A Good Program Gets Even Better
A few years ago, when people talked about using their home computers for balancing their checkbooks, it was mostly wishful thinking. You could do the work faster with a hand calculator.
Then came Quicken, a program published by Intuit of Palo Alto.
The first two versions of Quicken, which carried a suggested retail price of $50, made it easy to manage personal bank accounts. Small businesses, and some not so small, also often chose Quicken to keep track of their finances instead of using more complicated accounting programs or spreadsheets.
Now, Intuit has created Version 3 of its program for IBM and compatible computers. Despite the $10 price increase to $60, it is a better bargain than ever. (A new version for the Macintosh, 1.5, also was introduced that essentially brings to the Mac the features of the old PC version of Quicken.)
For the first time, the PC version of the program offers special features for people in business. At the same time, home users will find the new credit card account feature a great way to keep their plastic play money from bankrupting them.
Version 3 of Quicken adds many new features while remaining similar enough to the previous versions to make it simple for existing users to make the switch.
Beneath the surface, however, there are fundamental differences. First of all, separate accounts are no longer necessarily maintained as separate computer files but instead can be grouped together in a single set of master data files. That makes it easy to record transfers from one account to another, such as entering a payment to a credit card account while posting it to the checking account from which it was made.
Where previous versions of Quicken recognized only one type of account, the checking account, the new versions define five types: checking, cash, credit card, asset and liability. Business users will find such classifications particularly useful, but individuals could use them to create a total net worth statement. (The new Mac version is still limited to checking accounts.)
In previous PC versions, a transaction could be identified on only one level--called a category. The program, though, could split a transaction among several categories. For instance, a bill from a discount store could be divided among the several categories it covers, such as “household,” “clothing” and “toys.”
Quicken version 3 adds two other levels of identification. Transactions can be grouped into classes of income or expenses such as “Rental-1” and “Rental-2” to identify all receipts and expenditures associated with two separate rental properties.
Within that class, categories could be established, such as “repairs” or “insurance.” Those can be further divided into subcategories, perhaps “plumbing” and “heating” and “appliance” under the repairs category.
Another handy feature is that any category or subcategory can be tagged as tax-related, allowing quick preparation of a report showing just the subtotals and totals needed for tax filings.
The new credit card account feature makes it very easy to monitor each of your credit card accounts in as much or as little detail as you wish. For instance, you can enter as individual transactions only those credit card purchases of which you wish to keep track.
The program lets you lump all the other transactions together into a single entry into your account. As a result, it balances with your monthly statement without forcing you to do the extra work of typing in listings that you don’t need to monitor.
When you want to make a payment on your account, you make the appropriate menu selection in Quicken and are presented with a form in which to enter the amount to be paid and the checking account from which the funds are to be drawn. The transaction is automatically entered into that account by the program and then the computer can print the check.
Check printing has been improved with the new Quicken, with five styles of checks now available. Laser printing of checks was nicely enhanced with a feature that lets you save check forms by allowing printing on partly used forms. Because laser printers normally must run a full sheet a paper through each time they print, previous versions of Quicken wasted any unused blank checks on a sheet if all of them weren’t needed in that printing session.
A number of special reports can be printed by Quicken including ones for cash flow, monthly budget, itemized categories, tax summary and account balances. Business users will appreciate the profit and loss statement, accounts payable, accounts receivable, payroll, balance sheet and job/project reports included in the new version.
Quicken has been one of the best-selling software programs for more than a year. The new version provides many new reasons for that popularity to continue.
Computer File welcomes readers’ comments but regrets that the author cannot respond individually to letters. Write to Richard O’Reilly, Computer File, Los Angeles Times, Times Mirror Square, Los Angeles, Calif. 90053.
QUICKEN: THE SPECS
A simple but powerful financial accounting program for home and small-business use. The new versions, Quicken version 3 for the IBM PC and compatibles and version 1.5 for the Apple Macintosh, have a suggested retail price of $60.
Features
Tracks checking accounts, credit cards, cash, assets and liabilities. Prints checks. Automates transactions. Compatible with electronic banking. Provides specialized tax and business accounting reports and personal net worth report. The Macintosh version lacks multiple account types and multiple categories but has improved reporting features.
Requirements
Version 3 for IBM PC or compatible with at least 320 kilobytes of memory or Version 1.5 for a Macintosh Plus or more powerful Macintosh model.
Publisher
Intuit, 540 University Ave., Palo Alto, Calif. 94301. Phone: (415) 322-0573.
