Eliminate an account?

When I first set up Quicken years ago, I set up a "Cash" account. I thought I would use it to track how I spent my "walking around money." I did a fine job transferring funds into the account when I got money from my savings via an ATM, or the bank, but I never did a good job of keeping track of the expenditures. So the account now show thousands of dollars in it, that really aren't there. I just want to get rid of the account because it is meaningless and I haven't used it for a long time. But how should I do this without wrecking other transactions such as the deductions from my savings for example. Do I delete the account? Do I just hide it? I'd appreciate some help on this.

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited February 19
    I think your best two options are:
    1. Account Details > Display Options tab > check the box for Hide in Transaction Entry Lists > check the box for Hide Account Name in Account Bar and Account List > Close Account > YES > OK.  This will close the account but keep all of the data intact and you will be still be able to access the register data.  I usually use this method when I have an account I no longer need to use in Quicken.
    2. Or, Account Details > Display Options tab > check the box for Keep This Account Separate...  This will keep the account open but it will move it to another area in the Account Bar on the left that is separate from your other accounts and it will keep it from being included in various reports.
    I would not delete the account because it will "wreck" transfer transactions into/out of that account from other accounts (like your checking or savings).  The transactions will still be there in those other accounts but they will show "Uspecified Category" in the category field.
    (QW Premier Subscription: R41.10 on Windows 10)
  • BK
    BK Member ✭✭✭✭
    I rarely use cash anymore but my approach is to add handful of rough transactions in the cash account to approx match the balance to what I have in my wallet at the end of each month.  I'd do this monthly and takes no time.  That way I could run a reasonably accurate report on our expenses.
    Example: $50 restaurants, $50 kids allowance, $50 activities, $50 drinks, etc. you get the idea.
    For me, even if I didn't use the account anymore, I would first enter few transactions to zero it.  But not delete it for reasons you and @Boatnmaniac already mentioned, nor would I close it since there are times you may need a pass-thru intermediary account and the cash account becomes handy.  Just hide it instead and/or make it separate.  Only an opinion.
    - QWin Deluxe user since 2010, US subscription on Win11
    - I don't use Cloud Sync, Mobile & Web, Bill Pay/Mgr

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Personally, I'd keep the account and I'd keep on tracking cash expenses, especially those that could have an impact on your tax filings, e.g. prescription medicine.
    What I've done in the past, when I had issues keeping my cash account up to date, was to at least once a month  count the cash in my wallet and then enter a Misc. Cash Expense transaction for the difference between the account register and the actual cash, categorized to Misc. Expense. That kept my cash account in line with reality.
    I recommend you record a large balance adjustment transaction for 12/31/21 to bring your account roughly in line with actual. From then on record monthly or weekly balance adjustments to keep up with your cash expenses.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    I also use @UKR's practice.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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