Good morning this might be a stupid question.

I'm trying to get more use from my Quicken subscription. Compared to Mint which automatically updates, I haven't had to time to take advantage of this software yet but getting started out I have hit a couple of stumbling blocks. Such as my mortgage company not able to offer online access to Quicken.

Anyways, where do credit card accounts go during setup? I connected my credit card accounts online to Quicken but they automatically go under banking and I feel like they should be under bills?

Sorry if I am not understanding this but I've tried to contact support about this issue and still feel confused.
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Best Answers

  • Bill44
    Bill44 Member ✭✭✭
    Answer ✓
    Yes, credit cards go under Banking. They do however, list under checking and savings accounts.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited April 4 Answer ✓
    Hi @Robert the Spruce

    So, an explanation of what you see on the Q "home page" is in order. 

    The column that you see (usually docked on the left side of the screen) is called the "Account Bar" but accountants would call it a sort of "general ledger" and it is a list of all of your Quicken "accounts".  From top to bottom, this includes: bank accounts, short-term liability accounts (mostly credit cards), Investment accounts (brokerages, retirement plans. etc.), and finally your property, long-term debt (e.g. mortgage loans), some short-term debt, and finally your net worth (which isn't an account, per se, but a calculation of all of the above).

    As mentioned - credit cards aren't where you would logically expect them to be. They are lumped in the "Banking" group while one would expect them to be with the in property and debt.  I think this has more to do with how credit cards are used and how often they are used by most folks.  In the past credit cards were referred as "revolving accounts" because they typically roll over much more quickly than most loans.  And I think Quicken recognized that - because they are used so often, that they should be in the banking category.

    And you may have noticed that there is no "bills" group in the Account Bar, because "bills" isn't really a type of account, it is something that you owe or must pay. 

    Hopefully this helps your understanding of Quicken.  Let me know if you have any followups,

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • RickO
    RickO SuperUser, Mac Beta Beta
    Answer ✓
    The account groupings in the sidebar are fixed, based on account type, and cannot be changed. There isn't a group called "Bills" (which really wouldn't make sense because accounts are not bills). Credit Card accounts fall into the group Banking and in the subgroup Credit Cards.

    That said, in the Bills & Income tab, you can create bill transactions to remind you when you have credit card bills due (presumably paid from a checking account).

    I think the confusion here may be the differentiation between bills (which are transactions) and accounts (which are collections of transactions).

    Regarding the mortgage company, you may want to give the name here and someone can look it up to make sure it's really not available. If it's not, it is up to the mortgage company to work with Quicken to provide support. You would need to contact them to press for that to happen.
    Quicken Mac Subscription; Quicken Mac user since the early 90s

Answers

  • Bill44
    Bill44 Member ✭✭✭
    Answer ✓
    Yes, credit cards go under Banking. They do however, list under checking and savings accounts.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited April 4 Answer ✓
    Hi @Robert the Spruce

    So, an explanation of what you see on the Q "home page" is in order. 

    The column that you see (usually docked on the left side of the screen) is called the "Account Bar" but accountants would call it a sort of "general ledger" and it is a list of all of your Quicken "accounts".  From top to bottom, this includes: bank accounts, short-term liability accounts (mostly credit cards), Investment accounts (brokerages, retirement plans. etc.), and finally your property, long-term debt (e.g. mortgage loans), some short-term debt, and finally your net worth (which isn't an account, per se, but a calculation of all of the above).

    As mentioned - credit cards aren't where you would logically expect them to be. They are lumped in the "Banking" group while one would expect them to be with the in property and debt.  I think this has more to do with how credit cards are used and how often they are used by most folks.  In the past credit cards were referred as "revolving accounts" because they typically roll over much more quickly than most loans.  And I think Quicken recognized that - because they are used so often, that they should be in the banking category.

    And you may have noticed that there is no "bills" group in the Account Bar, because "bills" isn't really a type of account, it is something that you owe or must pay. 

    Hopefully this helps your understanding of Quicken.  Let me know if you have any followups,

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • RickO
    RickO SuperUser, Mac Beta Beta
    Answer ✓
    The account groupings in the sidebar are fixed, based on account type, and cannot be changed. There isn't a group called "Bills" (which really wouldn't make sense because accounts are not bills). Credit Card accounts fall into the group Banking and in the subgroup Credit Cards.

    That said, in the Bills & Income tab, you can create bill transactions to remind you when you have credit card bills due (presumably paid from a checking account).

    I think the confusion here may be the differentiation between bills (which are transactions) and accounts (which are collections of transactions).

    Regarding the mortgage company, you may want to give the name here and someone can look it up to make sure it's really not available. If it's not, it is up to the mortgage company to work with Quicken to provide support. You would need to contact them to press for that to happen.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • UKR
    UKR SuperUser ✭✭✭✭✭

    Just my 2cents' worth ... I would not bother attempting to activate any loan or mortgage account for downloading.  (Not discussing LOC or HELOC accounts here which should be treated like credit card accounts)

    At least in Quicken for Windows, an online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018+
    you can deactivate an online-connected loan account and regain full control over your transaction register.  However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

    If you're a Q Mac user, you should be able to do something similar about setting up and maintaining an offline mortgage account together with a correctly calculated Scheduled Transaction Reminder for the monthly payments from your checking account.


  • splasher
    splasher SuperUser ✭✭✭✭
    Personally, I would set the mortgage up as a manual account using Quicken loan wizard.  It is only one transaction a month and you have no control over loans that are setup for downloading, you don't even get a register to see what is happening.
    Just my two cents.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
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