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what is the point of FBAR?

qmacpunk

so I just found out that Quicken Classic for Mac (I have Premier) can generate an FBAR report. But, as far as I can tell, there is no way for me to import any foreign banks into Quicken. So, what is really the point of FBAR as that is only for foreign bank? Is that only for US tax filers who may have supported Canadian banks? I have not yet found a way to import any foreign bank accounts into Quicken. Am I wrong?

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Jim_Harman

The FBAR report is for US taxpayers who track foreign accounts in Quicken.

Apparently if you have foreign accounts you must file a report that lists the maximum balance of each account and the date of the maximum.

qmacpunk

Thank you. I already know that FBAR is for US tax filers who have foreign accounts (I am one of them). In fact, I stated that in my question. My question is — how does one track foreign accounts in Quicken when Quicken does not allow import of any foreign banks. Or, does it, and I have missed it? In which case, where can I find the functionality to import foreign banks into Quicken?

Chris_QPW

https://community.quicken.com/discussion/comment/20548220#Comment_20548220

You can always enter the foreign transactions manually.

qmacpunk

You can always enter the foreign transactions manually.

heh, I knew that also. I just didn't consider entering a year's worth of transaction manually for five different accounts while I am paying more than a hundred bucks for a software that is supposed to make my life easy. Thank you for your answer though.

Chris_QPW

Well, everyone has to decide for themselves what something is worth to them, but I should also mention that there are ways to import transactions from foreign accounts, just not ways supported by Quicken Inc.

If you want to go down that rabbit hole search for "Convert CSV to QFX for Mac" on the web.