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Chat GPT vs Co-Pilot interesting results

Chris_QPW

In Quicken help there the new option to ask the AI agent/Quick assist which it says is using Chat GPT. I asked about support for investment partnerships, and basically all its answers were garbage.

Question: Can Quicken Windows handle investment partnerships?

Answer
Hello! I’d be happy to help you with your question regarding Quicken. First, could you please clarify what specific features or functionalities you are looking for in relation to investment partnerships? This will help me provide the most accurate information for your needs.

I asked other questions but all of the answers were just double talk,showing it knew nothing about the subject.

Asked Co-Pilot the same question:

Yes, Quicken for Windows supports handling investment partnerships. It has specific features to track limited partner (LP) interests in venture capital, private equity funds, and other investment partnerships1. You can enter transactions manually to reflect capital commitments, contributions, and distributions. However, note that because of the complexity of tax reporting for investment partnerships, Quicken advises relying on official reports (like K-1s) provided by the fund for tax preparation and planning2.
Would you like more detailed guidance on setting this up in Quicken?

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Rocket J Squirrel

In Quicken help there the new option to ask the AI agent/Quick assist which it says is using Chat GPT.

Where? I don't see that in R60.20.

Jim_Harman

To try the Quick Assist, go to Quicken.com/support, scroll down to Contact Support, and pick Quick assist.

jacobs

I wonder how "real time" the various generative AI tools are. That is, when a new feature is released in Quicken, how long does it take to make it into the knowledge base the AI tool is working with? Days? Weeks? Months?

For what it's worth, I asked the same question as a basic Google search, and Google's AI Overview provided this response:

Yes, Quicken Windows can handle investment partnerships; it allows users to track investments in partnership structures like venture capital or private equity funds by specifically designating an "Investment Partnership" account type when adding an investment account. Key points about tracking investment partnerships in Quicken:
• Dedicated account type: You can set up an investment account specifically labeled as an "Investment Partnership" to track these types of investments.
• Manual entry required: Usually, transactions related to investment partnerships need to be manually entered into Quicken as the data might not be automatically downloaded from a broker.
•Performance tracking: Once entered, Quicken will calculate and display the performance of your investment partnership holdings, including gains and losses.

I like that the Google AI answer includes a window on the right side showing the web pages it used (including posts from this forum) to create its reply.

Then, for kicks, I went to the Quicken Support "Quick Assist" and pasted in the same question @Chris_QPW used above, and got a different (and slightly better) answer than he did yesterday:

Clarification on Investment Partnerships in Quicken Windows
To better assist you with your inquiry about handling investment partnerships in Quicken for Windows, could you please specify what specific features or functionalities you are looking for? Are you interested in tracking account balances, managing transactions, or generating reports related to the partnership?
General Information on Investment Tracking in Quicken
As of now, Quicken for Windows does allow users to track investments, and while it may not have specific features tailored exclusively for investment partnerships, you can utilize the following functionalities:
• Investment Accounts: You can set up separate investment accounts for each partner or share one account.
• Transaction Tracking: Enter transactions that reflect the partnership’s trades or holdings accurately.
• Reporting: Generate reports to track performance and contributions which may assist in calculating profit-sharing.
• Custom Categories: Utilize custom categories to differentiate between varied partnership contributions or distributions.
For more detailed guidance on setting up and managing investments in Quicken, please refer to the Quicken Support or Quicken Product Documentation sites. Let me know if you have further questions or if there’s a specific aspect of investment partnerships you need help with!

And then, I went to ChatGPT (website, not app) and asked the same question. Its reply was very different than the one from Quicken's Quick Assist powered by ChatGPT:

Quicken for Windows can handle investment accounts and track various types of financial transactions, but when it comes to managing investment partnerships (such as those with multiple partners and more complex structures), it might not be fully equipped to handle all the complexities. Here’s a breakdown:
1. Basic Investment Tracking: Quicken can track individual investment accounts (stocks, bonds, mutual funds, etc.), including purchases, sales, dividends, and capital gains. You can also track the overall performance of your portfolio.
2. Partnership Accounting: If the investment partnership is structured in a way that you have shared ownership with other individuals and need to track each partner’s share of the gains, losses, and distributions, Quicken doesn’t have a built-in feature for partnership-specific accounting. It’s not designed to manage the allocation of profits/losses, capital accounts, or the complex tax reporting that comes with partnerships.
3. Tax Reporting: While Quicken does generate reports for individual accounts, a partnership may require more detailed tax reporting, such as issuing K-1 forms for each partner. This is something Quicken can’t automatically do, but you might be able to export data to tax software for processing.
4. Workaround: Some users create multiple investment accounts in Quicken for each partner and manually track the distributions, but this approach would be cumbersome and prone to errors if there are a lot of partners or complex transactions.
For more robust partnership accounting, you might want to consider specialized accounting software like QuickBooks(which has features for partnerships) or even more niche solutions designed specifically for investment partnerships.