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Posted by Oilcan on June 15, 2007, 10:31 pm
Please log in for more thread options Andrew:
You need three accounts, two of which already exist:
Checking Account
Credit Card Account
Friend Receivable Account (New Account)
Let's Purchase something for your friend from Checking Account. Quicken
entry: Checking Account Payment of $25.00 with the offset to Friend
Receivable Account (the Category field in the register). Balance is in the
Friend Receivable Account is $25.00.
Your friend needs something else. Let's purchase something for friend from
Credit Card Account. Quicken entry: Credit Card Account Charge of $75.00
with the offset to Friend Receivable Account (the Category field in the
register). Balance in Friend Receivable Account is $100.00
Receive Credit Card Statement for $110.00. $100.00 is your friends expenses
(which you have already recorded) and the remaining $10.00 is your personal
expenses (that you have already recorded). Quicken entry is to pay the bill
like usual:
Checking Account Payment of $110.00 offset to the Credit Card Account (the
Category field in the register). Balance in Friend Receivable Account
remains $100.00.
Friend reimburses you for $100.00. Quicken entry: Checking Account Deposit
of $100.00 offset to Friend Receivable Account (the Category field in the
register). Balance in Friends Receivable Account is now $0.00.
Keep in mind you can do anything with the check (deposit it to checking,
savings or cash it). The import thing is you will need to make an entry
showing that you received the payment. This method allows your friends
transactions to not show-up in your expense categories. Hope this helps.
Oilcan
> Tnx JM and tnx RC.
>
> RC - First of all, you never come across as a know-it-all. We've all
> learned so much from your posts over the years, and I thank you!
>
> Now that I've buttered you up, what if I am paying for these out of my
> existing checking and charge cards? I understand you to say to use the
> name of the Receivable Account in those class/category fields? And when
> he repays me, enter that cash repayment in the newly created asset account
> with the category as the name of the Receivable account not make that
> offsets to be 0. But if I then want to DEPOSIT that money back into my
> checking account, I guess I don't understand how THAT account is coming up
> with the funds through any account transfer?
>
> I'm sorry if I seem dense about this.
>
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew
>> Hi, Andrew.
>>
>> It's time for you to create a new Quicken Asset Account. Call it
>> Receivable from Friend - or some more appropriate title of your choice
>> that will remind you that Friend owes you, and how much.
>>
>> When you buy groceries for Friend, don't put it in your Groceries
>> Category; put it in the Receivable Account. When Friend repays you,
>> credit that account. If you are lucky, that account will soon have a
>> zero balance. ;<)
>>
>> At the risk of sounding like a know-it-all accountant: No need to
>> re-invent the wheel. This is a simple solution that we learn in
>> Accounting 101. ;^}
>>
>> RC
>> --
>> R. C. White, CPA
>> San Marcos, TX
>> (Retired. No longer licensed to practice public accounting.)
>> rc@grandecom.net
>> Microsoft Windows MVP
>> (Currently running Vista Ultimate x64)
>>
>>>I have recently spent some $ over a few weeks for some friend's expenses
>>>across a variety of accounts (checking and credit card) - and used the
>>>"flagged transaction" facility to keep track of which transactions I need
>>>to 'collect' on when he is ready to pay me back.
>>>
>>> Comment Solicitation #1: I do not seem to find any way in the REPORTS
>>> to generate all transactions that are flagged for a grand total to
>>> collect my money. Am I missing this? It only looks like I can filter
>>> each individual register, then print that view one by one. Not too bad
>>> since it is only my checking and a credit card account or two.
>>>
>>> Comment Solicitation #2: Looking back at this, I wonder if setting up a
>>> special class might have been better and using that as the means to
>>> categorize and report on?
>>>
>>> Comments on how others might have approached this (ie: identifying a
>>> "block" of transactions spread across multiple accounts that are
>>> intrinsically related to a single purpose).
>>>
>>> --
>>> -------------------------------------------------------------
>>> Regards -
>>>
>>> - Andrew
>>
>
>
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