Debt Reduction Planner doesn't use CURRENT BALANCES!
Why on earth would Quicken use NOT use current balances for debt reduction planning????? Instead it is using ending balances. It is including future payments I've set up....but I want to change my future payments based on the results of the debt reduction planning!!! This is a huge issue and makes it so I cannot even use your debt reduction planner which is ridiculous because Quicken contains all my financial data. Will this be fixed anytime soon????
Comments
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Debt Reduction Planner has used debt account ending balances since the Debt Reduction Planner was revamped 10 or 15 years ago.
Have you entered your future payments as transactions or are they just reminders? Reminders don’t impact the register balance, so will be better option than future dated transactions.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
I have to enter all my payments as transactions, even "enter" upcoming reminders, because if I don't they aren't ordered correctly in my transaction register. I prefer for deposits to be above payments for the same day, but of course that's a fight too. I don't want to see red in my register on the days I receive money and then pay it out, but it's a constant battle of entering the reminders and then somehow the transactions get reordered. I would hate to change all of the debt payments to reminders only to have my transaction register show all the red entries because of the order of transactions on the same day.
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I’m afraid your only option then would be to temporarily enter transactions to offset the future dated payments. Then run the Debt Reduction Planner.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
@arockwood Just as an FYI, based upon 40 years in banking systems as both an employee ( 2 banks) and consultant (5 more), your bank almost certainly posts the debit transactions for any single day before the credit transactions. Every one of those 7 that I mentioned do it that way.
SO, if you want your Q account to be "pretty" (i.e., no red amounts) that's fine … but you're only fooling yourself as to what's really taking place.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
@NotACPA I get it. But regardless of how the bank does it, I am never in the red, my deposits always happen before I pay anything. I wake up on payday and the deposit is there. Then I proceed to make payments on the same day I get paid. If I keep them in my register on the same day so this let's me know the day it all happens. But my deposit always happens before the payments. Quicken is for me, not for my bank. I should be able to reorder my transactions on the same day. These days, with being able to move money within a day, Quicken needs to get with it and allow us to order the transactions throughout the day too. Not just order by day, but by time, as it works in my bank account. We don't have to wait until tomorrow anymore to see something we just paid. I think I should be able to customize a few things on my side to make this app really useful. I was using Dave Ramsey's budget tool but it's $60 per quarter and doesn't have the details of Quicken, but the debt planning was, in my opinion, "how it should be" - taking CURRENT balances and helping me to see how I should plan pay offs. Regardless of what's in my register and my ending balances. I will tweak my register payments based on the different planning scenarios.
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The banks process the Debits first in order to look for "daylight overdrafts", which is a possible indication of Check-Kiting, a form of bank fraud.
Just because you've made a deposit on the same day as the debits DOESN'T mean that your bank has actually received the funds that day. So, while you might show a "ledger balance", it doesn't mean that your account has received the funds and actually has a positive COLLECTED balance.
BTW, my last 5 years at my former bank employer, I was the VP and Mgr of "Computer Fraud Investigations" in the Audit Division, and at my instruction about 4-5 bank employees were arrested by the FBI every year for kiting and other offenses.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
@NotACPA Ok…but like I said I'm not a bank. I'm just someone trying to manage my money with Quicken in a way that makes sense for me. I look online at what the bank says (whether they really have it or not, what they're showing me online), and pay my bills accordingly. Quicken is for personal use and to me, should reflect the home user's expectations.
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Q should reflect REALITY, not fantasy expectations.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
@arockwood I suggest you add your vote to this idea and move on.
In the meantime, the best you can do to have things your way is to use the sort by Date/Order Entered and be careful with the entry order.
I can’t comment on how various entry methods (reminders, manual, downloads, etc.) get treated for the Order Entered sequence. You’ll have to figure that out and play by those rules.
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NO, truthful and accurate.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0
