Quicken for Mac 2007 is the comprehensive personal finance software for the Mac platform. It's been designed for -- and by -- Mac users, and lets you track all of your expenses and manage your cash. Key feature comparison between Banktivity 6 and Quicken 2007 for Mac. See why so many are switching to Banktivity for personal finance management.
Has been the default personal finance manager of Mac users for years. But despite its ubiquity, I still run across many Quicken users who aren’t getting the most out of the program, because they don’t know some simple tricks that can make it easier to use. Here’s my top-ten list of tricks every Quicken user—from novices to experts—should know.
Customize the keyboard If you don’t like Quicken’s default keyboard shortcuts, change them or add your own. Just hold down the 1 key and choose the item you want to customize from the menu bar. In the Edit Command Key dialog box, you can enter your preferred shortcut. Don’t open Quicken Need to quickly record an expense? Just tap the key you’ve configured to launch Dashboard, and then use the QuickEntry widget that was introduced with Quicken 2007.
You can make entries in any of your Quicken accounts; those entries will be automatically imported into your account registers the next time you launch Quicken. Unclutter your categories Quicken’s categories are the key to tracking your spending. But even though some of Quicken’s default categories may not work for you, those categories will still appear every time you view the Categories & Transfers window or use the pop-up category list in the account registers.
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Get rid of categories you’ll never use by choosing Lists: Categories & Transfers: Remove Unused Categories. Use classes Quicken makes it easy to create categories for all your financial transactions—perhaps too easy. For example, let’s say you want to track individual medical expenses for you and your spouse.
You could create two subcategories under the Medical category. But what about your kids? Do you really need a different Medical subcategory for each family member? If you do, and if you apply the same logic to your other expenses, you’ll soon have an unmanageable number of categories and subcategories. The smarter thing to do is to create classes in Quicken. Classes are distinct from categories, so they can further define a transaction that has already been assigned to a category. For example, you might create a class for each of your family’s members.
Just choose Lists: Classes, click on the New button in the Classes window, and add a new class name. Then, during data entry, you can assign a class to a transaction by appending a forward slash and a class name to the category name. For example, you’d enter Medical/Bob for one of Bob’s medical expenses. Once you’ve set up these classes, you can easily generate a report for the entire family’s medical expenses (sorting by category), another for all your expenses (sorting by class), and a third for just your medical expenses (sorting by both class and category).
Calculate faster If you want to make a quick calculation while you’re entering data in the account register, you don’t have to reach for the calculator on your desk or in Dashboard. Instead, Quicken’s QuickMath feature gives you a simple “paper-tape” calculator (like an old adding machine) right in the account register. Here’s how to use it: While you’re in any field that you can enter an amount in, press an arithmetic-operator key (+, –,., /, or =) to open the QuickMath paper tape. Enter the numbers you want to calculate, pressing an operator key between each number. When you’ve entered all your numbers, click on the Total but-ton at the bottom of the paper tape (or press enter). Quicken does the calculation and places the result into the field.
Don’t skip backups Your Quicken data file is one of the most important files you have, and a good backup is a must. Quicken will back this file up automatically, but you can customize the backup location.
A second hard drive is ideal. Choose Quicken: Preferences, and then go to the File Backup pane.
Make sure that the Automatically Back Up The Data File To Disk option is selected; then click on Choose and navigate to a folder on your external hard drive. If you have a.Mac account, you can also automatically back up to your iDisk. Security is ensured because the backup file is compressed and encrypted with a password. Set a schedule A good way to keep on top of your finances is to set aside the same time each week to do your bills. If you use online banking, you can increase efficiency by having Quicken download your statements and update your accounts each week before you begin. Choose Online: Scheduled Updates; then, in the resulting dialog box, set the day of the week and the time for the automatic update.
At that time, Quicken will launch silently in the background, download your financial data, and quit. When you’re ready, you just open Quicken and work with your updated information. Reconcile instantly Reconciling your accounts can be a pain, but if you use online banking, it can be almost painless. All you need to do is turn on automatic reconciliation. In Quicken’s preferences, open the Auto-Reconcile pane.
Choose the account you want to automatically reconcile (it must be a checking, savings, or credit card account) from the pop-up menu; then select the Enable Auto-Reconcile option. I also suggest that you select the Auto-Reconcile Without Reminding Me option. That way, when your Quicken balances and your bank’s balances match, you won’t even see the Reconciliation dialog box. Make online payees smarter When you download transactions, they often appear with somewhat inscrutable payee names.
For example, when I buy groceries with my debit card, the charge shows up with this payee name: SafewCA 1724. Quicken’s Smart Payee feature can help. In the Download Transactions window, select the payee name and type over it with a new name (I chose Safeway ); you can also make changes in the Category and Memo fields. Then click on the Record button. Quicken saves the new Smart Payee name for the transaction, and replaces the old name with the new one in all that payee’s past transactions.
In future downloads, the original payee name will be automatically changed to the Smart Payee name. Track your inventory Your money is important, but so is your stuff. Use the included Quicken Home Inventory program to list all of your possessions for insurance purposes. Integration with iPhoto allows you to keep photographic documentation of your valuables.
Just as important in the event of a disaster is being able to access your important papers; the Emer-gency Records Organizer lets you enter data and print a report containing emergency contacts, financial and insurance information, vital documents such as birth certificates and your will, and more. You’ll find both of these programs in the Activities menu. Tom Negrino is the author of a number of books on Quicken, as well as a coauthor of Dreamweaver CS3 Visual QuickStart Guide (Peachpit Press, 2007).
From slide rule to online budget apps. Here are 5 alternatives to Quicken and Mint. (AP Photo) Mint had a similar effect, only with the Internet. Now no longer tethered to a hard drive, I could manage my finances from any place where I could get an internet connection.
Sadly (or not), both programs have lost a step or two. Quicken is clunky by today’s standards. And I’ve heard multiple complaints about Mint, especially about updating information from financial institutions. There are, however, several great alternatives to Quicken and Mint. We’ll look at five of the best replacement options, the first of which is an advertiser on my personal finance blog. It also happens to be my favorite and the one I use every day. Personal Capital has become an extremely popular tool to manage money.
There are several reasons for this. First, it’s free. Second, Personal Capital’s financial dashboard manages every aspect of a person’s finances. It tracks cash flow and enables you to see your spending by account and category. Further, it’s a. The results of running Personal Capital’s fee analyzer on my 401k. It enables you to link all of your investment accounts.
Once linked, Personal Capital provides a wealth of information about your portfolio. From asset allocation to investing fees, this tool gives you easy insight into your investment portfolio. This is particularly helpful if you, like me, have multiple retirement and taxable accounts. Finally, Personal Captial offers a retirement planning tool. You can see if you are on track to retire as planned.
It even provides useful data on 529 accounts you may have for your children and tracks the value of real estate. YNAB For those focused exclusively on their budget, there’s nothing better than (short for You Need a Budget).
I’ve tried virtually every budgeting tool available, and YNAB is without question the most effective. It uses a familiar spreadsheet format that’s very easy to use.
Categories can be assigned to your spending automatically. Once you’ve used the software for about a month, you’ll rarely need to categorize expenses manually. And YNAB follows a very interesting approach to budgeting. The goal is to live off of money you earned the previous month. As a result, you’re not living paycheck to paycheck. It may take some time to get there, but I’ve found YNAB the best tool to support this type of prudent financial management.
Banktivity For those with a Mac looking for software, is an excellent choice. Much like Quicken, you can connect bank accounts, credit cards, mortgages, and even investment accounts. Once connected, Banktivity manages your entire financial life in one place. I’ve found connecting accounts to be, while not perfect, workable. I’ve successfully connected investment accounts from major brokers, a mortgage on an investment property from Chase, and credit cards from Citi, Capital One and other issuers. What I’ve found most appealing about Banktivity is that it just works.
There is, however, one downside. The software set me back $64.99, which by itself would be fine. However, if I want to automatically download transactions, I must pay a yearly fee of nearly $45.
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In the end, the cost was worth it. But it’s an important consideration, particularly when tools such as Personal Captial are free. EveryDollar For Dave Ramsey fans, is a good option. It is an online budgeting and money management tool.
It comes in both a free and paid version. The paid version adds, among other things, online connectivity to your financial institutions.
The budget is broken down into categories, such as housing, transportation, and food. You can customize expense categories. Without the paid version, however, it’s an entirely manual process. For those following Dave’s Baby Steps, they are integrated into the budget.
For example, save $200 and you’ll see Baby Step #1 (save $1,000 for emergencies), increase by $200. PowerWallet The last Mint and Quicken alternative on our list is. This online budget tool enables you to link bank accounts, credit cards, loans, and investment accounts. I found the linking process to be smooth, with two exceptions. I was unable to link a retirement account at Fidelity and credit cards from Citi. PowerWallet uses a cash flow model of budgeting.
In the dashboard, it shows your cash inflows, outflows, and what’s left. It also highlights your top spending categories. It does use an advertising model for revenue, so be prepared to see some advertisements.
Connectivity One persistent problem with all personal finance software is issues connecting to financial institutions. I have yet to use one that didn’t have at least one or two problems. I’ve found Personal Capital to be the one tool with the fewest problems. But you should expect to encounter some connectivity issues regardless of which tool you use. Rob Berger founded, a personal finance website, a credit card and banking website, and, a free weekly newsletter. RECOMMENDED BY FORBES.
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