Quicken® 2010 For Dummies®

Chapter 11. Credit Cards, Petty Cash, and PayPal

In This Chapter

• Tracking credit cards with Quicken

• Setting up a credit card account

• Selecting a credit card account so that you can use it

• Recording a credit card charge

• Changing charges you've already entered

• Paying a credit card bill

• Reconciling a credit card balance

• Deciding whether to use Online Account Access

• Tracking cash with Quicken

• Tracking PayPal with Quicken

You can use Quicken to track your credit cards and even the cash in your pocket in much the same way that you use Quicken to keep a checkbook. Tracking these items uses a nearly identical process — with a few wrinkles.

First, however, I need to discuss whether you should even bother.

Tracking a Credit Card

Of course, if you do carry a credit card balance — and about 50 percent of people do — you can set up a Quicken credit card account and use it for tracking credit card purchases. If you just need to keep track of how much you charge during the month (even if you're going to pay the balance in full), you must also set up a credit card account and use it. I should make one other point: In order to track not just what you charge (by using spending categories) but also where you charge it (by using the Payee field), you must set up a credit card account and use it.

I don't use Quicken to track my credit card purchases because I pay my credit card balance in full every month. (Don't feel bad if you don't — it's like a natural law that CPAs like me must do this.) Therefore, I don't have ...