Sub-accounts for Savings Accounts (Q Mac)

JimReese
JimReese Member ✭✭
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.
Tagged:
7
7 votes

New · Last Updated

Comments

  • 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.
  • jsl7997
    jsl7997 Member
    I'm looking for the same thing! I have 21 subcategories in my savings account. I can't even figure out how to make the tags work correctly. I took the initial deposit Quicken downloaded from my bank statement and split the transaction - each line being my savings account. Now how do I go back into that transaction and tag the 21 lines for each category?
  • db7133
    db7133 Member
    Like others, I am also looking for saving sub accounts in Quicken. I know that some banks offer sub accounts, as I have seen them in action where I work. As a programmer for 40 plus years working on financial software and having to reconcile bank statements, I know this is possible. I am not an accountant but have worked with some for many years.

    As a work around, I offer this until Quicken has a sub account feature. I am setting up several savings accounts. The first one is a normal savings accounts as the main account. Then there are any number of sub accounts, created as offline accounts as these accounts are not real account (they are virtual accounts). The set up another online savings account as a clearing account (more on that in a minute).
    Enter a transfer from my checking account (direct deposit checking account) to as many sub accounts in one transaction (split items) with differing amounts. In the same transaction, enter the total amount of the transfer as a deposit into the main account (true account at the bank). The last split item is a negative amount to offset the main account deposit). Working from the checking account:

    Transfer/Deposit to Savings (500.00)
    Emergency fund 100.00
    Insurance 50.00
    Taxes 200.00
    Vacation 150.00
    Savings 500.00
    Clearing Account (500.00)

    The checking account is decreased, the savings account is increased along with the virtual accounts and the clearing account is decreased. So, we have a balanced transfer without over stating the amount of money in the banking accounts.

    Each month, copy the transfer to create the transfer for the next month adjustment as needed. You can watch the sub account grow along with the main savings account each month. The clearing account is growing in reverse to keep the total money in the bank correct (not overstating the banking balance).

    When the time comes to transfer the money back to cover the expense, remember to transfer from the correct sub account and the main savings account along with a positive clearing account amount. Working from the checking account:

    Transfer/Deposit To Checking 700.00
    Emergency fund (700.00)
    Savings (700.00)
    Clearing Account 700.00

    There are two catches that I see. First, you must remember to have the main savings and the clearing account balance to zero. Second, that the virtual accounts must be manually reconcile including the clearing account. The main savings account can be reconciled by your normal method.

    Happy envelope budgeting/escrowing your money.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    edited October 28
    Anyone interested in this functionality should also visit another thread for Envelope Budgeting and add your vote. I believe these two requests are basically identical, but using different terminology -- "sub-accounts" and "envelope budget" -- to describe the same enhancement users are looking for. 

    Additionally, users who have come from Quicken Windows have asked for the Savings Goals feature of that product to be added to Quicken Mac. I haven't used that product, but I believe it serves much the same purpose as is being requested here. That topic has the most votes of the three, so you should visit that post and add your vote there as well. 
    Quicken Mac Subscription • Quicken user since 1993
  • garysmith87
    garysmith87 Member ✭✭✭✭
    I don't see how you could possibly reconcile your checking account if you're making fictional withdrawals to fictional sub accounts.

    I also don't see how you can figure out an accurate current and future balance.

    Personally, a simple Income/Expense report over a specified period of time can tell you if you have a net income or loss...without all the manipulations and chicanery.  

    Also, Quicken's Budget feature, set up correctly, can account for specific category allocations.  If my auto insurance is $1200 a year, I can either allocate $100 a month in my budget or the entire $1200 when it is due.  My choice.  But wouldn't allocating $100 a month work?  

    My opinion, for what it's worth, is Savings Goals could probably be a welcome addition to Quicken Mac.  

    But I've never really been an "envelope budgeting" fan, in the strictest sense. 
  • db7133
    db7133 Member
    Questions asked: I don't see how you could possibly reconcile your checking account if you're making fictional withdrawals to fictional sub accounts.

    I also don't see how you can figure out an accurate current and future balance.

    -----------------------------------------------------------------------------------

    The answer to the first part, is you are making actual withdrawal/deposits. You are withdrawing from the checking account and depositing in the savings accounts just like any transfer from one bank account to another. The difference is you are adding additional items to the withdrawal to fund your virtual accounts with an offset to the clearing account. The virtual accounts increase as you virtually deposit amount and the clearing account is a virtual wash of the virtual accounts, so only the actual checking account and savings account are real.

    For those that want/need a visual, the virtual accounts and clearing accounts are like the envelope budgets and the money is play/unreal money. Take the $500.00 in play money from the game and place in the individual envelopes. Only you are putting the real money in the savings account. When the time comes, take the play money out of the envelope to make expense payments virtually and place back into the game. Be sure to transfer the real money from the saving to the checking account.

    So reconciliating the checking account and saving accounts are done as you normally would. The virtual account reconciliation is manual, so you just clean each transaction when you want to reconcile. These virtual accounts are not real.

    As to the second part, you can watch the accounts increase when you have the account list opened and the balances shown. The balances of the virtual accounts increase as you deposit and decrease as you withdraw money.

    You are correct that you cannot see the expected goals for the different virtual accounts.

    I have never been a budget person, lived each month with the income/expenses as they came in. Looking at retirement with a fixed/less income reality has me thinking and planning differently. Looking to cut some expenses and do better money management.

    This is not for everyone, just one way to work around a missing feature.
  • I vote for the creation of bar-visible sub-accounts, without association to budgets or envelopes, like what some banks have (e.g., Ally Bank). My particular application would be for tracking checking account deposits, held for multiple people.
  • mdavid
    mdavid Member
    I also would love to see this a feature added for sub accounts within a savings account.
  • Divemaster
    Divemaster Member ✭✭✭
    I am a Windows user, but would also like sub accounts under the checking.  Now I use saving goals like sub accounts.  Say I get a bid to build a shed, I put funds I expect to use from bid amount in a saving goal and then as I spend from checking I move from the shed building saving goal to checking.    It works, but seems I should be able to have sub accounts under checking just like I can have sub categories.    Quicken seems to spend all their efforts on keeping up with all the interfaces with the many financial/brokers.  Being a retired programmer that would be a programming nightmare.   Much easier being a handyman, just when I want to be.