Difference between account types

Question

I'm using Quicken Home & Business for Windows. I need to set up a simulation of a manual double-entry bookkeeping system. I just need accounts which can record financial transactions and transfers between accounts. Looking at the offline accounts as well as other asset and liabilities accounts, I can find no explanation as to what difference the various account types make to Quicken.

Can someone explain what difference it would make in my simulation to choose a Checking, Savings, Cash on hand, or another account type? Or whether and why choose a variety of account types?

telennar · Answer

Thank you both for your responses. @Frankx, I had not considered the T-accounts, but I think I can live with that restriction. I'll play around with both of your suggestions, but this is helpful.

Frankx · Answer

Hi @telennar,

I believe that your best bet to simulate a double-entry, would be to setup all the accounts in the "Property & Debt" section of Quicken H&B.  None of those connect (or even have a tab for "Online Services".  They are plain-vanilla manual accounts, but, unfortunately, they won't display as "T accounts".  Here's what the selections as far as the types of accounts that you can choose from:

I would suggest that you just use the "Assets" and "Liabilities" types to keep things simple, and that you set up the "Capital" or "Equity" account(s) in the Liabilities section.

Let me know if you have any followups.

Frankx

UKR · Answer

In your simulation you want to choose the same account types as the real world accounts would be. Only difference: set these accounts up as offline (manual) accounts, not connected to any bank for downloading. There are some minor differences in functionality, e.g., a Cash account cannot be reconciled, etc. Views and reports work best if you choose the proper account types.