Quicken 2000 query

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.