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Subject Author Date
How do I record shared credit card expenses? Gary 11-28-2007
Posted by Gary on November 28, 2007, 10:09 am
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 I normally share a credit card with another person, and we share the
expenses. When we get a bill, we pay it with two checks. Asd an
example, let's assume we jointly charged $130 one month, the totals
being:

Payee                                Amount
Applebees                         30.00
Bloomingdales                        100.00

We pay with a $65 check from each. I then record the credit card
payments in Quicken for my check only as follows (the two lines are a
split off the total payment to Visa):

Payee                Category        Amount
Applebees        Eat out                 15.00
Bloomingdales        Housewares         50.00

That has worked very well until I recently traveled and came back to a
credit card bill that had to be paid immediately. So I paid the whole
$130 (using the example above) and he wrote me a check for $65. How
do I record the two transactions (my check for payment + his check for
reimbursement) into Quicken, preserving the Categories correctly?

Thanks in advance. This is driving me crazy!

Posted by Laura on November 28, 2007, 10:20 am
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>I normally share a credit card with another person, and we share the
> expenses. When we get a bill, we pay it with two checks. Asd an
> example, let's assume we jointly charged $130 one month, the totals
> being:
>
> Payee Amount
> Applebees 30.00
> Bloomingdales 100.00
>
> We pay with a $65 check from each. I then record the credit card
> payments in Quicken for my check only as follows (the two lines are a
> split off the total payment to Visa):
>
> Payee Category Amount
> Applebees Eat out 15.00
> Bloomingdales Housewares 50.00
>
> That has worked very well until I recently traveled and came back to a
> credit card bill that had to be paid immediately. So I paid the whole
> $130 (using the example above) and he wrote me a check for $65. How
> do I record the two transactions (my check for payment + his check for
> reimbursement) into Quicken, preserving the Categories correctly?
>
> Thanks in advance. This is driving me crazy!

Here's how I usually record reimbursements:

-record your portion using the correct categories.
-record your partner's portion of the bill to a expense category called
Reimbursement
-record your partner's reimbursement check to the Reimbursement category.

This will leave the Reimbursement category $0 and only your expenses posted
to the appropriate categories.


Posted by Andrew on November 29, 2007, 7:48 am
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Laura wrote:
>> I normally share a credit card with another person, and we share the
>> expenses. When we get a bill, we pay it with two checks. Asd an
>> example, let's assume we jointly charged $130 one month, the totals
>> being:
>>
>> Payee Amount
>> Applebees 30.00
>> Bloomingdales 100.00
>>
>> We pay with a $65 check from each. I then record the credit card
>> payments in Quicken for my check only as follows (the two lines are
>> a split off the total payment to Visa):
>>
>> Payee Category Amount
>> Applebees Eat out 15.00
>> Bloomingdales Housewares 50.00
>>
>> That has worked very well until I recently traveled and came back to
>> a credit card bill that had to be paid immediately. So I paid the
>> whole $130 (using the example above) and he wrote me a check for
>> $65. How do I record the two transactions (my check for payment +
>> his check for reimbursement) into Quicken, preserving the Categories
>> correctly? Thanks in advance. This is driving me crazy!
>
> Here's how I usually record reimbursements:
>
> -record your portion using the correct categories.
> -record your partner's portion of the bill to a expense category
> called Reimbursement
> -record your partner's reimbursement check to the Reimbursement
> category.
> This will leave the Reimbursement category $0 and only your expenses
> posted to the appropriate categories.

Or use a TAG (or CLASS if pre-2008 Q) (not a CATEGORY) called 'Other
Expenses' or something to that ilk that you can exclude from reports and
such. By crediting and debiting transactions to that TAG as Laura suggests,
you can easily track and exclude these expenses/income that really are not
yours.

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

- Andrew



Posted by Gary on December 1, 2007, 2:17 pm
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Thank you Laura. This is exactly what I was looking for.

I made a slight change: I used the category "Shared" instead of
"Reimbursement", but it's otherwise right out of Laura's playbook.

Thanks again!

wrote:

>>I normally share a credit card with another person, and we share the
>> expenses. When we get a bill, we pay it with two checks. Asd an
>> example, let's assume we jointly charged $130 one month, the totals
>> being:
>>
>> Payee Amount
>> Applebees 30.00
>> Bloomingdales 100.00
>>
>> We pay with a $65 check from each. I then record the credit card
>> payments in Quicken for my check only as follows (the two lines are a
>> split off the total payment to Visa):
>>
>> Payee Category Amount
>> Applebees Eat out 15.00
>> Bloomingdales Housewares 50.00
>>
>> That has worked very well until I recently traveled and came back to a
>> credit card bill that had to be paid immediately. So I paid the whole
>> $130 (using the example above) and he wrote me a check for $65. How
>> do I record the two transactions (my check for payment + his check for
>> reimbursement) into Quicken, preserving the Categories correctly?
>>
>> Thanks in advance. This is driving me crazy!
>
>Here's how I usually record reimbursements:
>
>-record your portion using the correct categories.
>-record your partner's portion of the bill to a expense category called
>Reimbursement
>-record your partner's reimbursement check to the Reimbursement category.
>
>This will leave the Reimbursement category $0 and only your expenses posted
>to the appropriate categories.

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