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Chart of Accounts

sage pilot

Want to setup a chart of accounts under the standard accounting categories scheme: Assets, Liabilities, Equity, Income Expense.

Then each would look like the following:
1. Assets
Current Assets (bank checking accts, cash account, savings account, etc.)
Long-term Fixed Assets (home, vehicles, etc.)
2. Liabilities
Current Liabilities (credit cards, etc.)
Long-Term Liabilities (loans payable, i.e. 1st mortgage, 2nd mortgage, private loans/notes)
3. Equity/Capital
4. Income (salary, interest income, etc.)
5. Expense (utilities, groceries, etc.)

It doesn't appear I can achieve the above, Q creates the main headings of Banking, Investing, Property & Debt.
I'm not an accountant or bookkeeper, but the above chart of accounts I found while researching bookkeeping seemed to make perfect sense.
Is the above possible?
Maybe there's a better way in Q?
Thoughts? Ideas?
Thank you.

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Comments

Quicken Anja

Hello @sage pilot,

Thank you for reaching out to the Community with your request.

I believe what you are requesting is to choose the order in which your accounts are displayed. Unfortunately, Quicken for Windows does not currently offer the ability to rearrange the order in which accounts are displayed.

Therefore, I'd like to refer you to this active Idea post regarding this topic instead. If you would like to see this feature be added in the future, you can go ahead and add your vote by clicking the up arrow underneath the vote count (see example below) as well as a comment explaining how this idea would be beneficial for you.

Image: https://us.v-cdn.net/6031128/uploads/editor/h2/20nycny9c955.png

Our Development and Product teams frequently use our idea posts in order to improve Quicken and implement new features requested by customers.

I hope this helps!

Ps56k2

sage pilot said: Want to setup a chart of accounts under the standard accounting categories scheme: Assets, Liabilities, Equity, Income Expense. Q creates the main headings of Banking, Investing, Property & Debt.

Quicken is a Personal Finance product - not an accounting package -
and the simple arrangement of the accounts works for most...

Your Chart Of Accounts may follow the normal business financial reporting structure - but that's really a different world.

You can create various reports - but most just break things down to - Income vs Expenses and the "categories" within.

NotACPA

@sage pilot

Also note that in Q, Income and Expense items are called "Categories" not Accounts, and there's no such thing, in Q, as an "Equity/Capital" account. That's merely your "Net Worth" as shown in various places and reports.

Maxan 2022

New to Quicken Subscription. Used a previous version of Quicken with good results. Not happy so far. Entering transactions manually, but screen fills up and can't scroll beyond last entry. What gives? Also would prefer to have option to store on Hard Drive rather than cloud, since I do not always have internet access, plus I'm old school and don't fully trust cloud.

[Deleted User]

@sage pilot The list you have is a mixture of balance sheet items and income related items. The balance sheet items (#1, #2, #3) are accounts you would set up, and the income related items (#4, #5) are categories you would set up in Quicken. What you want is doable, you would just need to be flexible with terminology differences.

In Quicken, I have been creating Balance Sheets and Income Statements for years. In Quicken to do this you would use the Net Worth Report and the Income and Expense Report, respectively. You will definitely need to customize each report to your situation, but it is doable. Ultimately the Income statement should equal the different between the beginning and ending net worth for the same period.