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Posted by Air Force Jayhawk on August 13, 2006, 2:15 am
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My wife likes to enter known, big payments a full month in advance so
she can budget for the rest of the month. Needless to say I don't
want to actually pay my mortgage a full month early. So here's my
question...if she selects "enter" from the screen that shows all my
scheduled payments, what actually happens?
- Does it pay the bill immediately?
- Or does it merely send the transaction to the bank, and the bank
holds it until the date specified and then pays it?
Is there a reason NOT to do this that I haven't considered?
My thought would be to create a generic payment as a placeholder that
simply went into the register a month early...when the actual payment
was made I then delete the place holder. But, if entering it early
isn't a problem, then this is simply that much more unnecessary work
Thanks
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Posted by Air Force Jayhawk on August 13, 2006, 9:44 pm
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On Sat, 12 Aug 2006 23:15:45 -0700, Air Force Jayhawk
>My wife likes to enter known, big payments a full month in advance so
>she can budget for the rest of the month. Needless to say I don't
>want to actually pay my mortgage a full month early. So here's my
>question...if she selects "enter" from the screen that shows all my
>scheduled payments, what actually happens?
>
>- Does it pay the bill immediately?
>
>- Or does it merely send the transaction to the bank, and the bank
>holds it until the date specified and then pays it?
>
>Is there a reason NOT to do this that I haven't considered?
>
>My thought would be to create a generic payment as a placeholder that
>simply went into the register a month early...when the actual payment
>was made I then delete the place holder. But, if entering it early
>isn't a problem, then this is simply that much more unnecessary work
>
>Thanks
Anybody? This should be an easy question...
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Posted by Stan Feigenbaum on August 13, 2006, 11:57 pm
Please log in for more thread options I generally enter payments when I receive the bill. When Q connects to the
bank, the information is sent, and the bank pays them on the date I specify.
Stan
> On Sat, 12 Aug 2006 23:15:45 -0700, Air Force Jayhawk
>
>>My wife likes to enter known, big payments a full month in advance so
>>she can budget for the rest of the month. Needless to say I don't
>>want to actually pay my mortgage a full month early. So here's my
>>question...if she selects "enter" from the screen that shows all my
>>scheduled payments, what actually happens?
>>
>>- Does it pay the bill immediately?
>>
>>- Or does it merely send the transaction to the bank, and the bank
>>holds it until the date specified and then pays it?
>>
>>Is there a reason NOT to do this that I haven't considered?
>>
>>My thought would be to create a generic payment as a placeholder that
>>simply went into the register a month early...when the actual payment
>>was made I then delete the place holder. But, if entering it early
>>isn't a problem, then this is simply that much more unnecessary work
>>
>>Thanks
>
>
> Anybody? This should be an easy question...
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Posted by Arnie Goetchius on August 14, 2006, 11:06 am
Please log in for more thread options Air Force Jayhawk wrote:
> On Sat, 12 Aug 2006 23:15:45 -0700, Air Force Jayhawk
>
>> My wife likes to enter known, big payments a full month in advance so
>> she can budget for the rest of the month. Needless to say I don't
>> want to actually pay my mortgage a full month early. So here's my
>> question...if she selects "enter" from the screen that shows all my
>> scheduled payments, what actually happens?
>>
>> - Does it pay the bill immediately?
>>
>> - Or does it merely send the transaction to the bank, and the bank
>> holds it until the date specified and then pays it?
>>
>> Is there a reason NOT to do this that I haven't considered?
>>
>> My thought would be to create a generic payment as a placeholder that
>> simply went into the register a month early...when the actual payment
>> was made I then delete the place holder. But, if entering it early
>> isn't a problem, then this is simply that much more unnecessary work
>>
>> Thanks
>
>
> Anybody? This should be an easy question...
The bank holds it until the date specfied. For example, many of mine
show up on the Scheduled Transaction List 7 days in advance. When I
press "Enter", it is sent to the bank but doesn't get paid until the
date specified. It will also show up on the Register list and reduces
the amount shown in "Ending Balance". The "Online Balance" is not
affected because the check hasn't yet been paid by the bank.
You can go into the Scheduled Transaction List and change the "Show in
List" to 30 days before. When it comes up, hit Enter and you will
accomplish what you want to do. If I were to do this, I would probably
use 27 days before to accomodate Feb.
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Posted by Lisa C on August 14, 2006, 11:35 am
Please log in for more thread options > On Sat, 12 Aug 2006 23:15:45 -0700, Air Force Jayhawk
>
>>My wife likes to enter known, big payments a full month in advance so
>>she can budget for the rest of the month. Needless to say I don't
>>want to actually pay my mortgage a full month early. So here's my
>>question...if she selects "enter" from the screen that shows all my
>>scheduled payments, what actually happens?
>>
>>- Does it pay the bill immediately?
>>
>>- Or does it merely send the transaction to the bank, and the bank
>>holds it until the date specified and then pays it?
>>
>>Is there a reason NOT to do this that I haven't considered?
>>
>>My thought would be to create a generic payment as a placeholder that
>>simply went into the register a month early...when the actual payment
>>was made I then delete the place holder. But, if entering it early
>>isn't a problem, then this is simply that much more unnecessary work
>>
>>Thanks
>
>
> Anybody? This should be an easy question...
What happens depends on how you schedule the transaction, and what you use
as the payment method.
Note that you can set up the scheduled transaction to automatically enter in
the register or to remind you to enter into the register. So, simply
scheduling a recurring transaction does NOT do anything other than creating
an entry in the calendar. Nothing happens until the payment is 'entered'
into the register.
Once entered, a transaction with the payment method of 'Online Payment' will
show 'Send Payment' in the check number field. The payment will be processed
at the time you physically 'send' it (from the online center or online
update), with an 'arrival' date of the date you indicate. It has been my
experience that online payments can arrive a day or so early, not much more
than that. Quicken requires a few days to process an online payment, and any
early payment arrivals have more to do with that window of time than with
what date you use the update button.
Once entered, a transaction with the type of 'payment' simply is in the
register. Nothing happens until you physically print a check, or decide to
pay online.
Any 'placeholder' transactions entered will not affect you much... but it is
really not necessary to use them, as the calendar will show ALL scheduled
transactions, and a running balance for the account.
Scheduling payments is a wonderful way to track your cash flow. I personally
have 'scheduled' amounts for weekly deposit, weekly grocery, and weekly cash
withdrawal. The calendar then shows me what my account balance looks like.
The register is unaffected, as I use the 'remind me' option during
scheduling. When I go to the grocery store, or use the ATM, I enter the
ACTUAL transaction. Quicken gives me an option to 'skip' the scheduled ones.
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