How to account for this?

Question. I am eating with some friends (say, 3 others). Each of owes $25.00 for the meal. Total bill due is $100. I collect $75 cash from the 3 of them and I charge the entire $100 meal on my credit card.

How to account for this in Q?

I have only spent under a 'Dining' category $25 of my own money. I have a charge slip for $100.00 due to VISA. I have also $75 extra CASH now in my pocket.

Somehow I need to account for the fact even though the charge is for $100, my portion of 'dining' is only $25 PLUS the fact I have $75 of cash in my pocket to pay off the rest when the bill is due.

Not sure the best way to handle this. I think it involves someone entering the $75 cash into my CASH account in Quicken and making a transfer, but the VISA bill will be only a single transaction when I pay it.

Ideas??

Reply to
Andrew
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Andrew wrote in news:7TgGx.12376$ snipped-for-privacy@fx18.iad:

In your Visa account, use the Splt feature to record $25 as Dining and the other $75 as somethng eles, like "Dining:Friends".

Then in your Cash account record the $75 deposit as Dining:Friends. When you generate a spending report you will see $25 under Dining and $0 (75 -

75) under Dining:Friends

Unless you are paying your Visa bill with Cash, there is no need to transfer anythng.

Reply to
Porter Smith

It's your choice, but I'll tell you what I do:

I make two entries.

  1. A 0 Charge in the credit card account, with the category "dining."

  1. A "Receive" in the cash account, also with the category "dining."

Reply to
Ken Blake, MVP

You can do a single $100 transaction in your credit card account with a split allocation. $25 is assigned to Dining Out or whatever your restaurant category is. $75 is assigned to Petty Cash.

If you don't track cash in a sepearte account, that's the end of the road. Eventually you will spend the $75 your friends gave you on Petty Cash items.

If you do track Petty Cash in a separate account, you just enter the $75 you received from your fields as a deposit in that account.

Reply to
Arthur Conan Doyle

But won't the $75 in cash remain in the CASH account as an asset with this approach? That cash is long gone....

Reply to
Andrew

But as I said to Porter, won't that $75 that you 'receive' and place in the CASH account remain as an asset long after it is spent??

Reply to
Andrew

Thanks. I just got back from vacation. I want to see what other replies I get to my other two comments I made, but I think something in your suggestion sounds right. Thanks.

Reply to
Andrew

Andrew wrote in news:C2eKx.48965$ snipped-for-privacy@fx20.iad:

If you have a Cash account then I assume you are recording "Spends" as well as "Receives". Your balance should reflect the actual amount of cash in your pocket/wallet/mattress.

Reply to
Porter Smith

No, not if you enter the amounts spent in the cash account. The asset goes away as soon as you enter the expense(s).

So for example:

Date Spend Receive Balance (same as Asset)

9/16 $75 $75 9/17 $10 $65 9/20 $50 $15 9/25 $15 0 (No asset is left)
Reply to
Ken Blake, MVP

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