In Quicken or Quickbooks I would like to enter a Retirement Annuity. I have one and out of it will come two deductions. One for medical insurance and the other for federal income tax deduction each month. An annuity is an "Income" which does not end until death. However that is a "Category" not an account. I need to know how to properly set up an account for an annuity. Only from an account can you split and designate different catagories. I am presently using Quicken however have purchased Quickbooks. I do not know if Quickbooks is any different regarding setting up an account. Have not loaded it into my computer as yet.
However in Quicken when setting up an account here are the choices: If I choose a bank or investment firm from the drop-down list I then get a pop-up that will ask me for more choices. The two major headings under ACCOUNT are Cash Flow & Investment which would come the closest of choices. Under Cash Flow the list to check are Checking, Savings, Credit Card, Cash Under Investment the list to check are Brokerage, IRA/Keogh, 401, Single Mutual Fund
It does not appear that any of these choices really fit very well and am still kind of in a quandary regarding how to set up and account for an annuity. If you can help me with this I would really appreciate it. Not real important but something I would like to enter to get a picture of my entire finances to properly set up a budget etc..
P.S. From a Catagory (Income) you cannot separate out deductions. That can only be done from an ACCOUNT! Any help will be appreciated.