Special Request Question: I am crazy about tracking my finances and want to capture all of my financial information including everything from paychecks, transfers, bills etc. I want to capture every transaction from when the account was first opened until now. Obviously this adds up to a lot of transactions and I am falling behind entering transactions because I am always making more transactions every day. I want to connect with my bank to download transactions for the past 45 days (which is the limit my bank allows) and continue to do this so I will not have to go back and continue to catch up on transactions. When I add these accounts to Quicken it makes the opening balance the farthest back transaction from the 45 days. My opening balance for all of my accounts when originally opened was $50. How would I go about starting from the beginning without messing up my register or running balance? I may be confusing myself but it just seems overwhelming because it’s so much I am trying to accomplish but the longer I put it off without recording my day to day transactions I will be even farther behind! Help Please!
Paychecks can be memorized, if there is a pattern you can memorize two or three "prototypical" paychecks. Otherwise you will just have to update the values manually each month from the paystub info.
When I answered at first, I assumed that you were a new Quicken user. But then you said you lost your hard drive. How was the scheme you used before working for you?
Or maybe you did just recently start with Quicken and you lost your work.
How many years are you planning to go back and reenter? If it is many, I still suggest it may not be worth the trouble.
By "Checking" I mean the account where your money goes (after deductions) so you have funds to pay your bills. I have always had just one "Checking" account. You don't have to do it that way but it seems simplest to me.
If you have other deductions (savings plan, health savings account, 401k etc) then an account for each of these needs to be created, the category will be the name of the account and the split amount will be negative.
For Taxes, the category will be FedTax, StateTax, etc. you can set these up as you see fit based on the builtin categories that Quicken starts you off with.
I will attach an example of a split Payroll deposit transaction.
If you have a lot of different deductions over time, you can set them all into the memorized transaction. Then you will have to decide if you want to delete splits that are zero when the category does not apply for that paycheck, or just carry the line as zero. Look at the reports to decide which way to go.