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Sub-accounts for Savings Accounts

I would like to see an option added to create sub-accounts within a Savings Account, similar to what is done with sub-categories for expenses or income categories. For example, a single savings account might include the emergency fund, funds for the next car purchase, funds for a home improvement project, etc. Instead of having separate savings accounts for each of these at the same institution, one could have a single account and have Quicken track how much is allocated to each purpose. Overall account management, reconciling, etc, would be done with the main account, but I could deposit $1000 and allocate $300 to the car fund, $300 to the home improvement fund, and $400 to the emergency fund, all within the same account. It would make goals management easier.
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  • UKR
    UKR SuperUser ✭✭✭✭✭
    Quicken for Windows has a feature called "Savings Goals", something that still is missing from the Quicken for Mac version.

  • JimReese
    JimReese Member
    Savings Goals seems like a good feature, but it's not what I was requesting. I'm not trying to "hide" money from the register balance. I want to see an option to create sub-categories within the savings account so it shows up the sidebar with the full account balance and the balance allocated to each sub-category (savings goal). Perhaps what you refer to works the same way, but it doesn't sound like it reading the information described in the link.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Other than the savings goal feature described for Quicken Windows, what you're seeking sounds more like a concept called "envelope budgeting" (where you have separate "envelopes" or buckets for different types of spending, to compare versus a budget). Quicken doesn't work that way. The accounts in Quicken are designed to mirror real-world financial accounts, not budget or aspirational goals.

    That said, I wonder if you could achieve most of what you want by applying Tags for each of the "sub-accounts" you described. you'd create tags for "Emergency fund", "Vacation Fund", "Car Fund", "Home Improvement Fund", etc. and attach these tags to both deposit and spending transactions as appropriate. (For your deposit of $1,000, you'd enter it as a deposit transaction, with split lines having different tags for the different fund amounts.) You wouldn't see the results in your left sidebar, but you could create a saved report based on the tags which would let you see where you stand with each "fund" at the click of a button. 
    Quicken Mac Subscription • Quicken user since 1993
  • DABrisson
    DABrisson Member
    JimReese, I came here looking for answers for your exact same question. I looked into Savings Goals and setting special tags. Both failed my requirements.
    The idea of savings goals indicated a finish date. I want to use these sub accounts for escrow funds for home and vehicle insurance and taxes, which are reoccurring transactions in and out.
    When I attempted to use tags to separate funds, I wasn't able to split tags in the same manner as you can split categories, so associating values with each tag could not be accomplished.

    So, yes, I'd like to see sub accounts added to Quicken.
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