Invoices in Quicken Home and Business

Posted by Anita on August 26, 2009, 8:49 am

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We have Quicken Premier Home and Business 2004 and tried to use the
invoice feature for a 50 unit storage park. Each month, we deposit 2 or 3
batches of small rent checks. However, each invoice I recorded as paid
showed up in the bank account as a separate deposit, which was a nightmare
when reconciling with the bank statement. I was never able to find
anything that would allow me to lump more than one invoice payment into a
single deposit, in the way that Quickbooks allows you to do. Within two
months, we went to keeping paper records of all the accounts, and only
using Quicken to keep track of the bank account. After several years of
keeping records on paper, we are very ready to return to the computer age.

Finally, the question! Anyone know if this is still the way it works with
the current H & B version? Or experience with the Quicken Rental Property
Manager? Or a way to get around the problem in the software we have?
Can't find any detailed information at all about the invoice feature on
the intuit website.

Anita
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Posted by John Pollard on August 26, 2009, 9:29 am

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Anita wrote:

> We have Quicken Premier Home and Business 2004 and tried to use the

> invoice feature for a 50 unit storage park. Each month, we deposit 2

> or 3 batches of small rent checks. However, each invoice I recorded

> as paid showed up in the bank account as a separate deposit, which

> was a nightmare when reconciling with the bank statement. I was

> never able to find anything that would allow me to lump more than one

> invoice payment into a single deposit, in the way that Quickbooks

> allows you to do. Within two months, we went to keeping paper

> records of all the accounts, and only using Quicken to keep track of

> the bank account. After several years of keeping records on paper,

> we are very ready to return to the computer age.

> Finally, the question! Anyone know if this is still the way it works

> with the current H & B version? Or experience with the Quicken

> Rental Property Manager? Or a way to get around the problem in the

> software we have? Can't find any detailed information at all about

> the invoice feature on the intuit website.

I'm not sure what Quickbooks allows you to do for your type problem,
though I have long thought that it was Intuit (and/or Quickbooks users)
that suggested the technique for handling your problem.

The approach typically recommended is to create a holding account in
Quicken; have your Quicken deposit transactions deposited (transferred,
when necessary) into the Quicken holding account. When it comes time to
make an actual bank deposit, transfer the amount of the bank deposit from
the Quicken holding account into the Quicken bank account ... producing
one deposit transaction in the Quicken bank account to agree with one
deposit transaction in the real-world bank account.

If you download transactions, an alternative approach is to use Quicken's
"Manual Match" feature to match a single downloaded deposit transaction to
multiple existing Quicken register transactions ... replacing the multiple
original transactions and creating a single split transaction with each
original deposit in a separate split line. This has the drawback of
eliminating the individual payee name fields (putting the payee name in
the Memo field of each split line), which can hamper subsequent searches,
selections, subtotals, etc.
[I have not tested this, but logically I would expect that the newer
versions of Quicken - which allow for over 240 split lines - could handle
many more deposit transaction this way, than the older Quicken versions
which were limited to 30 split lines.]

Q2009 works the same as Q2004 in this regard (except possibly for the
increased number of split lines - I don't know when that number was
increased). I have Q2009 Rental Property Manager, but I do not believe
that it differs from any other Q2009 version in this regard.

--

John Pollard

Posted by Laura on August 26, 2009, 5:24 pm

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> Anita wrote:

>> We have Quicken Premier Home and Business 2004 and tried to use the

>> invoice feature for a 50 unit storage park. Each month, we deposit 2

>> or 3 batches of small rent checks. However, each invoice I recorded

>> as paid showed up in the bank account as a separate deposit, which

>> was a nightmare when reconciling with the bank statement. I was

>> never able to find anything that would allow me to lump more than one

>> invoice payment into a single deposit, in the way that Quickbooks

>> allows you to do. Within two months, we went to keeping paper

>> records of all the accounts, and only using Quicken to keep track of

>> the bank account. After several years of keeping records on paper,

>> we are very ready to return to the computer age.

>> Finally, the question! Anyone know if this is still the way it works

>> with the current H & B version? Or experience with the Quicken

>> Rental Property Manager? Or a way to get around the problem in the

>> software we have? Can't find any detailed information at all about

>> the invoice feature on the intuit website.

> I'm not sure what Quickbooks allows you to do for your type problem,

> though I have long thought that it was Intuit (and/or Quickbooks users)

> that suggested the technique for handling your problem.

> The approach typically recommended is to create a holding account in

> Quicken; have your Quicken deposit transactions deposited (transferred,

> when necessary) into the Quicken holding account. When it comes time to

> make an actual bank deposit, transfer the amount of the bank deposit from

> the Quicken holding account into the Quicken bank account ... producing

> one deposit transaction in the Quicken bank account to agree with one

> deposit transaction in the real-world bank account.

What you describe is the QuickBooks current asset account known as
Undeposited Funds that functions like a holding account. It is a special
account to be used for just this purpose. All payments can be received into
this holding account and then transferred in batches to line up with the
actual bank deposit.

Since H&B is the Q attempt at being like QB I am surprised that this
function is not available.

> If you download transactions, an alternative approach is to use Quicken's

> "Manual Match" feature to match a single downloaded deposit transaction to

> multiple existing Quicken register transactions ... replacing the multiple

> original transactions and creating a single split transaction with each

> original deposit in a separate split line. This has the drawback of

> eliminating the individual payee name fields (putting the payee name in

> the Memo field of each split line), which can hamper subsequent searches,

> selections, subtotals, etc.

> [I have not tested this, but logically I would expect that the newer

> versions of Quicken - which allow for over 240 split lines - could handle

> many more deposit transaction this way, than the older Quicken versions

> which were limited to 30 split lines.]

> Q2009 works the same as Q2004 in this regard (except possibly for the

> increased number of split lines - I don't know when that number was

> increased). I have Q2009 Rental Property Manager, but I do not believe

> that it differs from any other Q2009 version in this regard.

> --

> John Pollard

Posted by jo on August 26, 2009, 9:58 pm

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> > Anita wrote:

> >> We have Quicken Premier Home and Business 2004 and tried to use the

> >> invoice feature for a 50 unit storage park. =A0Each month, we deposit =

> >> or 3 batches of small rent checks. =A0However, each invoice I recorded

> >> as paid showed up in the bank account as a separate deposit, which

> >> was a nightmare when reconciling with the bank statement. =A0I was

> >> never able to find anything that would allow me to lump more than one

> >> invoice payment into a single deposit, in the way that Quickbooks

> >> allows you to do. =A0Within two months, we went to keeping paper

> >> records of all the accounts, and only using Quicken to keep track of

> >> the bank account. =A0After several years of keeping records on paper,

> >> we are very ready to return to the computer age.

> >> Finally, the question! =A0Anyone know if this is still the way it work=

> >> with the current H & B version? =A0Or experience with the Quicken

> >> Rental Property Manager? =A0Or a way to get around the problem in the

> >> software we have? Can't find any detailed information at all about

> >> the invoice feature on the intuit website.

> > I'm not sure what Quickbooks allows you to do for your type problem,

> > though I have long thought that it was Intuit (and/or Quickbooks users)

> > that suggested the technique for handling your problem.

> > The approach typically recommended is to create a holding account in

> > Quicken; have your Quicken deposit transactions deposited (transferred,

> > when necessary) into the Quicken holding account. =A0When it comes time=

> > make an actual bank deposit, transfer the amount of the bank deposit fr=

> > the Quicken holding account into the Quicken bank account ... producing

> > one deposit transaction in the Quicken bank account to agree with one

> > deposit transaction in the real-world bank account.

> What you describe is the QuickBooks current asset account known as

> Undeposited Funds that functions like a holding account. It is a special

> account to be used for just this purpose. All payments can be received in=

> this holding account and then transferred in batches to line up with the

> actual bank deposit.

> Since H&B is the Q attempt at being like QB I am surprised that this

> function is not available.

> > If you download transactions, an alternative approach is to use Quicken=

> > "Manual Match" feature to match a single downloaded deposit transaction=

> > multiple existing Quicken register transactions ... replacing the multi=

ple

> > original transactions and creating a single split transaction with each

> > original deposit in a separate split line. =A0This has the drawback of

> > eliminating the individual payee name fields (putting the payee name in

> > the Memo field of each split line), which can hamper subsequent searche=

> > selections, subtotals, etc.

> > [I have not tested this, but logically I would expect that the newer

> > versions of Quicken - which allow for over 240 split lines - could hand=

> > many more deposit transaction this way, than the older Quicken versions

> > which were limited to 30 split lines.]

> > Q2009 works the same as Q2004 in this regard (except possibly for the

> > increased number of split lines - I don't know when that number was

> > increased). =A0I have Q2009 Rental Property Manager, but I do not belie=

> > that it differs from any other Q2009 version in this regard.

> > --

> > John Pollard- Hide quoted text -

> - Show quoted text -- Hide quoted text -

> - Show quoted text -

The Undeposited funds capability is available. I've used it for years
in Home and Busines. If the account isn't defined by default, create
one.

jo

Posted by Laura on August 27, 2009, 8:00 am

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> > Anita wrote:

> >> We have Quicken Premier Home and Business 2004 and tried to use the

> >> invoice feature for a 50 unit storage park. Each month, we deposit 2

> >> or 3 batches of small rent checks. However, each invoice I recorded

> >> as paid showed up in the bank account as a separate deposit, which

> >> was a nightmare when reconciling with the bank statement. I was

> >> never able to find anything that would allow me to lump more than one

> >> invoice payment into a single deposit, in the way that Quickbooks

> >> allows you to do. Within two months, we went to keeping paper

> >> records of all the accounts, and only using Quicken to keep track of

> >> the bank account. After several years of keeping records on paper,

> >> we are very ready to return to the computer age.

> >> Finally, the question! Anyone know if this is still the way it works

> >> with the current H & B version? Or experience with the Quicken

> >> Rental Property Manager? Or a way to get around the problem in the

> >> software we have? Can't find any detailed information at all about

> >> the invoice feature on the intuit website.

> > I'm not sure what Quickbooks allows you to do for your type problem,

> > though I have long thought that it was Intuit (and/or Quickbooks users)

> > that suggested the technique for handling your problem.

> > The approach typically recommended is to create a holding account in

> > Quicken; have your Quicken deposit transactions deposited (transferred,

> > when necessary) into the Quicken holding account. When it comes time to

> > make an actual bank deposit, transfer the amount of the bank deposit

> > from

> > the Quicken holding account into the Quicken bank account ... producing

> > one deposit transaction in the Quicken bank account to agree with one

> > deposit transaction in the real-world bank account.

> What you describe is the QuickBooks current asset account known as

> Undeposited Funds that functions like a holding account. It is a special

> account to be used for just this purpose. All payments can be received

> into

> this holding account and then transferred in batches to line up with the

> actual bank deposit.

> Since H&B is the Q attempt at being like QB I am surprised that this

> function is not available.

> > If you download transactions, an alternative approach is to use

> > Quicken's

> > "Manual Match" feature to match a single downloaded deposit transaction

> > to

> > multiple existing Quicken register transactions ... replacing the

> > multiple

> > original transactions and creating a single split transaction with each

> > original deposit in a separate split line. This has the drawback of

> > eliminating the individual payee name fields (putting the payee name in

> > the Memo field of each split line), which can hamper subsequent

> > searches,

> > selections, subtotals, etc.

> > [I have not tested this, but logically I would expect that the newer

> > versions of Quicken - which allow for over 240 split lines - could

> > handle

> > many more deposit transaction this way, than the older Quicken versions

> > which were limited to 30 split lines.]

> > Q2009 works the same as Q2004 in this regard (except possibly for the

> > increased number of split lines - I don't know when that number was

> > increased). I have Q2009 Rental Property Manager, but I do not believe

> > that it differs from any other Q2009 version in this regard.

> > --

> > John Pollard- Hide quoted text -

> - Show quoted text -- Hide quoted text -

> - Show quoted text -

>The Undeposited funds capability is available. I've used it for years

>in Home and Busines. If the account isn't defined by default, create

>one.

Where's the "make Deposit" tool that automates selecting the payments in the
UF account? Sure, you can manually mimic the QB UF capability but it should
already exist.