Virtual Accounts (VAs) or Buckets
Based on the current "Saving Goals" concept in Quicken, it would be nice to have the "Virtual Accounts (VA)" concept. They work the same way as savings goals, except they do not have target end date and users can transfer funds in and out the same way as real accounts. For example, a user can create "Auto VA". They can on a regular basis automatically transfer money into this VA using the reminder mechanism, the same way they can today in saving goals. The money inside the VA can be based on one or more real bank accounts, such as savings or checking. Users can create many VAs, such as Project VA, Utilities VA, and Tax VAs. Users can set up regular contributions or withdrawals from the VAs to cover budget plans. I am personally using "Saving Goals" for this purpose, but it would be great to have permanent virtual accounts or buckets to allocate funds to cover irregular, monthly, quarterly, semi-annual or annual costs.
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Could you set up this type of system using Quicken's existing budgeting features?
You can set up budgets to carry over any surplus or deficit from one month to the next, and if you want to combine several Categories for budgeting purposes, you can assign them to user definable Category Groups.
QWin Premier subscription0 -
The budget system is very good at managing the myriad of categories and showing category progress, however, what I am suggesting is really more like an account system that has a ledger like the "Savings Account". For example, assuming you pay property tax semi-annually, you could set up regular transactions to contribute a monthly amount to the "Property Tax" virtual account. Once the property tax bill is due, you could withdraw the funds from the Property Tax VA and pay the tax bill. The automated contribution systems refill the bucket (Property Tax VA) for the next due date. Similar to "Savings Goals" you see the VA accounts listed on the left pane with the Savings Goals. In short, what I am suggesting is an enhancement to "Saving Goals" rather than budget categories. So to answer your question you cannot use a budget for this purpose.
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This will be a very simple-minded question. Go easy on me.
Why can't you simply use "fake" Quicken accounts along with Reminders (aka Scheduled Transactions) for this?
Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.
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In the property tax example given … I don't understand why a Savings Goal wouldn't work.
Q user since DOS version 5
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
> @Rocket J Squirrel said:
> This will be a very simple-minded question. Go easy on me.
>
> Why can't you simply use "fake" Quicken accounts along with Reminders (aka Scheduled Transactions) for this?
You are right, also go easy on me, fake Quicken accounts can be used for this purpose, but how difficult is it for Quicken to create Virtual accounts using the "Saving Goals" as a template, it just boggles the mind. It's just a matter of relabeling the "Saving Goals" as a new type of account called "Virtual Account".0 -
how difficult is it for Quicken to create Virtual accounts using the "Saving Goals" as a template, it just boggles the mind. It's just a matter of relabeling the "Saving Goals" as a new type of account called "Virtual Account".
Whut? It boggles the mind how extremely difficult it is to make any structural change to Quicken. This is why we superusers try to find existing ways to accomplish proposed changes. Not to say your idea is bad, but every change to Quicken introduces new bugs.
Why can't you just imagine "virtual account" in your mind wherever you see "savings goal"? A little self-hypnosis and you're all set. 😵
Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.
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> @NotACPA said:
> In the property tax example given … I don't understand why a Savings Goal wouldn't work.It would work, but you have to reset the goal target date and target amount every year
Why? Set the target date to 2099 and set the goal to $0. Then just use it like your virtual account.
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