Deposit rent checks

Typical problem - I get about 4 or 5 rent checks that I want to deposit as income AND I would also like to list/sort by both payee and categorie(s). If I use the split screen then there is no payee entry except for the first one. If I make 5 different deposits everything works just fine except I need to calculate the total -manually to match statement - when I reconcile my statement.

Is there a better way to do this that I am missing? I need both the payee for my records and the sum for the deposit slip and reconcile.

regards, joe

Reply to
joe
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"joe" wrote

Create a "bank" account just for this purpose. Show the individual checks being "deposited" in that account. To reflect the real deposit (the total of the checks) show a transfer from the new account into the real bank account that received the deposit.

This technique also comes in real handy when the number of allowable splits (30 in Q2002) would be exceeded.

Reply to
Rick Hess

Thanks, I forgot to state that I'm using 2006 basic. Guess the same goes for it. Does not seem like a good way for Q IMHO. Many (perhaps most) people must have the 'problem' of depositing more than one check at a time. joe

Reply to
joe

As Rick said. Most people (regardless of Quicken version) that handles multiple checks create an "Undeposited Checks" account. They then list checks in this account as they receive them. WHen they make an actual deposit, they create a transfer from the Undeposited Checks account to their real account. That way they capture the real flows of the cash/checks and never lose any info.

Reply to
MikeB

And the total to be transferred is arrived at with a pocket calculator if one wanted to match the checks?

Reply to
joe

I favor an abacus myself.

Reply to
John Pollard

what would the world be like without programs like this and people like you

Reply to
joe

"joe" wrote

Of course the total to be transferred would appear as the balance of "Undeposited Checks" account after you enter the checks. After the transfer, the account balance goes to zero, until next month when you enter in more checks.

Then again, I may be misunderstanding your question, as this seems rather obvious.

Reply to
Rick Hess

Frankly I had overlooked that - thanks. I have learned to take NOTHING for granted with Q.

Reply to
joe

Amazing how you twist your own shallow thinking to suddenly be the fault of Quicken.

Reply to
MikeB

Go to bed now little Mike - it is way past your bedtime. :-)

Reply to
joe

Reply to
273965

Nice technique! I wonder if it could somehow be modified to apply to checks written to one person covering multiple jobs? I use job names in the memo field and search on the memo field for the job name to track job costs. The only problem is, if I write a check to one sub that covers multiple jobs using splits, the split item, while showing up in the report, is deducted from the job cost rather than added to it. I either need a workaround or a way to force the report to add the split item to the total cost.

Reply to
mxh

(snip)

Yes, this technique will work, although it might be a bit cumbersome.

You could also use splits and assign a class to each "job", as long as your jobs don't total more than 30 for any given check (if jobs > 30 you could still use classes, but not the split window).

Actually, that's how I handle rentals: I report on classes since I assign a class to each property. AFA my advice to OP, I was going to mention that, but he specifically said he needed Payee reports.

Reply to
Rick Hess

Interesting. I've generally been able to manage with categories, and never looked into the possibility of 'classes' (obviously, I'm no CPA...). Thanks for the new direction. BTW, I didn't mention that this problem occurs in QB

2005 Basic, although I use Quicken for my personal accounts, (I posted twice in the QB group, but didn't receive a response). If you know, is there a more efficient way of doing this in QB? And if 'classes' is the way to go, they would just essentially be job names? Would that be more efficient than using the memo field?

Thanks for whatever suggestions you can give!

mxh

Reply to
mxh

Do you still use this technique for deposits involving only a single check, or do you just record a straight deposit to the "real" account? I can see how doing as you describe would allow one to record the difference between receiving the physical check and actually depositing it, but I'm curious as to whether you bother with a lone check.

Reply to
Steven E. Harris

Excellent discussion. There is no doubt that many will benefit.

2nd problem - cash! Every so often a renter want or have to pay cash (all or part of payment). I need to track the cash but may not take it to the bank and complete a standard 'clean bank transaction' at the end of the day. In your opinion what may be the simplest and best method for handling this?

Contractors have the same problems with bills, and income, paid by both in cash and check at the same time. Yet they may want totals of checks and totals of cash and grand total for payee.

OT. Can one limit a report in Q basic to ONLY certain accounts and exclude others?

joe

Reply to
joe

I keep an asset account called "Cash (wallet)" that represents all the cash I'm holding.

When one of your renters pays you in cash, you represent this as a deposit to your cash account. Later, when you visit the bank to deposit the cash to your checking account, represent the deposit's /category/ as a transfer from the cash account. That is, the bank deposit credits the checking account and debits the cash account.

Reply to
Steven E. Harris

"joe" wrote

(snip)

Use the same "Undeposited Checks" account described previously. When you take the cash and checks to the bank, then show that amount (presumably the balance of the "Undeposited Checks" account) as a transfer into your bank account.

(snip)

Yes. I don't have Q running now, but somewhere within the report preferences you can choose accounts to include/exclude. Not sure why you're asking; of course, if you exclude your "Undeposited Checks" account, you will never get a report of the rent income.

Reply to
Rick Hess

Well, my requirements are different from OP's: I have no need to report on Payors (I know, OP said "Payees") WRT tenants.

So, I only use this "Undeposited Checks" account technique when I have a deposit consisting of more than 30 Payors; otherwise I use a split window.

However, one might use this technique with a single check. Here's an example: I pay my subs every week with one check per sub. Frequently, I owe more than labor: If a sub needs some materials and he's not near a store where we have an account, the sub will pay for the material with his own funds, give me the receipts, and I add that amount to his pay at W/E. If I took no steps other than a Payee report when preparing 1099's, I would get a report on that Payee that included the materials he purchased during the year, which, of course, would be inaccurate, since the 1099 should only reflect labor. So, I could split this in a "Undeposited Checks" account where I use the sub's name for the labor and "Supplies" for the supplies.

But, I don't do it that way. The way I handle this issue is to use a split window and separate the labor and materials there. When I report for

1099's, I omit all categories except for labor.

However, if one of my subs worked on more than 30 projects in one week (30 is max splits in my version of Q) then I would use the "Undeposited Checks" account technique.

Reply to
Rick Hess

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