Net Worth Card

Herb A
Herb A Quicken Mac Subscription Member ✭✭
edited June 2023 in Reports (Mac)
Quicken's new Net Worth Card incorrectly treats Accumulated Depreciation as a "liability". It is not. Instead, it is a "Contra Account", and should be treated as a credit against fixed assets to which it applies.

Comments

  • jacobs
    jacobs Quicken Mac Subscription SuperUser, Mac Beta Beta
    edited May 2023

    Yes, any asset account with a negative balance is counted as a liability (and visa versa) in the Dashboard Net Worth card. And that's wrong accounting. If you click "Net Worth (today)" in the lower left corner of the card, the Net Worth report which opens correctly counts accumulated depreciation as a reduction of assets rather than as a liability — so any Net Worth report is correct, but the Dashboard card is wrong.

    This flaw extends to all accounts If you have a credit card account which has a positive balance (due to a credit received or an overpayment, for example), the value of that credit card account is counted as increasing assets rather than reducing liabilities. the programming for this card is using the value of the account, rather than the type of the account, to determine whether it is added to assets or liabilities.

    This has pointed out to the Quicken developers since the Net Worth card was released in version 7.0, but they have not yet fixed it.

    Quicken Mac Subscription • Quicken user since 1993
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