Use of Flagged Transactions


A

Andrew

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).
 
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J

JM

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).

--
The class would work.

I would probably create a unique category for this situation; e.g.,
'Friends Expenses'. Charge to this and then credit reimbursement to
same. Use the Memo field for notation. A category report on this
single category gives you the current balance.

IMO, doesn't seem appropriate to charge my personal Groceries category
when I pick up a gallon of milk for the neighbor - and then have to
remeber to credit same account when reimbursed.
 
R

R. C. White

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.)
(e-mail address removed)
Microsoft Windows MVP
(Currently running Vista Ultimate x64)
 
A

Andrew

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
R. C. White said:
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.)
(e-mail address removed)
Microsoft Windows MVP
(Currently running Vista Ultimate x64)
 
O

Oilcan

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

Andrew said:
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.
 
R

R. C. White

Hi, Oilcan.

Very good example. Thanks!

And thanks to Andrew for the buttering up. ;<)

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
(e-mail address removed)
Microsoft Windows MVP
(Currently running Vista Ultimate x64)
 
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A

Andrew

Oilcan said:
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
Oilcan - Thanks! When this Father's Day weekend calms down, I'll take the
time to thoughtfully read your post and get back if I have questions.
Appreciate the reply! HAPPY FATHER'S DAY to all.

--[/QUOTE]
[/QUOTE]
 

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