--------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: ECW00001 Date: 08/23/97 From: BRUCE WILSON Time: 07:54am \/To: DON BUELTMANN (Read 3 times) Subj: Re: Setting up a home account On 21 Aug 97 10:59am, Don Bueltmann wrote to All: DB> This matter is completely separate from the current market value DB> of your house. The directions in the Quicken manuals all seem to DB> be dealing with the current market value. I'd record only capitalized expenditures which ultimately become the tax basis in the home and ignore fluctuations in market value until a gain (or loss) is actually realized. --- Via Silver Xpress V4.4P [Reg] * Origin: FOG-Line BBS - 515-964-7937 - 1:290/627 (1:290/627) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: ECW00002 Date: 08/26/97 From: BILL WHITE Time: 11:08am \/To: ALL (Read 3 times) Subj: Acknowledgement of Echol This message was from ECHOLIST ROBOT to BILL WHITE, and was forwarded to you by BILL WHITE. ------------------------- QUICKEN Quicken Software Help Echo An echo that is used to discuss QUICKEN software and its use. The echo topics include both DOS and Windows versions (and any future platforms it is ported to) as well as all versions of the software. The echo will also include related packages like "QuickPay", "QuickBooks", etc. Distribution: Z1-Backbone Moderators: Bill White, 1:135/110 (bill.white@110.sunshine.com) Last changed: 23 Aug 97 by Bill White, 1:135/110 FIDO: Bill White @ 1:135/110 (Miami) InterNet: bill.white@110.sunshine.com * SLMR 2.1a * Never put you money in a bank on wheels! --- Maximus 2.01wb * Origin: Miami Amateur Computer Club BBS/USR Courier V.E (1:135/110) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: ECY00000 Date: 08/27/97 From: DON BUELTMANN Time: 05:09pm \/To: BRUCE WILSON (Read 3 times) Subj: Re: Setting up a home acc Bruce, BW>I'd record only capitalized expenditures which ultimately become the BW>tax basis in the home and ignore fluctuations in market value until BW>a gain (or loss) is actually realized. I'm glad to see that you agree with me. Recording the cost basis of your home is dealing with real numbers that can be and must be backed-up. the market value of your home is subject to the vagaries and whims of God knows what. Thanks Don --- OLXWin 1.00b so many lawyers so little Rope * Origin: St. Louis Users Group (1:100/4) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: ECZ00000 Date: 08/28/97 From: BILL WHITE Time: 04:26pm \/To: DON BUELTMANN (Read 3 times) Subj: Setting up a home accoun DB> Are you saying that in your opinion, I should have two accounts, one DB> reflecting the current market value of my house. Another reflecting DB> the original cost plus improvements that add to the cost basis of DB> the house. DB> I have neither, but since I am going to be teaching Quicken to a DB> class I wanted to be able to tell them correctly. No, I'm not saying that - mainly because I don't know what I'm talking about! As I said, I'm no accountant - nor am I an expert on Quicken. I just know how I've used it and worked around what it won't do that I want done. This is only satisfactory for ME. If you are going to be teaching it, then don't follow what I do and say! Just because I've made something work doesn't mean that's the correct way. If you have some bright students, maybe they'll figure it out and show you!! FIDO: Bill White @ 1:135/110 (Miami) InterNet: bill.white@110.sunshine.com * SLMR 2.1a * God created man first: rough draft before master-piece! --- Maximus 2.01wb * Origin: Miami Amateur Computer Club BBS/USR Courier V.E (1:135/110) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: EC^00000 Date: 08/27/97 From: BRUCE WILSON Time: 08:51am \/To: DON BUELTMANN (Read 3 times) Subj: Re: Setting up a home accoun On 25 Aug 97 04:50pm, Don Bueltmann wrote to Bill White: DB> Are you saying that in your opinion, I should have two accounts, DB> one reflecting the current market value of my house. Another DB> reflecting the original cost plus improvements that add to the DB> cost basis of the house. DB> I have neither, but since I am going to be teaching Quicken to a DB> class I wanted to be able to tell them correctly. Conservative accounting has always been to record assets at cost and not recognize any gain or loss until it's realized, notwithstanding there's always a push for adjusted financial statements in times of inflation or deflation. Were I to use Quicken to reflect "market" value, I'd do it with 2 accounts -- one for the actual cost and one for the adjustment. Keeping actual cost records, including those of any capital improvements, also makes it easy to figure the tax basis of the property and taxable gain (if any) when it's sold or exchanged for a new residence. --- Via Silver Xpress V4.4P [Reg] * Origin: FOG-Line BBS - 515-964-7937 - 1:290/627 (1:290/627) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: EC^00001 Date: 08/27/97 From: BRUCE WILSON Time: 08:54am \/To: BILL WHITE (Read 3 times) Subj: Re: Setting up a home accoun On 23 Aug 97 07:58pm, Bill White wrote to Don Bueltmann: BW> I'm no accountant, but I believe an ASSET account BW> should reflect the asset: the current value, combining BW> cost, depreciation, inflation, etc. I.E., cost of BW> replacement, maybe. I am, Bill; and I don't agree with adjusting asset balances to reflect market changes. If that's to be done, it should be done separately, just as depreciation's handled, with a balance sheet showing asset cost, accumulated depreciation, and net asset value. --- Via Silver Xpress V4.4P [Reg] * Origin: FOG-Line BBS - 515-964-7937 - 1:290/627 (1:290/627) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: ED100000 Date: 08/30/97 From: DON BUELTMANN Time: 12:41pm \/To: BILL WHITE (Read 3 times) Subj: Setting up a home accoun BW> If you are going to be teaching it, then don't BW>follow what I do and say! Just because I've made BW>something work doesn't mean that's the correct way. BW> If you have some bright students, maybe they'll BW>figure it out and show you!! Bill, I was talking to someone the other day and realized that with the tax law changes, keeping track of the tax base on your house is really not important for the majority of people. this will hold true for most of the people that I am teaching. I think I will just bypass the cost basis and show them how to set up the market value account so that it can be added into their net worth. I really appreciate your advice. You must be a true user of Quicken. I started using Quicken 6 years ago when I was retired at the tender age of 52. I wanted to make sure that I kept track of my finances and did not let them get out of hand. Fortunately between Quicken and the stock market I am still on top. TTYL Don --- OLXWin 1.00b Press "+" to see another tagline. * Origin: St. Louis Users Group (1:100/4) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: ED100001 Date: 08/30/97 From: BRUCE WILSON Time: 07:27am \/To: DON BUELTMANN (Read 3 times) Subj: Re: Setting up a home acc On 27 Aug 97 05:09pm, Don Bueltmann wrote to Bruce Wilson: DB> I'm glad to see that you agree with me. Recording the cost basis DB> of your home is dealing with real numbers that can be and must DB> be backed-up. the market value of your home is subject to the DB> vagaries and whims of God knows what. Were I to record it, I'd set up a separate account for unrealized gain (or loss), just like accumulated depreciation. That would show the property's worth something other than cost and that this change in value hasn't been realized, that it's not real money in the bank or out of pocket. --- Via Silver Xpress V4.4P [Reg] * Origin: FOG-Line BBS - 515-964-7937 - 1:290/627 (1:290/627) --------------- FIDO MESSAGE AREA==> TOPIC: 249 QUICKEN Ref: ED100002 Date: 08/31/97 From: DON BUELTMANN Time: 12:30pm \/To: BRUCE WILSON (Read 3 times) Subj: Re: Setting up a home acc BW>I am, Bill; and I don't agree with adjusting asset balances to BW>reflect market changes. If that's to be done, it should be done BW>separately, just as depreciation's handled, with a balance sheet BW>showing asset cost, accumulated depreciation, and net asset value. I'm not disagreeing with what either of you is saying. the situation I have is that the individuals that I am teaching are taking a free class. Many of them are being taught their computer skills in an effort to get back into the job market and off welfare. I don't want to confuse them on getting into tax bases when the real message I have is how to keep track of their expenditures and their savings. Thanks again TTYL Don --- OLXWin 1.00b MSI - Connecting The World (tm) * Origin: St. Louis Users Group (1:100/4)