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FinanceKnow where you stand with your finances
When making financial decisions it is important to know your current financial picture. For this purpose many people keep records of bank balances, IRAs, current home values, loans, etc., on paper or on disk.
ON THE PALMTOP
You can set up accounts in Pocket Quicken (PQ) in a slightly unconventional way that will give you an accurate, up-to-the-minute financial picture for yourself, your family or your company at the touch of a key. (The 200LX comes with PQ built-in, and you can install it as an add-on for the 100LX.) This Wisdom tip shows you how to use PQ to display your net worth at any time.
Set Up Accounts to Include All Pertinent Financial Information
In a PQ file, set up accounts for all pertinent financial information. These accounts should include both your assets (checking, savings, cash, IRAs, stock and bond portfolio, the current value of your home, valuable collectibles, etc.) and your liabilities (personal loans, bank loans, the mortgage balance on your home, credit card balances, IRS due, etc.).
To add a new account, press (F2) (Add) and fill in the appropriate information.
Important Note: Desktop Quicken provides you with more options, but PQ only allows you to set up accounts as: Bank/Check, Credit Card or Cash. Use the Bank/Check or Cash options for all assets, and Credit Card option for all liabilities.
When running a Balances Report, PQ automatically assumes a credit card account is a negative balance. If you enter your beginning balance as a negative (or you see a negative number in the Liabilities section of your Balances Report) PQ treats it as a positive number and the Total Net Balance will be wrong (negative x negative = positive).]
Running a Balances Report
To run a Balances Report, at the main PQ accounts screen, press (MENU) Reports Balances. In the Create Account Balances Report screen, enter the name you want for the report in the Title field, tab to the Include balances as of field and enter the date you want, and press (ENTER) (Create). At the Select Report File screen, name the file and press (ENTER) (OK). View the report in MEMO, print it or export it to your desktop. To view the report in MEMO, press (MEMO) (F9) (Open), enter the name and path of the file to open, and press (ENTER) (OK).
Other Uses of the Report Option
You can use the Balances Report option to track the net balance (income vs. expenses) of an office, department, or a group of people. You can also use your Balances Report the next time you apply for a loan.
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