How to Set Up An Additional Bank Account in Quicken 2013 or 2014
When you first began working with Quicken — and this may have been only a few minutes ago with new Quicken 2014 software, or several years ago — you were prompted to set up an account. And you probably set up at least a checking account because this is probably your most active bank account. If you want to track any additional accounts — for example, a savings account — you must set them up, too.
To set up an additional checking, savings, or money market account, you give the account a name and then its balance as of a set date. Here’s how:
Click the Add an Account button.
Quicken displays the Add Account window.
The Add an Account button is located near the bottom of the Accounts bar, which appears along the left edge of the Quicken program window. You can collapse and expand the Accounts bar by clicking the small arrow button just left of the Accounts label.
If the arrow button points down, clicking the button collapses the Accounts bar. If the button points right, clicking the button expands the previously collapsed Accounts bar.
Click either the Checking or Savings hyperlink.
Quicken displays a version of the Add Account window, which asks for the bank name.
(Optional) Identify the financial institution and then click Next.
To identify the bank and (simultaneously) set up the account for online banking, enter the bank’s name in the Enter The Name Of Your Bank text box. As you type the bank name, Quicken creates a list of banks that match what you’re typing.
When you see your bank listed, select its name. Quicken then asks you to enter the bank’s online sign-on information for the account. (This information probably includes a username and password or equivalent information.) If you want to enable online access to the bank account information, provide the requested information and then click the Connect button.
Alternatively, if you don’t want to identify your bank, you can click the Advanced Setup link (near the bottom of the window) to display a second Add Account window that asks whether you want to connect to your bank automatically so you can download transactions or want to enter transactions manually.
Indicate whether you want to download transactions or manually enter transactions, and then click Next.
When Quicken asks whether you want to download account activity and balance information directly from your bank or enter the information manually, indicate that you just enter transactions manually. (Quicken asks the manual versus online questions if you select a financial institution that allows for online banking.)
Name the account and then click Next.
When Quicken displays the first Add Checking Account dialog box, move the cursor to the Account Name/Nickname text box and type a name in that box. Then, if you don’t mind and have a second, go ahead and mark one of those This account is primarily used for buttons so Quicken can start you off with a good, beginner set of categories. Click Next after you do this.
Enter the account balance date.
When Quicken displays the Statement Ending Date and Statement Ending Balance dialog box, enter the date that you’re going to start keeping records for the bank account with Quicken. (Quicken wants you to start your record keeping for an account on a bank statement date because on a bank statement date, you have a really good balance from the bank.)
Move the cursor to the Statement Ending Date text box and type the month number, a slash, the day number, a slash, and the year number. If you start on July 1, 2013, for example, type 07/1/2013.
Or, if this is way too complicated for you, click the button at the end of the Statement Ending Date text box so that Quicken displays a pop-up calendar. Then click the date. Use the << and >> buttons to move back and forth a month at a time.
Click inside the Statement Ending Balance text box and enter the bank account balance.
Use the number keys to enter the balance. The folks at Intuit, by the way, really want you to use the balance from your bank statement. If you have terrible financial records — for example, you haven’t reconciled your account since the first George Bush left the White House — this idea is probably good advice. If you have neat, accurate financial records, go ahead and use your check register balance.
If you do use the bank statement balance as your starting balance, be sure to enter all the transactions that cleared or will clear after the bank statement balance date. (This should make sense, right? If a check or deposit isn’t reflected in the bank statement figure, you must enter it with its correct date into Quicken.)
Click Next and then the Finish button.
Quicken redisplays the Home tab.