Monday, October 29, 2007

Quicken: Enter Transactions by Hand

Longtime readers know that I'm a huge fan of Quicken, having used the program since the mid-1990s. I think I'm fairly unique, though, in that I don't EVER let Quicken download my transactions electronically. I input everything by hand.

Quicken Premier H&B - Save 20% + Free Shipping

I don't do this because I have piles of free time in my life. Rather, I believe that entering transactions manually has its advantages:

  1. You get a better "feel" for your spending. I've always believed that inputting purchases by hand allows me to stay "closer" to my own spending habits. It's harder to ignore your own Money Stupids when you have to physically punch in, say, the credit-card purchases after you've left Best Buy. (A particular place of weakness for me.)

  2. You can skip some software glitches. When folks have spoken to me about their complaints and aggravations with software like Quicken and MS Money, it sure seems as if the transaction-downloading abilities of the programs leave a lot to be desired. Is it a problem with the banks? Is it a problem with Quicken? I dunno. But it doesn't matter to me, 'cause I don't utilize e-downloads.

  3. Waiter changes my tip? Receipt total gets changed? I'll catch it. I almost always pay for my dining-out excursions with cash-back credit cards. And yes, my tip gets added to the bill that's charged to my card. I keep my copy of the final receipt, obviously, because I have to punch it into Quicken when I get home (or at least toss it into our Cash Flow box for entry later). And yes, I do actually reconcile all my Quicken accounts to their respective statements when they arrive. The Control Freak in me wouldn't have it any other way.

    So, if a server decided to modify my tip — get a load of this Fatwallet thread — I'd catch it when I reconciled the account. After all, the amount on the statement wouldn't match the amount I'd input. Danger, danger.

So yeah — I'm one of the few remaining Quicken users who don't download transactions from financial institutions. There's probably a nice twelve-step program out there for me. But my denial is strong. I'm not joining.

Automatic transaction downloads? If that's a necessary facet of the Wired Life, then you guys will just have to go on without me.

Labels: , , , ,

— Posted by Michael @ 10:28 AM


I download my transactions but I don't automatically accept them. I do try to manually enter my transactions, but as I download frequently (every few days), I recognize those that I haven't entered easily.

This came in handy when suddenly my PayPal account was hijacked. Because I download so frequently and use PayPal infrequently, I was able to quickly dispute the charges.


I always enter my transactions by hand, and I do it nearly every day. I tried the automatic transactions for my 401K account, but it messed up so badly that I had to enter a $25K "miscellaneous" expense to get the account to rebalance. That throws off the monthly reports, let me tell ya. :)

** Comments Closed on this Post **

Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


Start (2005-12): ~$21,900
Currently: $0
[About Our Debt Paydown]


Savings Goal: $15,000
Currently: ~$15,115
[About Our Liquid Savings Goal]