Quicken 2000 query

I'm using Q '11 H&B. I see your email address shows evidence of the UK, so YMMV.

In Q 2011, there are a couple of ways to do that.

First, you could create an entirely separate Quicken File & set the account up in the separate file. From the Q menu, File>>New Quicken File... then follow the setup. That approach would require you to "toggle" between your personal Q file (the one you probably monitor regularly), & the separate grandchild's file. Each would require its own update.

However, there's another option that might work for you. You can set the account up & have downloads occur as part of your One-Step-Update, but tell Q to not include it in your asset totals. In addition, you can put it into an "Other Accounts" group so that your eye isn't drawn to it when you're trying to look at what you consider to be your total value.

To do that, right click the account name in the Account Bar (probably running along the left side of your screen). You should see a pop-up appear. At the top of that pop-up, there should be an option to "Edit account details". If you'll select that, then go to the "Display Options" tab, you should see some of checkboxes. You don't want to select the one that says "Hide this account in Quicken" or it will make it more difficult to view the account activity. The other two checkboxes should say "Hide this account in Account Bar" and "Don't include this account in net worth total".

If you select "Don't include this account in net worth total", the account name should turn gray & you'll notice that it no longer contributes to the Account Bar total for its corresponding group. The value of the account still displays next to the account, it just doesn't contribute to the total. If you select "Hide this account in Account Bar", you'll see another line show up at the bottom of the Account Bar group called "Other Accounts". In order to see any accounts that have that flag, you first have to click "Other Accounts" & then select the desired account w/in the pop-up.

With either/both checkboxes flagged, you can still set the account up for O-S-U & it will update at the same time as your other accounts.

Before you decide whether to take the separate account approach or the checkbox approach, it may be worth considering whether you'll turn the account over to your grandchild anytime in the near future, whether they would be using Q to track the account, & whether you'll want to preserve any account history. It's easier to email a file that only has that one account than to try to separate a file into "mine" & "grandchild's".

Hi, Moonraker.

I agree with Bartt's recommendations. And I'd like to emphasize his final comment: "It's easier to email a file that only has that one account than to try to separate a file into "mine" &"grandchild's".

Combining separate Quicken files into one, if ever required, is usually not hard to do. Just Import one into the other.

But separating two or more tangled/commingled sets of transactions is usually a major chore - if it can be done at all. Trying to "comb out" transactions in one file that belong in a different file is no fun at all. (Voice of 30 years experience in public accounting.)

As Bartt said, this will mean double recording of many transactions. In your file, you'll have to record amounts paid to or from the grandchild. In the grandchild's file, you'll record the mirror images of these transactions, of course. And also in the grandchild's file, you'll record any other transactions, such as investments bought and sold, plus income received and expenses paid. These "other" transactions will not appear at all in your own file.

RC

-- R. C. White, CPA San Marcos, TX (Retired. No longer licensed to practice public accounting.) snipped-for-privacy@grandecom.net Microsoft Windows MVP (2002-2010) (Using Quicken Deluxe 2011 R 8 and Windows Live Mail in Win7 x64)

I have opened and account for a Grandchild and would like to track it on Quicken. Is there anyway of doing this so that it is not included in the total value of my investments?

Also note for Inheritance Taxes and Estate values at death it you are the trustee than the grandchild's account will be included in your estate even though it is registered to them. If you designate someone else as trustee like a parent of the child, then the account will not be included in your estate.

That may not be the case in the UK.

Many thanks for your comprehensive answers. We have actually opened it in my Wife's name, as she does not pay tax. The reason it is not in our Granddaughters name is because she has just been born in USA, where our son is working for the UK Government. At the moment she has not yet got a British birth certificate. This is intended to be purely temporary until they return to the UK as opening a UK account in her name is fraught with difficulties. As ever, laws to stop the crook from money laundering only really affect the law abiding citizen.

Create an account to track those amounts. Edit the account details. In the "Display Options" tab, you can check "Don't include this account into net worth total"

Maybe that could help

Sincerely, Steve JORDI

(Remove the K_I_L_LSPAM from my email address)

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This is how I did it with the trust accounts set up for my children. I set up the two accounts in my Quicken file, and tracked the funds while the trusts existed. I set them up to not be included in my net worth, as they were not mine.

When they came of age, they withdrew the money, and I just entered a withdrawal to the account, with a memo that the funds were disbursed. We paid the taxes on the accounts while we managed them. They still exist in our Quicken file with a zero balance. This insures that any needed records are still available.

My son took his money, and put it into his account, and recorded the deposit into his Quicken file. He doesn't need the records of the time it was held in trust for him.

My daughter took her money and put it into her account. She doesn't use Quicken.

It was easy, and worked well.