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Subject Author Date
Need Advice Sharif 02-28-2007
---> Re: Need Advice Scott Lindner02-28-2007
| `--> Re: Need Advice Scott Lindner02-28-2007
Posted by Sharif on February 28, 2007, 5:22 pm
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 I frequently have a friend or my brother who asks me to pay their
bills with my credit card. They give me cash money and I pay it for
them using my credit card most of the time because they forget to mail
out their payments lol.

I was wondering, what would be the best way for me to track this in
Quicken?


Posted by Andrew on February 28, 2007, 6:36 pm
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 Sharif wrote:
> I frequently have a friend or my brother who asks me to pay their
> bills with my credit card. They give me cash money and I pay it for
> them using my credit card most of the time because they forget to mail
> out their payments lol.
>
> I was wondering, what would be the best way for me to track this in
> Quicken?

I would set up a special cash account and record receipt of cash and bill
paying out of the account using a special Quicken class (not a category)
that you can exclude from your reports so that these transactions don't
affect your 'real' report details.

One idea, I'm sure others will give theirs.
--
-------------------------------------------------------------
Regards -

- Andrew



Posted by Scott Lindner on February 28, 2007, 7:28 pm
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Create a Class for each of them to track your net debt/credit for them. I
do this for company business travel purposes and it works nicely for me.



Posted by Scott Lindner on February 28, 2007, 7:37 pm
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> Create a Class for each of them to track your net debt/credit for them. I
> do this for company business travel purposes and it works nicely for me.

Let me elaborate. Create a class for Loser and CheapBastard (use their real
names) and label all purchases you make for them using these classes for
each item you bought for them specifically. Then do the same when they give
you cash or a check and desposit it. If you accept cash and don't deposit
it, create a cash account so you have a place to record the cash as a
deposit. Then it's a simple report for each class to see what purchases
you've made for each, what cash you've accepted from each, and what your net
debt/credit is for each.

Scott



Posted by Melvin on March 1, 2007, 2:16 am
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Well here's the way I'd do it...

1. Create an Asset account called Receivables.
2. When you pay a bill for your friend, record it as a Charge to your
credit card account and specify "[Receivables]" for the Category/Transfer
field. This will record the $ amount paid as a transfer to the Receivables
account.
3. When friend reimburses you, record it as an amount "Received" in your
Cash account and specify "[Receivables]" as the account from which the money
was transferred from.

The square braces [ ] specify a transfer to/from the account specified
within the braces.

Basically you increase your receivables when you pay the bill for the other
person and you decrease it when you receive their payment. When things are
nominal, the balance of your Receivables account is $0.00.

Instead of having a generic "Receivables" account, you could create specific
accounts for each of your "clients", as another poster mentioned, and have
pinpoint accuracy on their current indebtedness. I don't like to do that
because it causes clutter.

You might also wish to teach them basic financial principles and get them to
take care of their own affairs - it would be a gift that would last a
lifetime...

>I frequently have a friend or my brother who asks me to pay their
> bills with my credit card. They give me cash money and I pay it for
> them using my credit card most of the time because they forget to mail
> out their payments lol.
>
> I was wondering, what would be the best way for me to track this in
> Quicken?
>



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