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Posted by Dave on August 17, 2007, 8:04 pm
Please log in for more thread options Laura:
thanks.
Too bad quicken doesn't allow splits across dates similar to the way
they allow you to split categories. But its really annoying to see
these misleading spikes in the months (which all group together) when
I pre-pay a few major expenses.
Thanks again.
d.
>
>
>
>
> > Hello:
>
> > There are a number of bills that I choose to pay annually / semi-
> > annually for expenses in advance. For example, I pay my daughter's
> > tutuion in full at the beginning of the school year, even though I
> > could make monthly paments.
>
> > Unfortunately, this does not work well with Quickens idea of budgeting
> > -- a single payment for a yearly expense makes a single monthly chart
> > appear all out of whack. Ideally, the expense should show up as 1/12
> > in each monthly period (or 1/6 if semi monthly).
>
> > I guess I could create a special account (Pre paid expenses?) in which
> > credit the payment, and then enter the monthly offsetting payments
> > debiting the category in each monthly period. But what a pain.
>
> > Any other suggestions? I just don't see any way to do this is a
> > single transaction.
>
> > Thanks,
>
> Creating a Prepaid expense account on the balance sheet is exactly how it
> should be handled if you were using a real accounting software program and
> if you are an accrual basis company/tax payer. But since most taxpayers are
> a cash basis Quicken records everything when paid, i.e. on a cash basis.
>
> Your method will work but just make sure that you "expense" the entire
> payment by year end if the item is tax deductible.
> --
> ~Laura~- Hide quoted text -
>
> - Show quoted text -
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