Home Page link  

Payables, Categories, and Cash Basis Accounting

  
Groups | Search | About
User Password
Register Now! Lost Password?

Quicken Personal Finance Discussions - Quicken - personal finance software discussions

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Payables, Categories, and Cash Basis Accounting Joseph N. 12-09-2007
Posted by Joseph N. on December 9, 2007, 7:36 pm
Please log in for more thread options
 Is it possible--and, if so, how--to list payables in Quicken and also
to include payments in the appropriate categories only when the
payment is made instead of when the payable is recorded?

For example, I can create liability accounts for payables, either one
account for each single substantial payable and/or another payable
account for various bills that come in. Either way, I can set the
beginning balance as zero and then categorize the debts as they are
incurred or become billed. Then, when I pay them, I can pay a bill
out of a checking account and categorize it to the liability account,
the same as when one pays down a mortgage or car loan.

The problem is that, if I run a report by category, all of the records
in the payables (liability) accounts are listed. The actual payment
is listed as a transfer.

I would like the category report to list only the payments actually
made, i.e., on a cash basis. Is there any way to do this?

I have Quicken H&B 2006, but this question would probably apply to
other editions and versions, also.

Posted by John Pollard on December 9, 2007, 8:33 pm
Please log in for more thread options
 Joseph N. wrote:
> Is it possible--and, if so, how--to list payables in Quicken
> and also
> to include payments in the appropriate categories only when
> the
> payment is made instead of when the payable is recorded?
>
> For example, I can create liability accounts for payables,
> either one
> account for each single substantial payable and/or another
> payable
> account for various bills that come in. Either way, I can set
> the
> beginning balance as zero and then categorize the debts as
> they are
> incurred or become billed. Then, when I pay them, I can pay a
> bill
> out of a checking account and categorize it to the liability
> account,
> the same as when one pays down a mortgage or car loan.
>
> The problem is that, if I run a report by category, all of the
> records
> in the payables (liability) accounts are listed. The actual
> payment
> is listed as a transfer.
>
> I would like the category report to list only the payments
> actually
> made, i.e., on a cash basis. Is there any way to do this?

I'm getting ready to call it a night, so I'll just leave you
with a thought or two.

You can exclude all transfers from reports using the Advanced
tab of the report Customize dialog.

If you need more precision than that, you can exclude transfers
to specific accounts by de-selecting them on the Categories tab
in the Customize dialog.

[Transfers are categories, just as any other category: they
appear (possibly depending on Quicken version) at the foot of
the drop down Category list, on the Categories tab.]

Alternatively; you can create you own personal identifier to be
placed in the Memo field of certain transactions (certain
transfers, in your case), which can be used to exclude, or
include, transactions in reports. You would use the "Memo
Contains" field on the Categories tab in the report Customize
dialog to accomplish this.

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



Posted by Stewart Berman on December 9, 2007, 11:58 pm
Please log in for more thread options
In theory you should be able to do that by using either cash or
accrual when setting up the report but in case that doesn't work.

What you should be able to do (and the reason I say should is that the
last version of Quicken H&B I had that reported more or less correctly
was 2005) is to use a different class (tag now) for the items entered
into your payables and the ones entered when you actually write a
check.

For example:

Incur expense for ink of $10.00:
        Debit payables:                                $10.00
                Office:Supplies/Payable        $10.00

Pay bill
        Debit checking register                         $10.00
                Office:Supplies/Payable                -$10.00
                Offfice:supplies/Business        $10.00
        
Then do your cash reporting using tag Business and your accrual
reporting using tag Payable.


>Is it possible--and, if so, how--to list payables in Quicken and also
>to include payments in the appropriate categories only when the
>payment is made instead of when the payable is recorded?
>
>For example, I can create liability accounts for payables, either one
>account for each single substantial payable and/or another payable
>account for various bills that come in. Either way, I can set the
>beginning balance as zero and then categorize the debts as they are
>incurred or become billed. Then, when I pay them, I can pay a bill
>out of a checking account and categorize it to the liability account,
>the same as when one pays down a mortgage or car loan.
>
>The problem is that, if I run a report by category, all of the records
>in the payables (liability) accounts are listed. The actual payment
>is listed as a transfer.
>
>I would like the category report to list only the payments actually
>made, i.e., on a cash basis. Is there any way to do this?
>
>I have Quicken H&B 2006, but this question would probably apply to
>other editions and versions, also.


Posted by Mark W on December 10, 2007, 5:39 am
Please log in for more thread options
Sorry but your last posting to the cash acct doesnt balance. I think
you meant to say

Debit checking register $10.00
Credit payables -$10.00

Mark



> In theory you should be able to do that by using either cash or
> accrual when setting up the report but in case that doesn't work.
>
> What you should be able to do (and the reason I say should is that the
> last version of Quicken H&B I had that reported more or less correctly
> was 2005) is to use a different class (tag now) for the items entered
> into your payables and the ones entered when you actually write a
> check.
>
> For example:
>
> Incur expense for ink of $10.00:
> Debit payables: $10.00
> Office:Supplies/Payable $10.00
>
> Pay bill
> Debit checking register $10.00
> Office:Supplies/Payable -$10.00
> Offfice:supplies/Business $10.00
>
> Then do your cash reporting using tag Business and your accrual
> reporting using tag Payable.
>
> >Is it possible--and, if so, how--to list payables in Quicken and also
> >to include payments in the appropriate categories only when the
> >payment is made instead of when the payable is recorded?
>
> >For example, I can create liability accounts for payables, either one
> >account for each single substantial payable and/or another payable
> >account for various bills that come in. Either way, I can set the
> >beginning balance as zero and then categorize the debts as they are
> >incurred or become billed. Then, when I pay them, I can pay a bill
> >out of a checking account and categorize it to the liability account,
> >the same as when one pays down a mortgage or car loan.
>
> >The problem is that, if I run a report by category, all of the records
> >in the payables (liability) accounts are listed. The actual payment
> >is listed as a transfer.
>
> >I would like the category report to list only the payments actually
> >made, i.e., on a cash basis. Is there any way to do this?
>
> >I have Quicken H&B 2006, but this question would probably apply to
> >other editions and versions, also.




Posted by Oilcan on December 10, 2007, 11:21 am
Please log in for more thread options
Good use of Tags/Categories.

Oilcan
> Sorry but your last posting to the cash acct doesnt balance. I think
> you meant to say
>
> Debit checking register $10.00
> Credit payables -$10.00
>
> Mark
>
>
>
>> In theory you should be able to do that by using either cash or
>> accrual when setting up the report but in case that doesn't work.
>>
>> What you should be able to do (and the reason I say should is that the
>> last version of Quicken H&B I had that reported more or less correctly
>> was 2005) is to use a different class (tag now) for the items entered
>> into your payables and the ones entered when you actually write a
>> check.
>>
>> For example:
>>
>> Incur expense for ink of $10.00:
>> Debit payables: $10.00
>> Office:Supplies/Payable $10.00
>>
>> Pay bill
>> Debit checking register $10.00
>> Office:Supplies/Payable -$10.00
>> Offfice:supplies/Business $10.00
>>
>> Then do your cash reporting using tag Business and your accrual
>> reporting using tag Payable.
>>
>> >Is it possible--and, if so, how--to list payables in Quicken and also
>> >to include payments in the appropriate categories only when the
>> >payment is made instead of when the payable is recorded?
>>
>> >For example, I can create liability accounts for payables, either one
>> >account for each single substantial payable and/or another payable
>> >account for various bills that come in. Either way, I can set the
>> >beginning balance as zero and then categorize the debts as they are
>> >incurred or become billed. Then, when I pay them, I can pay a bill
>> >out of a checking account and categorize it to the liability account,
>> >the same as when one pays down a mortgage or car loan.
>>
>> >The problem is that, if I run a report by category, all of the records
>> >in the payables (liability) accounts are listed. The actual payment
>> >is listed as a transfer.
>>
>> >I would like the category report to list only the payments actually
>> >made, i.e., on a cash basis. Is there any way to do this?
>>
>> >I have Quicken H&B 2006, but this question would probably apply to
>> >other editions and versions, also.
>
>
>


Similar ThreadsPosted
Dilema: Cash or Accural Basis April 16, 2006, 1:19 pm
How to change Cash Amount and Cash Balance in Q2008 Investment Acct? January 1, 2008, 9:34 pm
Accounting for OID in Quicken February 24, 2007, 9:18 pm
Accounting for S-Corp taxes August 24, 2007, 2:15 am
Accounting for a deduction from your deductions? April 5, 2008, 6:00 pm
Microsoft's Small Business Accounting Vs QuickBooks May 24, 2006, 6:54 pm
Attn R.C. White (and others) - accounting for interest in US Savings Bonds? December 26, 2007, 8:55 pm
Odd cost basis--how to fix it? October 20, 2006, 9:22 pm
Categories with _ November 15, 2006, 12:16 pm
Tax Categories April 15, 2007, 1:28 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap