Check Deposit with Cash back

Hi, this is my first post. Hope I present the question properly.

I'm using Q2004; I create invoices for a small business I have.

What I want to do is a) record the gross amount of check payment AND b) show the deposit of check into my checking account LESS the amount of cash I receive at the time of deposit.

Can I do this EASILY in Quicken2004?

Thanks for your help and suggestions.

Reply to
musicarizona
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Yes you can do this easily with a split transaction. Just hit the split button after you have entered the gross amount.

Reply to
Fred Smith

Since you mention "invoices for a small business", I'm thinking that you're using the Home and Business version of Quicken.

In that case, what I'd suggest is that you record two "Receive Payments" against the invoice. The cash deposit one you should direct to some type of cash account that you've setup. And the check payment can be directed to your checking account. In that way, you have a good record of both payments made toward this invoice. And, you record the receipt of both payments in a way that they will show up correctly at tax time.

Reply to
The Streets

You use a Split to do it. In your Checking Account register, enter whatever description you want for the overall transaction, and enter the NET amount of the deposit.

Instead of entering a category, click Split. Then enter the category for the reason you're being paid; enter the Gross amount of the payment; enter the category for the cash that you're keeping (perhaps Cash, or My Wallet). Quicken will calculate the amount you are keeping and fill it in for you.

To be a bit more technical, Quicken will calculate the amount you're keeping as a negative "deposit" to your checking account, and as a positive deposit to your Cash account.

It will be simpler when you actually try it than it is to read about it.

Bernie

Reply to
Bernie

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