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Expense Category wrongly entered as Income - huh??

  
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Subject Author Date
Expense Category wrongly entered as Income - huh?? Andrew 05-06-2006
Posted by Andrew on May 6, 2006, 10:25 pm
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 I accidently (upon noticing several years later) that a transaction that I
entered using a 'DEPOSIT' in my checking register actually had an EXPENSE
category assigned to it. But Q didn't tell me this....in fact, the help
facility basically says if you notice such a thing, then go manually fix it.
That's fine if you happen to notice it after the fact!

Is there anyway to avoid this in the future if I accidently select an
EXPENSE category and enter it as a positive deposit? I would think Q should
at least have an option to question you on this? I didn't see one.

This screwed up some catagorization reports that I happened to notice only
when viewing them on a color printer noticing that an expense item that
should have been 'RED" was listed in BLACK under the expense categories
which isn't correct.

--
-------------------------------------------------------------
Regards -

- Andrew



Posted by DP on May 7, 2006, 12:03 am
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Quicken has questioned me on such things in the past using earlier versions.
I can't say for sure if Q2006 basic has questioned me.
I haven't used 06 long enough to know if it does or not. I'm thinking it
doesn't.

I sometimes use expense categories for deposits. For example, I have an HCRA
that reimburses me for medical expenses. So when they do, I put that deposit
under the same category I used when I note the weekly deductions from my
paycheck for the HCRA.
That may not be an according-to-Hoyle accounting practice, but it works for
my needs.
I don't recall Quicken raising a question about that in 06, but I know it's
questioned me in earlier versions. It's a "are you sure you want to do
that?" type alert.





>I accidently (upon noticing several years later) that a transaction that I
>entered using a 'DEPOSIT' in my checking register actually had an EXPENSE
>category assigned to it. But Q didn't tell me this....in fact, the help
>facility basically says if you notice such a thing, then go manually fix
>it. That's fine if you happen to notice it after the fact!
>
> Is there anyway to avoid this in the future if I accidently select an
> EXPENSE category and enter it as a positive deposit? I would think Q
> should at least have an option to question you on this? I didn't see one.
>
> This screwed up some catagorization reports that I happened to notice only
> when viewing them on a color printer noticing that an expense item that
> should have been 'RED" was listed in BLACK under the expense categories
> which isn't correct.
>
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew
>



Posted by Don R on May 8, 2006, 5:35 am
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> DP wrote:
>
>>> I sometimes use expense categories for deposits. For example, I have
>>> an HCRA that reimburses me for medical expenses. So when they do, I
>>> put that deposit under the same category I used when I note the
>>> weekly deductions from my paycheck for the HCRA.
>>> That may not be an according-to-Hoyle accounting practice, but it
>>> works for my needs.
>
> Thanks DP - I agree that SOMETIMES one wishes to do this. We've had a
> running debate about rebates, and I know that some people use a
> negative expense category to offset a purchase when they receive a
> rebate check, which I am sure fits some folks. (No argument there.) -
> but in those cases, I wish Q would at least question (or have the
> option to) to ask, "Are you sure you really want to do this."
>
> Appreciate your two replies - and yes, I did run a test myself as well
> as doing it "for real" which caused my original problem!
>
> Others??
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew

I do the same thing with business expenses. Whenever I get a check for
my travel I enter it as a deposit under business expenses. Quicken 2005
doesn't seem to mind.

In a related issue with the asset accounts - whenever Edmunds shows the
resale value of my car has changed I enter a depreciation transaction.
In this case, Quicken warns that I'm recording back into the same
account.

Regards,

Don


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