Quicken desktop vs Web based version - Simplifi - (edit)

Dom1

I'm a Quicken Windows Classic subscriber (many years) and wondering if there are any plans for a fully web based solution? I like Quicken, but I'm not a big fan of having to be tied to a Windows computer to run it. Not interested in a Mac and solutions to run on a Chromebook don't appear attractive.

Just curious.

PS Wasn't sure what category to use for this post.

NotACPA

Have you looked at Quicken Simplifi? Hover over the Support link, above, to get to Simplifi.

Dom1

Not in any depth but in taking a quick Look it appears it may be more functional than I imagined. More analysis needed on my end. Thanks for the info.

Ps56k2

depends how you use Quicken and what features or facilities are important -

Quicken desktop is very complex - lots of financial features -

Any web based product will probably not offer those capabilities - but if not using them - its moot -

Dom1

Probably middle of the road. I track everything in Quicken. Investments, Mortgage, Expenses, Loans, cash flow, etc… Also use the budgeting. May seem odd but I don't import credit card transactions, prefer to copy prior entry and adjust. Just don't like how the credit card is presented. Also don't pay anything directly out of Quicken, prefer to use the provider website and then download transactions. I think that's about it.

Thanks

Ps56k2

it appears - to me - that the web based financial apps are being geared to those looking for managing their checking acct, spending, goals, etc - and not the features required for investments, loans, taxes, planning, etc - The web based Quicken Simplifi fits into this category…

volvogirl

May I ask how you are entering credit card transactions? Are you splitting out the payment in your checking account? Or why are you copying the prior transaction? That could be the wrong way to record it.

Dom1

I copy the transaction and then edit accordingly so it’s current and accurate for the current month. Since there are transactions that are similar or same I find that the easiest way to do it beyond importing. Yes, credit card transaction is a split transaction.

volvogirl

Sorry I know you probably don't want to hear this but you should not be splitting it.

To enter credit card....

The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. The transactions need to be entered with the date you charged it, not the date you pay the credit card bill.

Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.  Then your credit card account should match what you actually owe at any time.

When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.

I used to do it the wrong way for years!  Then I wised up and now enter them properly. I would split my credit card payment into all the categories on one transaction in my checking account. And since I always pay more than the bill I would need to figure the difference and put it to another category.  But then I needed to have them entered on the date the charges actually happened. So I finally set up a credit card account. It makes it much easier to enter and balance!

Here's a list of some reasons why you should do it this way…..

You don't have to wait to make the payment and split it out

You won't run out of split lines (I used to use Q2004 and there was only 30)

You can use both the payee and memo fields for more description

You don't have to figure out the difference if you pay a different amount

Then your Credit Card Account will exactly match your statement

Charges get entered with the right date (better at year end for taxes)

You can enter all charges to date, not just what's on the bill - then you can see what you still owe

You won't forget what a charge was for if you enter it right away from the receipt

And if there are multiple categories purchased on a single credit card charge, you can split that one credit card charge to detail the items purchased each with their own category and memo/note.

Ps56k2

yeah - make Quicken mirror the real world of transactions.. Create a Quicken account for your CC, even if handled manually, and you can add online downloading if you ever want. Enter each real CC transaction, and can even setup Reminders that later can be entered when the statement and amounts arrive. Lastly, just like real world, you pay your CC with a “transfer” from your checking acct to the CC acct. now you can run all sorts of spending reports etc, without having transaction splits hiding.

Dom1

Wow, thanks for taking the time to provide all this information. I can't remember how I used the credit card "feature" before (it's been a little while) so I can't say I did it correctly or not. I'll take another look and see if I like it.

volvogirl

It's not a "feature". It's just another account. Set up a Credit Card account. Like any other register.

Dom1

OK, so I setup the credit card account and have the download transactions working. Entire prior statement and new transactions occurred past the last statement closing. I assume I can run update again later and it will add any transactions newer than the last download.

Question1 - When I pay the credit card statement off in full will it know what transactions to pay? Is it first in first out type of thing? Or do I have to manually satisfy each transaction?

Question2 - Can I alter transactions after upload? For instance, $200 spent at Target - $100 groceries, $50 Clothing, $50 Household. Can I still accomplish this detail?

Thanks

volvogirl

Good. Sounds like you've got it. Did you figure out the beginning balance for the Credit Card account? Were you paying the full balance each month?

#1. The payment doesn't go towards individual transactions. Just to the balance of the account. It never did the other way you were entering it either. When you make a payment it is a Transfer from your checking account to the Credit Card account. Like in your checking account you enter $600 to Category = [Credit Card]. You put the credit card account name in square brackets to indicate a transfer for the Category.

#2. Yes you can go in and edit a transactions and split it out to the various categories.

Dom1

Yep, got the balance to work (2nd try). Ok on questions 1 & 2.

Thanks for your assistance!

Ps56k2

glad it's working - it really is much easier to just mirror the real world - and it works well for reporting, etc -

Dom1

I try not to live in the real world but this has potential 🙂

NotACPA

https://community.quicken.com/discussion/comment/20439110#Comment_20439110

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