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Can Q2006 PH&B assign an entry to a tax year?

  
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Subject Author Date
Can Q2006 PH&B assign an entry to a tax year? Bob Fry 03-20-2008
Posted by Bob Fry on March 20, 2008, 5:46 pm
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 Every year at tax time I'm reminded of something I wish Quicken would
do: store an optional tax year date for an entry in addition to the
normal date when the entry really happened. For instance, if I
receive, deposit, and enter a check in January but it's for the
previous tax year, I have to enter a false date so when I do a report
it shows in the correct tax year. Has Quicken done something like
this in Q2007 or Q2008, or just added more useless features and
introduced another round of bugs?
--
Every great advance in natural knowledge has involved the absolute
rejection of authority.
~ Thomas Huxley

Posted by Laura on March 20, 2008, 6:39 pm
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> Every year at tax time I'm reminded of something I wish Quicken would
> do: store an optional tax year date for an entry in addition to the
> normal date when the entry really happened. For instance, if I
> receive, deposit, and enter a check in January but it's for the
> previous tax year, I have to enter a false date so when I do a report
> it shows in the correct tax year. Has Quicken done something like
> this in Q2007 or Q2008, or just added more useless features and
> introduced another round of bugs?

No. Everything is date driven. Even accounting software like Quickbooks or
Peachtree don't have the option that you are looking for.

Are you a cash or accrual based company? Individuals are all cash basis.

Use the real date on the transaction instead of the date it cleared the
bank. Then let Q match the bank download to the manual entered transaction.


Posted by Bob Fry on March 21, 2008, 10:32 am
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Laura> Are you a cash or accrual based company? Individuals are
Laura> all cash basis.

Laura> Use the real date on the transaction instead of the date it
Laura> cleared the bank. Then let Q match the bank download to the
Laura> manual entered transaction.

It's payment from a property management company for a couple of rental
properties. Since they account for it in, say, December 2007, and
their 1099 has it in tax year 2007, I have to have it in that year
too. Hence the false date on my recording of its deposit in
Quicken.

--
I did not know how to say goodbye. It was harder still, when I refused
to say it.
~ Native American saying

Posted by Laura on March 21, 2008, 10:49 am
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>
> Laura> Are you a cash or accrual based company? Individuals are
> Laura> all cash basis.
>
> Laura> Use the real date on the transaction instead of the date it
> Laura> cleared the bank. Then let Q match the bank download to the
> Laura> manual entered transaction.
>
> It's payment from a property management company for a couple of rental
> properties. Since they account for it in, say, December 2007, and
> their 1099 has it in tax year 2007, I have to have it in that year
> too. Hence the false date on my recording of its deposit in
> Quicken.

I can see your dilema. To be consistant with the 1099 received you would
need to record this in December. Are they sending the checks out on 12/31/07
so that you receive it in Jan 2008? Ask them to either wait until January to
send the check or ask them to send it earlier in the month so that it is
received in 2007.


Posted by Bob Fry on March 21, 2008, 1:02 pm
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>> It's payment from a property management company for a couple
>> of rental properties. Since they account for it in, say,
>> December 2007, and their 1099 has it in tax year 2007, I have
>> to have it in that year too. Hence the false date on my
>> recording of its deposit in Quicken.

Laura> I can see your dilema. To be consistant with the 1099
Laura> received you would need to record this in December. Are
Laura> they sending the checks out on 12/31/07 so that you receive
Laura> it in Jan 2008? Ask them to either wait until January to
Laura> send the check or ask them to send it earlier in the month
Laura> so that it is received in 2007.

Well...I don't think they'll do it for one customer. It's not a big
problem to change the entry date, but it would be a useful addition to
Quicken to have an alternate date for reporting purposes.
--
When a stupid man is doing something he is ashamed of, he always
declares that it is his duty.
~ George Bernard Shaw

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