What are some good reason's to open a NEW Quicken File?

Question

I understand how to open a new file. Also the common reason's for a new file; such as separate business, two or more people having separate account's, etc. Any other suggestions that you've discovered that make keeping track of your money clearer, simpler, easier to display, etc.? Also, should the new file always be accessed with a NEW ID & PASSWORD to avoid mistakes in updating said separate accounts? Or, all things considered, is it best to just keep ALL accounts on ONE file?

NotACPA · Accepted Answer

My belief is that all of the Q info for a single tax entity should be in a single Q data file. My file  goes back top 1983, although I have a Test file that's much more recent and a file for my role as the Treasurer of a club.

Chris_QPW · Accepted Answer

Also, should the new file always be accessed with a NEW ID & PASSWORD to avoid mistakes in updating said separate accounts?

Unless you have a very good reason for it, I certainly wouldn't use a different Quicken Id, which would mean paying for another subscription.

Chris_QPW · Accepted Answer

To be tad more specific why I was pondering on adding another file. I was thinking maybe if I had all checking & savings that are accessed frequently in 1 file, and retirement accounts, bonds, IRA's, etc. that are only used infrequently in a NEW separate file; that would be less confusing? Then again, on second thought; maybe not so good an idea🤔 What you think?

Not a good idea.

Accounts like this are seldom "independent" and the frequency of you accessing them or that transactions downloading happens isn't going to change that.  Just take this situation into account.  You are going to transfer funds from your checking account to your retirement account (especially if it is to a 401K/403b and done by a paycheck reminder).  How would you record that transfer in both accounts?  A withdraw in one and a deposit in the other?  How are you going to handle the pre-tax accounting of a 401K/403b?

What's more let's talk performance. Quicken doesn't read in all the accounts when it starts.  It waits until you access them, and then reads that account in and then keeps that information in RAM until you exit Quicken.

So, other than some numbers on the Account Bar or in a selection of what accounts to select in certain lists, you can basically ignore the investment accounts and it wouldn't be any different than if they weren't there.

Jim_Harman · Accepted Answer

If you have inactive accounts, even ones you have closed in real life, you can hide them so they do not clutter up the Account Bar and selection lists.

If you have accounts that you do not want to include in your net worth and other reports, 529 education accounts for example, you can mark them Separate.