Invoices in Quicken Home and Business

Discussion in 'Quicken' started by Anita, Aug 26, 2009.

  1. Anita

    Anita Guest

    We have Quicken Premier Home and Business 2004 and tried to use the
    invoice feature for a 50 unit storage park. Each month, we deposit 2 or 3
    batches of small rent checks. However, each invoice I recorded as paid
    showed up in the bank account as a separate deposit, which was a nightmare
    when reconciling with the bank statement. I was never able to find
    anything that would allow me to lump more than one invoice payment into a
    single deposit, in the way that Quickbooks allows you to do. Within two
    months, we went to keeping paper records of all the accounts, and only
    using Quicken to keep track of the bank account. After several years of
    keeping records on paper, we are very ready to return to the computer age.

    Finally, the question! Anyone know if this is still the way it works with
    the current H & B version? Or experience with the Quicken Rental Property
    Manager? Or a way to get around the problem in the software we have?
    Can't find any detailed information at all about the invoice feature on
    the intuit website.


    Anita
    -------------------------------------



    ##-----------------------------------------------#
    Newsgroup Access Courtesy http://www.rockryno.com/
    Tax and Accounting Software Forum
    Web and RSS access to your favorite newsgroup -
    alt.comp.software.financial.quicken - 18333 messages and counting
    ##-----------------------------------------------##
     
    Anita, Aug 26, 2009
    #1
    1. Advertisements

  2. Anita

    John Pollard Guest

    Anita wrote:
    > We have Quicken Premier Home and Business 2004 and tried to use the
    > invoice feature for a 50 unit storage park. Each month, we deposit 2
    > or 3 batches of small rent checks. However, each invoice I recorded
    > as paid showed up in the bank account as a separate deposit, which
    > was a nightmare when reconciling with the bank statement. I was
    > never able to find anything that would allow me to lump more than one
    > invoice payment into a single deposit, in the way that Quickbooks
    > allows you to do. Within two months, we went to keeping paper
    > records of all the accounts, and only using Quicken to keep track of
    > the bank account. After several years of keeping records on paper,
    > we are very ready to return to the computer age.
    >
    > Finally, the question! Anyone know if this is still the way it works
    > with the current H & B version? Or experience with the Quicken
    > Rental Property Manager? Or a way to get around the problem in the
    > software we have? Can't find any detailed information at all about
    > the invoice feature on the intuit website.


    I'm not sure what Quickbooks allows you to do for your type problem,
    though I have long thought that it was Intuit (and/or Quickbooks users)
    that suggested the technique for handling your problem.

    The approach typically recommended is to create a holding account in
    Quicken; have your Quicken deposit transactions deposited (transferred,
    when necessary) into the Quicken holding account. When it comes time to
    make an actual bank deposit, transfer the amount of the bank deposit from
    the Quicken holding account into the Quicken bank account ... producing
    one deposit transaction in the Quicken bank account to agree with one
    deposit transaction in the real-world bank account.

    If you download transactions, an alternative approach is to use Quicken's
    "Manual Match" feature to match a single downloaded deposit transaction to
    multiple existing Quicken register transactions ... replacing the multiple
    original transactions and creating a single split transaction with each
    original deposit in a separate split line. This has the drawback of
    eliminating the individual payee name fields (putting the payee name in
    the Memo field of each split line), which can hamper subsequent searches,
    selections, subtotals, etc.
    [I have not tested this, but logically I would expect that the newer
    versions of Quicken - which allow for over 240 split lines - could handle
    many more deposit transaction this way, than the older Quicken versions
    which were limited to 30 split lines.]

    Q2009 works the same as Q2004 in this regard (except possibly for the
    increased number of split lines - I don't know when that number was
    increased). I have Q2009 Rental Property Manager, but I do not believe
    that it differs from any other Q2009 version in this regard.

    --

    John Pollard
     
    John Pollard, Aug 26, 2009
    #2
    1. Advertisements

  3. Anita

    Laura Guest

    "John Pollard" <> wrote in message
    news:kNalm.24374$la3.10320@attbi_s22...
    > Anita wrote:
    >> We have Quicken Premier Home and Business 2004 and tried to use the
    >> invoice feature for a 50 unit storage park. Each month, we deposit 2
    >> or 3 batches of small rent checks. However, each invoice I recorded
    >> as paid showed up in the bank account as a separate deposit, which
    >> was a nightmare when reconciling with the bank statement. I was
    >> never able to find anything that would allow me to lump more than one
    >> invoice payment into a single deposit, in the way that Quickbooks
    >> allows you to do. Within two months, we went to keeping paper
    >> records of all the accounts, and only using Quicken to keep track of
    >> the bank account. After several years of keeping records on paper,
    >> we are very ready to return to the computer age.
    >>
    >> Finally, the question! Anyone know if this is still the way it works
    >> with the current H & B version? Or experience with the Quicken
    >> Rental Property Manager? Or a way to get around the problem in the
    >> software we have? Can't find any detailed information at all about
    >> the invoice feature on the intuit website.

    >
    > I'm not sure what Quickbooks allows you to do for your type problem,
    > though I have long thought that it was Intuit (and/or Quickbooks users)
    > that suggested the technique for handling your problem.
    >
    > The approach typically recommended is to create a holding account in
    > Quicken; have your Quicken deposit transactions deposited (transferred,
    > when necessary) into the Quicken holding account. When it comes time to
    > make an actual bank deposit, transfer the amount of the bank deposit from
    > the Quicken holding account into the Quicken bank account ... producing
    > one deposit transaction in the Quicken bank account to agree with one
    > deposit transaction in the real-world bank account.


    What you describe is the QuickBooks current asset account known as
    Undeposited Funds that functions like a holding account. It is a special
    account to be used for just this purpose. All payments can be received into
    this holding account and then transferred in batches to line up with the
    actual bank deposit.

    Since H&B is the Q attempt at being like QB I am surprised that this
    function is not available.

    >
    > If you download transactions, an alternative approach is to use Quicken's
    > "Manual Match" feature to match a single downloaded deposit transaction to
    > multiple existing Quicken register transactions ... replacing the multiple
    > original transactions and creating a single split transaction with each
    > original deposit in a separate split line. This has the drawback of
    > eliminating the individual payee name fields (putting the payee name in
    > the Memo field of each split line), which can hamper subsequent searches,
    > selections, subtotals, etc.
    > [I have not tested this, but logically I would expect that the newer
    > versions of Quicken - which allow for over 240 split lines - could handle
    > many more deposit transaction this way, than the older Quicken versions
    > which were limited to 30 split lines.]
    >
    > Q2009 works the same as Q2004 in this regard (except possibly for the
    > increased number of split lines - I don't know when that number was
    > increased). I have Q2009 Rental Property Manager, but I do not believe
    > that it differs from any other Q2009 version in this regard.
    >
    > --
    >
    > John Pollard
    >
     
    Laura, Aug 26, 2009
    #3
  4. Anita

    jo Guest

    On Aug 26, 5:24 pm, "Laura" <> wrote:
    > "John Pollard" <> wrote in message
    >
    > news:kNalm.24374$la3.10320@attbi_s22...
    >
    >
    >
    >
    >
    > > Anita wrote:
    > >> We have Quicken Premier Home and Business 2004 and tried to use the
    > >> invoice feature for a 50 unit storage park.  Each month, we deposit 2
    > >> or 3 batches of small rent checks.  However, each invoice I recorded
    > >> as paid showed up in the bank account as a separate deposit, which
    > >> was a nightmare when reconciling with the bank statement.  I was
    > >> never able to find anything that would allow me to lump more than one
    > >> invoice payment into a single deposit, in the way that Quickbooks
    > >> allows you to do.  Within two months, we went to keeping paper
    > >> records of all the accounts, and only using Quicken to keep track of
    > >> the bank account.  After several years of keeping records on paper,
    > >> we are very ready to return to the computer age.

    >
    > >> Finally, the question!  Anyone know if this is still the way it works
    > >> with the current H & B version?  Or experience with the Quicken
    > >> Rental Property Manager?  Or a way to get around the problem in the
    > >> software we have? Can't find any detailed information at all about
    > >> the invoice feature on the intuit website.

    >
    > > I'm not sure what Quickbooks allows you to do for your type problem,
    > > though I have long thought that it was Intuit (and/or Quickbooks users)
    > > that suggested the technique for handling your problem.

    >
    > > The approach typically recommended is to create a holding account in
    > > Quicken; have your Quicken deposit transactions deposited (transferred,
    > > when necessary) into the Quicken holding account.  When it comes timeto
    > > make an actual bank deposit, transfer the amount of the bank deposit from
    > > the Quicken holding account into the Quicken bank account ... producing
    > > one deposit transaction in the Quicken bank account to agree with one
    > > deposit transaction in the real-world bank account.

    >
    > What you describe is the QuickBooks current asset account known as
    > Undeposited Funds that functions like a holding account. It is a special
    > account to be used for just this purpose. All payments can be received into
    > this holding account and then transferred in batches to line up with the
    > actual bank deposit.
    >
    > Since H&B is the Q attempt at being like QB I am surprised that this
    > function is not available.
    >
    >
    >
    >
    >
    > > If you download transactions, an alternative approach is to use Quicken's
    > > "Manual Match" feature to match a single downloaded deposit transactionto
    > > multiple existing Quicken register transactions ... replacing the multiple
    > > original transactions and creating a single split transaction with each
    > > original deposit in a separate split line.  This has the drawback of
    > > eliminating the individual payee name fields (putting the payee name in
    > > the Memo field of each split line), which can hamper subsequent searches,
    > > selections, subtotals, etc.
    > > [I have not tested this, but logically I would expect that the newer
    > > versions of Quicken - which allow for over 240 split lines - could handle
    > > many more deposit transaction this way, than the older Quicken versions
    > > which were limited to 30 split lines.]

    >
    > > Q2009 works the same as Q2004 in this regard (except possibly for the
    > > increased number of split lines - I don't know when that number was
    > > increased).  I have Q2009 Rental Property Manager, but I do not believe
    > > that it differs from any other Q2009 version in this regard.

    >
    > > --

    >
    > > John Pollard- Hide quoted text -

    >
    > - Show quoted text -- Hide quoted text -
    >
    > - Show quoted text -


    The Undeposited funds capability is available. I've used it for years
    in Home and Busines. If the account isn't defined by default, create
    one.

    jo
     
    jo, Aug 27, 2009
    #4
  5. Anita

    Laura Guest

    "jo" <> wrote in message
    news:...
    On Aug 26, 5:24 pm, "Laura" <> wrote:
    > "John Pollard" <> wrote in message
    >
    > news:kNalm.24374$la3.10320@attbi_s22...
    >
    >
    >
    >
    >
    > > Anita wrote:
    > >> We have Quicken Premier Home and Business 2004 and tried to use the
    > >> invoice feature for a 50 unit storage park. Each month, we deposit 2
    > >> or 3 batches of small rent checks. However, each invoice I recorded
    > >> as paid showed up in the bank account as a separate deposit, which
    > >> was a nightmare when reconciling with the bank statement. I was
    > >> never able to find anything that would allow me to lump more than one
    > >> invoice payment into a single deposit, in the way that Quickbooks
    > >> allows you to do. Within two months, we went to keeping paper
    > >> records of all the accounts, and only using Quicken to keep track of
    > >> the bank account. After several years of keeping records on paper,
    > >> we are very ready to return to the computer age.

    >
    > >> Finally, the question! Anyone know if this is still the way it works
    > >> with the current H & B version? Or experience with the Quicken
    > >> Rental Property Manager? Or a way to get around the problem in the
    > >> software we have? Can't find any detailed information at all about
    > >> the invoice feature on the intuit website.

    >
    > > I'm not sure what Quickbooks allows you to do for your type problem,
    > > though I have long thought that it was Intuit (and/or Quickbooks users)
    > > that suggested the technique for handling your problem.

    >
    > > The approach typically recommended is to create a holding account in
    > > Quicken; have your Quicken deposit transactions deposited (transferred,
    > > when necessary) into the Quicken holding account. When it comes time to
    > > make an actual bank deposit, transfer the amount of the bank deposit
    > > from
    > > the Quicken holding account into the Quicken bank account ... producing
    > > one deposit transaction in the Quicken bank account to agree with one
    > > deposit transaction in the real-world bank account.

    >
    > What you describe is the QuickBooks current asset account known as
    > Undeposited Funds that functions like a holding account. It is a special
    > account to be used for just this purpose. All payments can be received
    > into
    > this holding account and then transferred in batches to line up with the
    > actual bank deposit.
    >
    > Since H&B is the Q attempt at being like QB I am surprised that this
    > function is not available.
    >
    >
    >
    >
    >
    > > If you download transactions, an alternative approach is to use
    > > Quicken's
    > > "Manual Match" feature to match a single downloaded deposit transaction
    > > to
    > > multiple existing Quicken register transactions ... replacing the
    > > multiple
    > > original transactions and creating a single split transaction with each
    > > original deposit in a separate split line. This has the drawback of
    > > eliminating the individual payee name fields (putting the payee name in
    > > the Memo field of each split line), which can hamper subsequent
    > > searches,
    > > selections, subtotals, etc.
    > > [I have not tested this, but logically I would expect that the newer
    > > versions of Quicken - which allow for over 240 split lines - could
    > > handle
    > > many more deposit transaction this way, than the older Quicken versions
    > > which were limited to 30 split lines.]

    >
    > > Q2009 works the same as Q2004 in this regard (except possibly for the
    > > increased number of split lines - I don't know when that number was
    > > increased). I have Q2009 Rental Property Manager, but I do not believe
    > > that it differs from any other Q2009 version in this regard.

    >
    > > --

    >
    > > John Pollard- Hide quoted text -

    >
    > - Show quoted text -- Hide quoted text -
    >
    > - Show quoted text -


    >The Undeposited funds capability is available. I've used it for years
    >in Home and Busines. If the account isn't defined by default, create
    >one.


    Where's the "make Deposit" tool that automates selecting the payments in the
    UF account? Sure, you can manually mimic the QB UF capability but it should
    already exist.
     
    Laura, Aug 27, 2009
    #5
  6. Anita

    jo Guest

    On Aug 27, 8:00 am, "Laura" <> wrote:
    > "jo" <> wrote in message
    >
    > news:...
    > On Aug 26, 5:24 pm, "Laura" <> wrote:
    >
    >
    >
    >
    >
    > > "John Pollard" <> wrote in message

    >
    > >news:kNalm.24374$la3.10320@attbi_s22...

    >
    > > > Anita wrote:
    > > >> We have Quicken Premier Home and Business 2004 and tried to use the
    > > >> invoice feature for a 50 unit storage park. Each month, we deposit 2
    > > >> or 3 batches of small rent checks. However, each invoice I recorded
    > > >> as paid showed up in the bank account as a separate deposit, which
    > > >> was a nightmare when reconciling with the bank statement. I was
    > > >> never able to find anything that would allow me to lump more than one
    > > >> invoice payment into a single deposit, in the way that Quickbooks
    > > >> allows you to do. Within two months, we went to keeping paper
    > > >> records of all the accounts, and only using Quicken to keep track of
    > > >> the bank account. After several years of keeping records on paper,
    > > >> we are very ready to return to the computer age.

    >
    > > >> Finally, the question! Anyone know if this is still the way it works
    > > >> with the current H & B version? Or experience with the Quicken
    > > >> Rental Property Manager? Or a way to get around the problem in the
    > > >> software we have? Can't find any detailed information at all about
    > > >> the invoice feature on the intuit website.

    >
    > > > I'm not sure what Quickbooks allows you to do for your type problem,
    > > > though I have long thought that it was Intuit (and/or Quickbooks users)
    > > > that suggested the technique for handling your problem.

    >
    > > > The approach typically recommended is to create a holding account in
    > > > Quicken; have your Quicken deposit transactions deposited (transferred,
    > > > when necessary) into the Quicken holding account. When it comes time to
    > > > make an actual bank deposit, transfer the amount of the bank deposit
    > > > from
    > > > the Quicken holding account into the Quicken bank account ... producing
    > > > one deposit transaction in the Quicken bank account to agree with one
    > > > deposit transaction in the real-world bank account.

    >
    > > What you describe is the QuickBooks current asset account known as
    > > Undeposited Funds that functions like a holding account. It is a special
    > > account to be used for just this purpose. All payments can be received
    > > into
    > > this holding account and then transferred in batches to line up with the
    > > actual bank deposit.

    >
    > > Since H&B is the Q attempt at being like QB I am surprised that this
    > > function is not available.

    >
    > > > If you download transactions, an alternative approach is to use
    > > > Quicken's
    > > > "Manual Match" feature to match a single downloaded deposit transaction
    > > > to
    > > > multiple existing Quicken register transactions ... replacing the
    > > > multiple
    > > > original transactions and creating a single split transaction with each
    > > > original deposit in a separate split line. This has the drawback of
    > > > eliminating the individual payee name fields (putting the payee name in
    > > > the Memo field of each split line), which can hamper subsequent
    > > > searches,
    > > > selections, subtotals, etc.
    > > > [I have not tested this, but logically I would expect that the newer
    > > > versions of Quicken - which allow for over 240 split lines - could
    > > > handle
    > > > many more deposit transaction this way, than the older Quicken versions
    > > > which were limited to 30 split lines.]

    >
    > > > Q2009 works the same as Q2004 in this regard (except possibly for the
    > > > increased number of split lines - I don't know when that number was
    > > > increased). I have Q2009 Rental Property Manager, but I do not believe
    > > > that it differs from any other Q2009 version in this regard.

    >
    > > > --

    >
    > > > John Pollard- Hide quoted text -

    >
    > > - Show quoted text -- Hide quoted text -

    >
    > > - Show quoted text -
    > >The Undeposited funds capability is available.  I've used it for years
    > >in Home and Busines. If the account isn't defined by default, create
    > >one.

    >
    > Where's the "make Deposit" tool that automates selecting the payments in the
    > UF account? Sure, you can manually mimic the QB UF capability but it should
    > already exist.- Hide quoted text -
    >
    > - Show quoted text -


    I'm about 99% sure that the QB "make Deposit" tool doesn't exist in
    Quicken H&B. You have to "transfer" the total amount you are
    depositing to your bank account. For the simple business I ran, it
    was never an issue to do it that way.

    jo
     
    jo, Aug 29, 2009
    #6
  7. Anita

    Anita Guest

    Anita had written this in response to
    http://www.rockryno.com/quicken/Re-Invoices-in-Quicken-Home-and-Business-18920-.htm
    :
    Thanks to all of you that replied. All your comments have been really
    helpful,
    and I now have some ideas to work with. Any other comments out there from
    H & B
    users on this subject would be very much appreciated. Anita



    > I'm not sure what Quickbooks allows you to do for your type problem,
    > though I have long thought that it was Intuit (and/or Quickbooks users)


    > that suggested the technique for handling your problem.


    > The approach typically recommended is to create a holding account in
    > Quicken; have your Quicken deposit transactions deposited (transferred,


    > when necessary) into the Quicken holding account. When it comes time
    > to
    > make an actual bank deposit, transfer the amount of the bank deposit
    > from
    > the Quicken holding account into the Quicken bank account ... producing


    > one deposit transaction in the Quicken bank account to agree with one
    > deposit transaction in the real-world bank account.


    > If you download transactions, an alternative approach is to use
    > Quicken's
    > "Manual Match" feature to match a single downloaded deposit
    > transaction to
    > multiple existing Quicken register transactions ... replacing the
    > multiple
    > original transactions and creating a single split transaction with each


    > original deposit in a separate split line. This has the drawback of
    > eliminating the individual payee name fields (putting the payee name in


    > the Memo field of each split line), which can hamper subsequent
    > searches,
    > selections, subtotals, etc.
    > [I have not tested this, but logically I would expect that the newer
    > versions of Quicken - which allow for over 240 split lines - could
    > handle
    > many more deposit transaction this way, than the older Quicken versions


    > which were limited to 30 split lines.]


    > Q2009 works the same as Q2004 in this regard (except possibly for the
    > increased number of split lines - I don't know when that number was
    > increased). I have Q2009 Rental Property Manager, but I do not believe


    > that it differs from any other Q2009 version in this regard.





    ##-----------------------------------------------#
    Newsgroup Access Courtesy http://www.rockryno.com/
    Tax and Accounting Software Forum
    Web and RSS access to your favorite newsgroup -
    alt.comp.software.financial.quicken - 18379 messages and counting
    ##-----------------------------------------------##
     
    Anita, Aug 31, 2009
    #7
  8. Anita

    Anita Guest

    Anita had written this in response to
    http://www.rockryno.com/quicken/Re-Invoices-in-Quicken-Home-and-Business-18923-.htm
    :
    Perhaps it is and I just didn't realize how to use it. I will keep
    searching.
    Anita


    > What you describe is the QuickBooks current asset account known as
    > Undeposited Funds that functions like a holding account. It is a
    > special
    > account to be used for just this purpose. All payments can be received
    > into
    > this holding account and then transferred in batches to line up with
    > the
    > actual bank deposit.


    > Since H&B is the Q attempt at being like QB I am surprised that
    > this
    > function is not available.




    ##-----------------------------------------------#
    Newsgroup Access Courtesy http://www.rockryno.com/
    Tax and Accounting Software Forum
    Web and RSS access to your favorite newsgroup -
    alt.comp.software.financial.quicken - 18379 messages and counting
    ##-----------------------------------------------##
     
    Anita, Aug 31, 2009
    #8
  9. Anita

    Laura Guest

    The account does not exist by default in Quicken. You have to create it
    yourself plus you need to do the manual grouping of deposits too. QuickBooks
    has this feature automated. Quicken does not.


    "Anita" <> wrote in message
    news:4cf7a$4a9bf63c$43de0cc0$...
    > Anita had written this in response to
    > http://www.rockryno.com/quicken/Re-Invoices-in-Quicken-Home-and-Business-18923-.htm
    > :
    > Perhaps it is and I just didn't realize how to use it. I will keep
    > searching.
    > Anita
    >
    >
    >> What you describe is the QuickBooks current asset account known as
    >> Undeposited Funds that functions like a holding account. It is a
    >> special
    >> account to be used for just this purpose. All payments can be received
    >> into
    >> this holding account and then transferred in batches to line up with
    >> the
    >> actual bank deposit.

    >
    >> Since H&B is the Q attempt at being like QB I am surprised that
    >> this
    >> function is not available.

    >
    >
    >
    >
    > ##-----------------------------------------------##
    > Newsgroup Access Courtesy http://www.rockryno.com/
    > Tax and Accounting Software Forums
    > Web and RSS access to your favorite newsgroup -
    > alt.comp.software.financial.quicken - 18379 messages and counting!
    > ##-----------------------------------------------##
     
    Laura, Aug 31, 2009
    #9
    1. Advertisements

Want to reply to this thread or ask your own question?

It takes just 2 minutes to sign up (and it's free!). Just click the sign up button to choose a username and then you can ask your own questions on the forum.
Similar Threads
  1. Zoro
    Replies:
    6
    Views:
    530
    Jim M.
    Sep 10, 2003
  2. Danny Kile
    Replies:
    28
    Views:
    1,430
    Andrew DeFaria
    Sep 21, 2004
  3. kdnms
    Replies:
    1
    Views:
    236
    Doug Edwards
    Jul 21, 2003
  4. Gary
    Replies:
    0
    Views:
    213
  5. XL
    Replies:
    0
    Views:
    243
Loading...

Share This Page