in the left sidebar under the Cash subheading, while savings accounts were separated out under a separate Savings subheading.

    That is the default in Quicken Windows too.


    But for me, I never found it "odd".  Checking and Cash accounts are where you "spend from".  Savings is money that you put way for longer term.  And credit cards are separate just because they are credit and as such are debts you pay off once a month.

    But like I said in Quicken Windows that is the "default".  The user has some flexibility in this with the "Account intent" setting:

    This lets the user move them around a bit.  Spending is the top group in the account bar, so if you take a savings account and make its intent Spending it will be grouped with the checking and cash accounts.  It also moves it around in some reports and such.

    As for the account type, in Quicken Windows you can almost never change it after the account is created with some very few exceptions like changing a brokerage account to an IRA.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
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  • jefferyn
    jefferyn Member ✭✭
    thanks for the fast replies.

    yes i thought it a little string that checking and cash is together and saving is separate in the sidebar. .

    i do have a subscription. but since i'm working on tax prep, i don't want to change versions until i've finished. many years ago in the old version of quicken, i had one year when the upgrades i installed while i was working on the tax prep kept causing it to crash. this modern version of quicken is very stable. so i'm not worried about crashes.

    i never get the ".0" for a new version. i let a couple minor revs come out so any bugs get worked out. with a version change, i'm a little worried about having to change something right now.

    i have to say once the rewritten version came out and it finally had the reports i needed a couple years ago, i've been extremely happy with the new version. the stability and performance is a world of difference. the searching and filtering is fantastic. i'm still finding problems in the older data sometimes where transfers got lost and the target of the transfer was the same account it came from. that was a bug in the old version and it showed up a lot when i transferred data to the new version probably about 3 years ago. i ended up with a deposit in one account and expense in the other and both show up as "uncategorized". when i fix the check entry and put the correct target to the savings account, quicken gives a message that it found a match and asks if i want to merge them. which i do. there were some times when i had so much money moving around because of some expensive repairs on the property i'd bough and the various loans i'd taken out, it was hard to figure out where the money came and went. but with this new version, i'm finding it possible to match things up in the different accounts with this modern version.

    thanks again for the replies!
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