Tell me about adding property and debt accounts


To get a complete picture of your net worth and to assist with long-term planning, be sure to add property and debt accounts.

Property accounts track the value of anything you own; debt accounts track the total amounts that you owe. In some cases, you have a matching property and debt. For example, if you take out a loan to buy a home, you'd track the home value in an property account and the mortgage in a debt. When you do this, Quicken can calculate the total impact on your net worth.

Which property and debt accounts should I add?

Quicken account Real-world account
House

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The value of your home

Enter the original purchase price, and add balance adjustments for any capital improvements or market value changes. When you sell, the selling price minus your cost basis represents the gain.

Notes

When you add a House account, Quicken can also help you add a loan to track the payment schedule, principal, and interest. Just click Yes when you're prompted.
Vehicle

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The value of a car, truck, or motor vehicle

If this is a business vehicle, you can add balance adjustments to calculate depreciation.

Notes

When you add a Vehicle account, Quicken can also help you add a loan to track the payment schedule, principal, and interest. Just click Yes when you're prompted.
Other Asset

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Things you own

Use this for valuable assets such as art, collectibles, or capital equipment. As a rule of thumb, decide whether you consider the item to be truly an investment or saleable item. Do you consider its value and appreciation to be part of your overall net worth? If you use it in your business, do you intend to track its depreciation?
Loan

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Money you owe

Quicken uses a loan account, which tracks the payment schedule, principal, and interest. Except in the case of a House or Vehicle account, it's usually simpler to add the loan first, and then add the asset account when Quicken prompts you to do so.

Notes

To track a standard line of credit (not a home equity line of credit), use the credit card account type.
Home Equity Line of Credit (HELOC)

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Your line of credit

Quicken uses a special loan account. It can be linked to your House account to better reflect your net equity, and helps you track a changing balance of withdrawals and payments.
Other Liability

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Other money you owe

Use this account type to track informal liabilities, for example money you have borrowed from friends or family that does not have an interest rate or term associated with it.

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