If you've used a Quicken bank account, you already know how to use an asset or liability account.
You can make an adjustment to the balance in an asset or liability account to update the current value of the account. For example, if you have an asset account for some real estate you own, you can enter a transaction to update the value of the account to reflect the current value of the property.
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- Select an asset account in the sidebar.
- In Quicken, choose Transactions > New Transaction. Alternatively, you can click New in the toolbar, or use the keyboard shortcut ⌘N.
- Enter information in as many fields in the transaction as you want to track.
- When the value of your asset increases enter the difference between the initial and the updated value in the Increase column.
- When the value of your asset decreases, enter the amount of the decrease in the Decrease column.
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- Select a liability account in the sidebar.
- In Quicken, choose Transactions > New Transaction. Alternatively, you can click New in the toolbar, or use the keyboard shortcut ⌘N.
- Enter information in as many fields in the transaction as you want to track.
- You'll notice that in your liability account, the amount in the Increase column is a negative number and appears in red. This is because the Increase column increases the value of the liability, and thus decreases your overall net worth.
- When the value of your liability decreases, enter the amount in the Decrease column. This might happen when you make a payment on your loan, Again, note that the amount in the Decrease column appears as a positive number in black. This is because the value of the liability decreased and thus your overall net worth increased.
- When the value of your liability increases, enter the amount in the Increase column. Again, note that the amount in the Increase column appears as a negative number in red, because you are having a negative impact on your net worth by increasing the value of the liability.
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