Quicken 2005 simplifies online banking, home inventory

by Peter Cohen, MacCentral  

Intuit Inc. has taken the wraps of Quicken 2005 for Mac, the latest version of its popular accounting software. Now available exclusively for Mac OS X ("Classic" Mac OS versions are no longer supported), the new Quicken 2005 for Mac provides easier connectivity to online accounts, enables users to create a visual record of valuables linked to iPhoto images, updates its Tax Planner and more.

Setting up online accounts takes 50 percent fewer steps than last year's version, according to Intuit. The new release provides support for more than 1,100 financial institutions, according to Quicken product manager Aruna Harder. Harder told MacCentral during a recent interview that this new feature helps "close the gap" with Quicken's Windows counterpart.

The account assistant enables users to select their financial institution from a list, then enter their online account access information -- their user ID and password. Quicken then connects and downloads the appropriate information.

Also new to this version is the ability to create more detailed tax estimates. You can create detailed capital gains and losses reports, track business income, track your spouse's income and more. Graphs and charts have been added to help you understand where your money is going, as well.

Category management has also been streamlined in Quicken 2005 for Mac. Removing unused categories from the Categories & Transfers list is a one step process, through a menu selection, and instructions are provided to help users restore categories if they need to.

Last year's release of Quicken for Mac added integration with iCal, Apple's calendaring iApplication. This year's Quicken release features new iApp integration -- this time for iPhoto, Apple's digital photo sorting and cataloging software. Quicken now features the ability to create a visual home inventory using images culled from your iPhoto photo database, useful if you want to keep an inventory of items for insurance purposes, for example.

The Home Inventory system enables you to import individual photos or cull images from Photo Albums you've created inside iPhoto. You can categorize by location or item type, and can track purchase price, purchase location, retail value, what insurance policy it's covered under, serial number and other relevant data. An inventory detail report can then be prepared and printed out for offsite storage or filing with your insurance company.

Available online now, the software will be hitting store shelves on or around August 11, 2004. Quicken 2005 for Mac costs US$69.95, less a $20 rebate for users upgrading from previous versions. A $10 discount and free shipping is available online until August 26, 2004.