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New User with Simple Questions mcp6453 02-22-2007
Posted by mcp6453 on February 22, 2007, 7:45 pm
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 Today is my first day with Home & Business 2007. It is disappointing
that no book is included. Online help is better than nothing, but not by
much.

What category should I use for a check that I wrote as a personal loan
that I made to someone? I assume that it is an expense since there is no
"owner's equity" category like there is for business accounting.

I'm already abusing "misc". Please make some suggestions to help me get
off on the right foot.

Thanks!

Posted by John Pollard on February 22, 2007, 8:00 pm
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 mcp6453 wrote:
> Today is my first day with Home & Business 2007. It is
> disappointing that no book is included. Online help is
> better than nothing, but not by much.
>
> What category should I use for a check that I wrote as a
> personal loan that I made to someone? I assume that it is
> an expense since there is no "owner's equity" category
> like there is for business accounting.
> I'm already abusing "misc". Please make some suggestions
> to help me get off on the right foot.

If you spend enough time reading posts by other users in this
newsgroup (which I suggest is a VERY good thing to do: see the
Google archives), you will realize that Qucken Help can not
provide conclusive help with your question. And if you spend a
bit more time thinking about it, you should be pleased that the
Quicken Help did not make any meaningful attempt to answer your
question. Your question is *personal*. (Even if you get
answers from multiple sources that agree). Categorization is a
significantly personal concept.

I will leave it to others to provide those conclusive "answers"
to your question.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup




Posted by TomYoung on February 22, 2007, 9:10 pm
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> Today is my first day with Home & Business 2007. It is disappointing
> that no book is included. Online help is better than nothing, but not by
> much.
>
> What category should I use for a check that I wrote as a personal loan
> that I made to someone? I assume that it is an expense since there is no
> "owner's equity" category like there is for business accounting.
>
> I'm already abusing "misc". Please make some suggestions to help me get
> off on the right foot.


It's only an expense if you don't expect to be repaid. If that's the
case create *any* expense category you like (e.g., "Yet another 'loan'
to my stupid brother-in-law") and forget about it.

If you expect, or at least want to be, repaid then it's not an
expense, it's an asset. You've traded one asset (cash) for another
asset (a loan to be repaid.) So, create an asset account (e.g., "Loan
to Brother-in-law") and record it there.

Tom Young


Posted by Andrew DeFaria on February 22, 2007, 10:54 pm
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mcp6453 wrote:
> What category should I use for a check that I wrote as a personal loan
> that I made to someone?
How about setting up an account to lend money to that person then the
category would be [<account name>]
> I assume that it is an expense since there is no "owner's equity"
> category like there is for business accounting.
>
> I'm already abusing "misc". Please make some suggestions to help me
> get off on the right foot.
How about removing the "misc" category? :-)
> Thanks!
You're welcome!
--
Andrew DeFaria <http://defaria.com>
Music expresses that which cannot be said and on which it is impossible
to be silent. - Victor Hugo

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<title></title>
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<body bgcolor="#ffffff" text="#000000">
mcp6453 wrote:
<blockquote cite="midEOqDh.275809$_92.24273@fe05.news.easynews.com"
type="cite">What category should I use for a check that I wrote as a
personal loan that I made to someone? </blockquote>
How about setting up an account to lend money to that person then the
category would be [&lt;account name&gt;]<br>
<blockquote cite="midEOqDh.275809$_92.24273@fe05.news.easynews.com"
type="cite">I assume that it is an expense since there is no "owner's
equity" category like there is for business accounting.
<br>
<br>
I'm already abusing "misc". Please make some suggestions to help me get
off on the right foot.
<br>
</blockquote>
How about removing the "misc" category? <span class="moz-smiley-s1"><span>
:-) </span></span><br>
<blockquote cite="midEOqDh.275809$_92.24273@fe05.news.easynews.com"
type="cite">Thanks!
<br>
</blockquote>
You're welcome!<br>
<div class="moz-signature">-- <br>
<a href="http://defaria.com">Andrew DeFaria</a><br>
<small><font color="#999999">Music expresses that which cannot be said
and on which it is impossible to be silent. - Victor Hugo</font></small>
</div>
</body>
</html>

--------------010105000008020004010205--

Posted by Melvin on February 23, 2007, 12:36 am
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Take an introductory accounting course at a local high school; I'm certain
there are evening courses available in your area.

You are sure to learn about the differences between income & expenses and
assets & liabilities.

This basic information will be invaluable in helping you decide between
trying to record a loan as an expense or placing it onto your books as say a
"receivable" (asset).

> Today is my first day with Home & Business 2007. It is disappointing that
> no book is included. Online help is better than nothing, but not by much.
>
> What category should I use for a check that I wrote as a personal loan
> that I made to someone? I assume that it is an expense since there is no
> "owner's equity" category like there is for business accounting.
>
> I'm already abusing "misc". Please make some suggestions to help me get
> off on the right foot.
>
> Thanks!



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