Quicken: Creating a checking or savings account | lynda.com

Now let’s create your first checking account;
go to the Setup tab and then go down to the Checking and Savings Accounts
section. The procedure for adding a
checking account or savings account is virtually identical. So I’m only going to show you the checking
account. Click the Add Checking
Account button and the Accounts Setup screen appears. The first thing Quicken
needs to know is the name of the financial institution that holds the account. You can type the name into the field and as
you type Quicken will look ahead and fill in the rest of the name for you or
if you want, you can click one of the letter buttons to popup a list of financial
institutions that start with that letter. There are also specialize buttons for Bank
of, First or First numerically. In this case I’m going to keep typing the
name of my bank and there is Wells Fargo. So I’ll press the Enter key to accept that. Your other choice is not to
enter your financial institution but I really don’t recommended it because the
benefits of online banking are huge and though you don’t have to signup for
online banking right now, giving yourself the option is really good. So click the Next button and Quicken knows
that it’s able to download transactions from Wells Fargo. So you can connect directly through Quicken. You can go to the bank’s website to download
transactions or you can enter them in manually. That’s the choice we are going to take now;
later on we will enable this account for online banking. I’ll click Next and now let’s put in the name
for the account. Quicken wants to
know how you use this account: for personal transactions, business transactions
or for rental property. This is going to be a personal account so
I’ll leave that settings and click Next. On this screen, you want to enter the ending
date and the balance from the last statement you have. If you don’t already have the last statement,
don’t worry about it, because you can make changes into
the account later. I do have that
information. I’m going to first change the date, which
was actually the opening date of the account, and I’m going to enter
in the opening balance of the account too, because I know that. $750. I press Tab. That $750 is the opening
balance of the account. So now I’m done setting up the account. Quicken warns me that right now I can’t
do transaction download or bill pay, but that’s okay. We will enable those
later. I’ll click Done and now the account shows
up in the Accounts bar, Quicken Checking for $750, and it also shows
up here in the Setup tab. If you have more checking accounts or if you
have some savings accounts, go ahead and add them now. If you are looking to use Quicken to manage
your finances, it’s important to get off on the
right foot, and put in all of your checking accounts and all of your savings
accounts. By putting in all of your checking and savings
accounts, Quicken can you give you a complete picture of your financial life.

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