How to Track Property & Debt in Quicken Home & Business 2008

Quicken Home & Business 2008 can track your property and debt. This, along with your cash flow accounts, will give you a total view of your personal finances. You can list all property owned to weigh against the debt you have. The difference will supply you with your true net worth. You will need to have all the data concerning each asset or liability. This includes the sum owed, interest rate charged, the method of payment and possibly other details about it. You can add a property or debt account in a matter of minutes using Quicken.

Instructions

1

Access the Property & Debt Center. Open Quicken and click on Go to Property & Debt Center located under the Property & Debt menu. Click on the Add Account button, under the section Property & Debt Accounts.

2

Select the account type. There are four choices: House, Vehicle, Asset and Liability. Place a mark next to the specific account you want to add. Click on Next

3

Name the property or debt account. You will be able to change the default account name or leave it as is. You will also need to know the make, model and year if you are adding a vehicle. When you are finished, click on Next.

4

Fill in the starting point details. To add vehicles or a house, type in (or use the calendar icon to select) the date you obtained the property. Fill in the purchase price and the present value. Click on Next and go to Step 5. For other types of assets or liabilities, you can enter the present date or the date of the last statement. You will need to know the balance as of this date. You can also enter tax information pertaining to this account by clicking on the Tax button. If you need more details about taxes, click on the help icon. Click Done to add this account to your accounts lists.

5

Link your vehicle or house accounts. If you have a loan attached to one of your assets, you can link it to an account already set up, mark it as a paid account or create a new account for it. Place a mark next to the one you need and click on Done to add the account. If you choose to create an account, you will need to fill in details about it. This includes the original date, balance, length of loan along with the compounding period, and payment information. When you are done, click on Next. Fill in any details about balloon payments, the current balance and other payment details. When you are finished, click on Done to add the account.

6

View all of your new property and debt accounts. You can access the accounts you created from your "Property and Debt Center." They will also be listed in your "Account Bar" on the left of the page. These accounts will now be figured into your finances. The values of them will be added or subtracted and included in your net worth amount.