Curious how you guys are handling certain things that
can be categorized multiple ways?
Example.... your car insurance?
Do you categorize it under the "car" category as sub
cat of "Insurance"
Or do you have a separate "Insurance" category and sub
cat of "Car"?
I know it can be done either way .... but what have YOU
found works best for you and why?
I use two cat's. (1) Automotive with sub of Insurance. That gives me an
immediate report of all expenses associated with Automotive and (2)
Insurance with sub cat's of all others - Housing, Contents etc. (Aus
I use Transport/Insurance, Household/Insurance and Medical/Insurance
Insurance, as a collective group, doesn't appear anywhere on my tax
returns ... but SOME insurance expenses are tax-deductible since my
wife & I are both self-employed and they're self-emp business expenses.
I try to align my Q income and expense categories so that I've got a
very straight-forward import into TTAX.
In my view (YMMV), it depends on how you 'value' insurance. In other words,
if it is necessary because of something else, I use a subcategory under
'something else'. Like CAR:INSURANCE or HOUSEHOLD:INSURANCE. In my way of
thinking, those types of insurances are part of 'doing business' of the
bigger category (eg: CAR and HOUSEHOLD - take either of them away, the need
for the insurance subcategory goes away). Other items (like LIFE INSURANCE)
I have under INSURANCE:LIFE. In that case, I don't think of anything that
it is really a part of, so it stands alone under the insurance category. .
But, as you surmise, it really depends on how you do things. This is
similar to an index. Say you're writing a book about baseball and baseball
players. An entry could either be in the index BARRYBONDS:HOMERUNS or
HOMERUNS:BARRYBONDS. So it really depends on how you wish to slice and
The analogy to a book index breaks down. In the book, you can have both
entries or have one entry refer to the other:
See (Barry Bonds; MarkMcGwire)
The point being that in Quicken, how you organize it does have more
effect on your ability to retrieve the data in a comprehensive form.
The same is not true of the book.
In Quicken, if you categorize your insurance as subclasses of
Insurance, you are not able to pull a single report to provide auto and
housing expenses, and if you categorize the expenses under Autos and
Housing, you cannot get a comprehensive report on Insurance costs, so
you can't browbeat your insurance broker with how much business you do
It is a trade-off. One may from time to time wish to use Find/Replace
and alter these types of categories simply to get the right report.
Fortunately that is easy to do.
Sorry, I may be missing something here, but under reports>Spending>Itemised
Cat's you may create any report, select what you want (all relating to
Insurance for example) and name the saved report as Insurance? (Aus Version)
Yes Mike - true - not a very good example. What I was trying to point out
is that depending on what you wish to do, you can certainly have it in A:B
or B:A order. And in an index, you can have BOTH entries in the index,
whereas in Q, only one category in effect at any one time. It wasn't a good
Classes are used to distinguish between insured assets or
e.g. I:P&C:Auto/Truck, I:Life/
Saved reports cover situations when a relevant category is outside
the same category as the bulk of the categories of interest.
Rick Hess and others have posted extensively on the value of using
classes to distinguish between the same expense incurred for
different items of the same general type. Their arguments were
persuasive for me.
Why Insurance then subcategories by line of insurance?
It reflects the way we set up our paper files. It reflects the way