Deferred Payment

[VerticalCobra]

I make a credit card payment of say $100 for laundry and the money is debited
immediately. However, I use the laundry over a period of time and I wish to
account for this money as and when the transactions actually take place. That
way I can get a correct handle on how much is really spent on laundry every
month and not just that one time advance payment. Is there any way to do
this ?

 

[Cal Learner-- MVP]

I make a credit card payment of say $100 for laundry and the money is debited
immediately. However, I use the laundry over a period of time and I wish to
account for this money as and when the transactions actually take place. That
way I can get a correct handle on how much is really spent on laundry every
month and not just that one time advance payment. Is there any way to do
this ?

You can make the credit card payment a transfer to a new "cash or
other" asset account called Laundry Account. Enter expense
transactions into that account.

 

[Mark Horn]

I make a credit card payment of say $100 for laundry and the money is debited
immediately. However, I use the laundry over a period of time and I wish to
account for this money as and when the transactions actually take place. That
way I can get a correct handle on how much is really spent on laundry every
month and not just that one time advance payment. Is there any way to do
this ?

What you could do is create a seperate cash account. Put this
account in your budget. Then when you you enter or download the
$100 credit card expense, set the category as:

Transfer: <Name of Cash Account>

From that point forward, enter all of your laundry usage as "spends"
in the cash account, until you get to zero, at which point you'll
need more money. And you repeat the process.

Let me know if it's not obvious what I'm talking about.

 

[VerticalCobra]

Both the answers hold if I make a new account only. Is it now possible to do
it without creating another account ?
Thanks

 

[A J Gladson]

It would require three accounts...

Download from CC to CC Account offset (transfer to) to a Laundry
Account
Cash Payment will offset the CC Account
Checking Account will offset the CC Account when the Bill is Paid.
Laundry Account would offset against the Expense Category

This is more like accural accounting then cash accounting....

Both the answers hold if I make a new account only. Is it now possible to do
it without creating another account ?
Thanks

 

[Dick Watson]

See if something vamped on the answer in http://umpmfaq.info/faqdb.php?q=132
will help. What you are trying to do is rather the reverse of the case
described.

 

[Mark Horn]

See if something vamped on the answer in http://umpmfaq.info/faqdb.php?q=132
will help. What you are trying to do is rather the reverse of the case
described.

Is there some reason that you don't want to create another account?
This wouldn't be an actual account at the bank. The only place
this account would exist is in Money. And the entire purpose would
simply be to track your laundry spending.

I'm sure that there are lots of other ways of abstracting this
information. But how ever, you choose to do it, you're still keeping
track of information in Money that isn't tracked anywhere else.
Using an account is just the easiest way to do it (that I can
think of).

 

[VerticalCobra]

The reason I am hesitating making a new account is that the "laundry account"
is only worth $15 per initial payment, with $3 utilised every time the
laundry is actually used. Thus I thought perhaps an easier way would be more
apt.
My main aim here is ONLY to get Money to track the spending over the actual
period that I use the laundry and not only as a one time payment.

--
buysellhomeloan.com buy sell home loan


Khristos Corzano
Home Loan Consultant
Clarion Mortgage Capital
Cell (951) 375-9803
Fax (951) 929-4008
www.buysellhomeloan.com

Through our network of well known lending institutions and private
investors, we are able to offer otherwise impossible opportunities to
finance mortgages.

 

[Dick Watson]

But does it matter? If you spend $100 this month on Laundry that is actually
$33 this month, $33 next month, and $34 the month after, does it really
matter? $100 every three months still works out the same.

 

[Cal Learner-- MVP]

The reason I am hesitating making a new account is that the "laundry account"
is only worth $15 per initial payment, with $3 utilised every time the
laundry is actually used. Thus I thought perhaps an easier way would be more
apt.

Alternatives would be more convoluted.

 

[Dick Watson]

Here's how I've handled similar cases:

- Create a category like Miscellaneouseposit, credit to follow
- When you make the initial payment, expense it to Miscellaneouseposit,
credit to follow
$100 Miscellaneouseposit, credit to follow
- When you spend some of this balance, use a split:
$20 Miscellaneous:Laundry
($20) Miscellaneouseposit, credit to follow
Note this transaction adds up to $0, but reduces expenses in one category
and increases them in the other. Expenses in Miscellaneouseposit, credit
to follow eventually net to $0.

 

[VerticalCobra]

Just so that I can get a monthly expense done correctly.

 

[VerticalCobra]

Dick : Seems the way to go ! However, forgive me if I appear like a noob
because thats what I am, but could you please spell it out exactly how you go
about this ? Thanks

 

[Dick Watson]

Gee. I thought I just did.

You can create a new category by typing out one it doesn't know. (There are
other ways as well.) It will ask if you want to create this category.

You know, apparently, how to categorize transactions. Just take the payment
you made to the cleaners and categorized it Miscellaneouseposit, credit to
follow (or whatever works for you). Note the above about it getting created
if it doesn't already exist.

If you know how to split a transaction, when you get some laundry done just
enter a transaction that is split. Assign the amount of the receipt to the
category you used to use. Then enter another split line, using the category
created for the deposit amount, and the negative (use ()s or - sign) and the
exact same amount.