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Net Worth and Categories do not not balance

Mcvsd1

I created a category summary report and if I add up all of the categories (26 categories) on my own ... I do not balance with what the "Net Worth" report shows.
The Categories add up a different amount. Any help?

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volvogirl

Categories? I wouldn't expect them to equal your net worth. Do you mean Accounts? Net Worth should be the total of your Accounts.

Tom Young

In "Quicken-speak" Categories are what real accountants generally call "income and expense accounts." Categories show up on an Income and Expense report. In "Quicken-speak" the word Accounts refers exclusively to the individual amounts that show up on a Net Worth (balance sheet) report.

For any given period the sum of all the Categories in your file, assuming no Accounts with an Opening Balance greater than $0 were created in that period, should agree to the change in Net Worth during that period.

Mcvsd1

I use Quicken 2007. volvogirl, could you explain why "Net Worth" would not be the same as the total of your "Accounts".

Tom Young

Your Net Worth IS the total of your Accounts. You used the term "Category" in your original post.

Are you really saying that the "Overall Total" shown on the two balance sheet reports available to you - Account Balances and Net Worth - is not correct?

volvogirl

Then look at each account in the side bar and find which one is different or missing from your reports.

Mcvsd1

> @volvogirl said:
> Categories? I wouldn't expect them to equal your net worth. Do you mean Accounts? Net Worth should be the total of your Accounts.

I use Quicken 2007, could you explain why "Net Worth" would not be the same as the total of your "Accounts". We only use for deposits and check withdrawals

Tom Young

Mcvsd1 said:

I use Quicken 2007, could you explain why "Net Worth" would not be the same as the total of your "Accounts".

You haven't really explained what you mean by this. Conceptually, your net worth IS the sum of all your Accounts, at least the Accounts you have created in Quicken. If you've left out some Accounts in your Quicken file then your REAL net worth won't be the sum of the Accounts you have created, but the bottom line of the Net Worth report SHOULD be the total of all the Accounts you have created.

I will ask again: are you saying that the bottom line of the Net Worth report doesn't agree to the total of all the Accounts you've created in Quicken? (I ASSUME that you've taken the values shown on the Account Bar - shown at the left or right of your screen - and added those values up, and they don't agree to the Net Worth report? One way that could happen is if you have your Account Bar set to show "ending balances", not "current balances.")