Deposit rent checks

Hi Rick, Just wanted to say that I experimented with your suggestion of assigning job names to the class field. Worked like a charm! Thanks! I guess I'll be using the Class field for jab naming from now on, including for deposits (splitting deposits with the job name in the class field works fine here...no need for a preliminary account {that I know of...}).

Thanks again, mxh

Looked at the include/exclude - Q calls it 'hide' - that in turn does NOT exclude an entire account from a report?????? It is not really clear what it does other than make minor changes to some menus.. Joe

Maybe I'm missing something here. Wouldn't creating a fake "bank" account be more cumbersome than listing the checks as five separate deposits in Q? As I understand the issue: He deposits several checks at once, but splits won't let him name the payers (I think it IS payers in this context, not payees). The alternative is to list them in Q as five separate deposits, but then when it comes time to match against the statement, those five need to be aggregated to match the one real-world deposit he made. In the proposed solution, he is able to list the five checks separately as "virtual" deposits to a "virtual" bank. And from there, he is able to make one virtual transfer for the total of those five checks to his real bank. But doesn't the solution add an additional step to the process? One way or another, he has to list the checks as five separate deposits. Seems to me it'd be easier just to list them as five separate deposits in the original, real-world bank account and skip creating the imaginary account. Again, I may be missing something here.

No, "hide" is something else. For example, you may have closed out a credit card account. You don't want to delete the account because that would screw up payments from bank accounts to that CC (just an example). But you can hide it so that it doesn't show up in your list of accounts.

What you want is when you have a report open, choose to "customize" it. Under the accounts, categories and payees tabs you have the choice of including or excluding particular things. You'll see them all listed, each with a check box next to them. There's also a "mark all" and "clear all" choice available, too.

Marking accounts, payees, categories etc for inclusion or exclusion is not the same as hiding or unhiding them.

"DP" wrote

(Shrugging shoulders)

To each his own...

Re-read OP's post. He wants his Q bank account to look like his real bank account statement AND he doesn't want to manually add the separate checks. I see his point (and do this myself) since it's cumbersome to reconcile per your suggestion, especially with lots of bank activity per statement.

Yes, it adds one extra step to the process, but IMO, that one step is easier than dealing with possibly dozens of individual "deposits" in the Q account while reconciling to a bank statement of one deposit. Again: To each his own...

"Rick Hess" wrote

Another cup of coffee = another thought:

Especially WRT rentals, a "virtual" bank account offers one more advantage: IRS says rent is taxable upon "constructive receipt". This means if your check arrives in 12/05, but you didn't deposit it 'till 1/06, you're probably liable to include it with 2005 income. The "virtual" bank account allows one to post the receipt of rent when it really occurred, even though it wasn't deposited until the next TY. Thus, 2005 reports will reflect IRS requirements.

Now, excuse me while I get rid of some coffee.

Thanks - found it. Seems to work as intended. The help files had me confused when I searched include/exclude etc.

This will be of use to exclude personal from business accounts. Does Q basic allow more than one instance of Q on the same PC? Or do I need to go to a second PC - assuming no licence violation.

joe

That's the problem. With my bank, if I deposit several checks as part of one transaction, it will be impossible to later "match" those individual check deposit records against the downloaded lump-sum deposit transaction.

Quicken will offer to fold several transaction records together to a single split transaction to match against a downloaded transaction; I find this capability to be of little help. I'd prefer it to go the other way: allow me to select multiple transaction records as a composite match against a single downloaded transaction, but without folding the records together. Instead, the downloaded transaction should be "exploded" to conform with my own, more detailed records.

It comes down to whether one wants the Quicken register to reflect the true transactions posted against the real account (coarse granularity), or whether the Quicken register should define the world and accept some smudging in the matching against the downloaded transactions. The proposed "Undeposited (Pending?) Checks" account allows one to model both views. It would be nice for Quicken to be more flexible in accommodating these different points of view.

You can have several different quicken data files -- so there's no need to have multiple versions of Quicken on 1 PC. Create a data file for home, one for business, etc. You just use the "Open" function to open the file - be sure to save them in different folders (easier to backup, etc).

atd1999

Ok and the open function points to the data files and one only has one program - have done this before. Do you or anybody know if this generally works on all progs that will run on XP? joe

Yes, I guess there is a certain neatness factor at work here as well. And, as you say in your next post, there are advantages when dealing with taxes. Until the OP's post, it never occurred to me that you couldn't name payees in a split. I wonder why not. Seems like a big oversight that should have been taken care of while Quicken was still wearing DOS diapers.

(BTW, Rick: I live in N.O., too. Or did until Katrina moved me temporarily to Terrytown.)

"DP" wrote

(snip)

It would make life easier. Perhaps submit it as a suggestion to Intuit?

Yes, the bitch Katrina changed a lot of our lives. I'm in a FEMA trailer in Slidell. Glad winter's over; I could never use the heater W/O all three smoke detectors going off.

Yes, but I hate to think what horrible smells and "wildlife" the spring and summer heat will bring.

"DP" wrote

Hey, I'll accept that. Just, PLEASE, no hurricanes this year or my trailer will end up in John Pollard's front yard.

An alternate solution to the long discussion on this thread: Instruct your bank to post each check as a separate deposit.

dick w

That's what I actually do. Unfortunately, they insist on separate deposit slips for each check.