Sub Accounts

I had a situation where I was adding accts to Quicken. The account has one main account and many sub accts. The sub accts track the spending of each individual card, and they are all attached or linked to the main account. I want to track all of the accts but they all come in with their individual transactions and the balance of the entire group of accts. It makes reconciling these accts impossible. The reconciliation doesn't work because each acct only has transactions for itself, making its ending balance different from the online balance. Again, this is because the online balance is for the entire group of accts.
It would be nice if Quicken could recognize the sub accts and accommodate them accordingly. This is not OS specific, both win and mac have this issue.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    This is much more than just Quicken supporting sub accounts.  How is Quicken suppose to know what accounts those transactions go into?  There isn't any "protocol" for this, so for this to work somehow all the financial institutions that are using "sub accounts" would have to agree on a way that they send the data to Quicken (maybe through Quicken Inc's aggregator Intuit) so that the transactions can be separated out.  I seriously doubt that is ever going to happen.
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  • Wojo 6150
    Wojo 6150 Member ✭✭
    Why couldn't it be setup so that each individual sub account reconciles and then because they are under one umbrella account the sub accounts total to the main umbrella account. Each sub account total would figure into umbrella account total. Doesn't seem that difficult. The sub account could be indented under the umbrella.
  • Divemaster
    Divemaster Member ✭✭✭✭
    I would also like to see sub accounts under an umbrella account.  You should be able to spend from the sub accounts and only reconcile the umbrella.   It is just a way to track and manage projects.  Now I get the same thing done using saving goals.  I win a bid on a project and I put that bid amount in a saving goal, then spend out of checking and move that amount from saving goal into checking as project progresses.  I don't think that is how they planned saving goals, but it works.  I am retired and don't do many projects anyway, but do find it strange they don't have sub accounts. 
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    If there is a way to tell which transactions go with each sub account, perhaps you could handle this using Tags. You could run a report subtotaled by Tag to get the totals for each sub acct. @Divemaster, you could assign a tag to each project.
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  • Divemaster
    Divemaster Member ✭✭✭✭
    edited November 2021
    Thanks that might work, never have used tags.   What I have now works for what little I need it and is almost like sub accounts except have to do transfers back to parent from saving goal as I spend on projects.   Also, this way I don't have to run report to see if project I bid is going over.  Just look at the saving goal (which I call project goals) and see how I am doing.   Before retiring from state as a programmer, our accounting systems had lots of sub accounts within a parent account.  We called them object codes under a parent account, but that was just a terminology difference.  Seems most of Quicken's efforts are managing interfacing and keeping up with all the banks and brokers- that would be a programming nightmare.   They are not giving much resources to the core basics of how Quicken started, but they must know what people want.   If they don't watch it they will have a lot of bloatware that majority don't need or use?  Then again, I guess they are in the business and should know what will sell.  Makes me think of Acronis imaging software, I just want a basic image, they have went off and loaded it with much more stuff that goes way beyond imaging, so I have pretty much moved on to another basic imaging software Macrium Reflect.

    Just look at all the problem discussions, almost all dealing with interfacing with another organization.  Perhaps a suggestion to Quicken, market a version Quicken Deluxe Local with no ability to do online functions.  You might be surprised at how that would sell?  
  • Papa T
    Papa T Member
    I also cast a vote for the need to have Sub-accounts to track things Student Loans being my issue. This would benefit a lot of people as many have student loans
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    @Papa T
    Does each loan have its own account number?

    Are you downloading transactions for these loans, or entering them manually?

    If the payments are downloaded into different accounts or you are entering them manually into different accounts, you can group them together for reporting by selecting just the student loan accounts in your report. You can save the report so you don't have to select the accounts each time.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    BTW this original statement isn't really correct:
     It makes reconciling these accts impossible. The reconciliation doesn't work because each acct only has transactions for itself, making its ending balance different from the online balance.
    It makes reconciling to the online balance impossible, but you can always reconcile to "the statement balance".
    Given the problems with the online balance lately, having to reconcile to the isn't even that unusual unfortunately.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Also, no one has voted for this idea in a year.  If you want a feature you should vote for it not just put in a comment.
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  • The Mount
    The Mount Member
    Sub-accounts - In my view sub-accounts are for me to keep track of various funds that I don't need my financial institution doing by having a separate account. They take care of the one umbrella account with all the ins and outs and I keep track of the sub-account(s) with their ins and outs. So, for example, say I have $30,000 in the main account, and I want to set aside $20,000 for some project. Now, I don't want to touch that $20,000 except for my project, so whenever I know I have spent something for that project, I would move/transfer/record, as needed, the transaction in my sub-account to keep track of those funds.

    From a business point of view, this would mean a report could be created on just that sub-account and its transactions for a customer to review. It would also be possible if that customer had more than one account with the business to make a general report of all accounts pertaining to that customer and/or each one individually.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    @The Mount

    Have you tried Savings Goals? That sounds like what you are looking for.
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  • Divemaster
    Divemaster Member ✭✭✭✭
    edited September 23
    Yes saving goals will work for what you want to do, but in the accounting world- sub accounts make better sense.  I use saving goals like sub accounts and do not believe Quicken will change what is a standard account practice in this area.  To much effort required to do all their online features with all the various facilities to make this change.  But that must be what the community wants, so I am in the minority on sub accounts.