Tracking separate funds details within one bank account?

rhhannum Member ✭✭

I use Quicken Premier. I need to track income, expenses and fund balances for 3 separate funds within one bank account. Is this possible and if yes, how do I set it up?


  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭

    I would say "not really" or, at best "with extreme difficulty and subject to errors."

    It sounds like you want to have one account at one bank attached to one Quicken Bank Account, but somehow keep close track of balances and cash activities along the line of "mine", "yours", and "ours?"

    The only way I could conceive of attempting that would be through some unique coding scheme where every single transaction could somehow carry the unique identifier for one of the 3 "participants" in the Account. That could be through the use of a unique Tag associated with each transaction or the use of unique Categories and/or Sub Categories among the 3 participants. That would allow you to run reports as to each participant's activities, but it wouldn't allow for a simple report as to each participant's balance. That would have to be teased out each time by analysis of the activity. And it would be easy to make mistakes in the recording of the transactions.

  • splasher
    splasher SuperUser ✭✭✭✭✭
    edited May 2023

    You could look at Savings Goals. They have the ability to separately track money into clumps while the money is in a single, real bank account.

    -splasher using Q continuously since 1996
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  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭

    I think Savings Goals would be closest to your objective. You would make the deposit to the checking account, then “transfer” whatever amount to the applicable goal (Fund 1, 2, or 3). Reverse for expenditures - Transfer goal to account then spend from the checking account.

    Another possibility would be to use three Tags. Every transaction would need a Tag and then you’d have to have specific reports to present all the income, expenses, and net total (balance) for each Fund.

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