Organizing Your Debt - Part 5














Chapter 5:

Computerize

Synopsis

Utilizing a software program is a convenient way to organize your finances. Whether it’s Quicken®, Microsoft Money® or a different package, these simple -to- utilize programs make bill paying and bank reconciliation a breeze. Computer checks may be ordered almost anyplace and fit right into most printers. Once the checks are printed, all of the data is automatically recorded in your electronic checkbook. Moreover, many banks have direct downloads into these software packages so when money is deposited or drawn off, the transaction is entered directly onto your computer. And, when it comes time to do taxes, it couldn’t be simpler.

Quicken

The reason a lot of individuals decide to purchase a computer is to more adeptly organize their personal finances or even execute a small business. Quicken not only organizes your checking account but it helps you pay bills, keep track of tax write-offs and develop budgets, financial statements and reports.

Quicken for Windows capitalizes on the Windows user- friendly environment. In Quicken, users may trigger the Activities menu to produce new accounts, write checks, pay charge card bills, update balances, establish budgets, create registers or activate an on-screen calculator. With Quicken you are able to print checks utilizing your computer's printer or use electronic payment to automatically send payments using your computer, modem and phone line.

When you first establish a Quicken bank account you'll discover yourself in the Register window where all transactions are registered. These transactions include hand written checks or printed by computer, ATM transactions, deposits, account fees and interest and service charges.

When producing a Quicken bank account, the Register window acts as a check register like your paper check register. When you record a check in Write Checks, it shows up in the check register and becomes a lasting part of your records. Your balance is updated automatically. Just state what it's for, telephone bill, foodstuffs, piano lessons, charity, whatever and then you are able to produce reports showing precisely where your money goes. Once you get your monthly bank statement, you are able to quickly reconcile it with your Quicken check register.

The Quicken charge card register enables you to computerize your charge card records. It can likewise help you keep track of your investitures in stocks, bonds, mutual funds and additional investments that waver in price. However this is an advanced feature so take your time to learn it.

Categories are a different handy characteristic. A category is a label that you are able to put on a transaction that helps you track how much you're spending on certain items. For home users, you may have expense classes like food, mortgage, medical fees, utilities and so forth. Your revenue categories may include items like salary, bonuses, maternity leave pay and so forth.

By categorizing transactions you are able to make a report that totals all tax-related income and expenses by class for every month in a year. Some reports are particularly designed to sort and tally transactions by classes. For instance, you are able to track how much you spend monthly on food or, if you're a small business, you are able to discover what your top 3 sources of revenue are. Category names, which you establish before entering transactions or as you enter, may be very particular or general. You are able to even categorize every transaction if you want.

You can use pre-formatted reports. These reports may help you analyze your finances in detail. You are able to produce reports that show your spending, budget, tax-deductible expenses, cash flow, accounts payable and so forth.

Stored transactions are among the most useful timesavers. Quicken can memorize any repeating checks or additional transactions like mortgage payments, utility bills, payroll deposits and electronic payments to send. When you prefer to enter a memorized transaction, just tell Quicken which one you require and it enters it into the register for you.

The CheckFree feature lets you send payment instructions to CheckFree thru modem. Then CheckFree sends the payment to any person, organization or corporation in the U.S. per your request. To pay for bills you start by entering an electronic payment transaction, very much like entering a paper check in the Write Checks or Register window. You are able to also write payroll checks for business use.

As you are able to see, Quicken comes in handy. It supplies you with easy-to-use tools for computerizing your check book, budget, charge card records, investments and much more. There are several programs available out there... this one was just used a basic example of how the programs work. 

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