Expense Category wrongly entered as Income - huh??

May 07, 2006 4 Replies

I accidently (upon noticing several years later) that a transaction that I entered using a 'DEPOSIT' in my checking register actually had an EXPENSE category assigned to it. But Q didn't tell me this....in fact, the help facility basically says if you notice such a thing, then go manually fix it. That's fine if you happen to notice it after the fact!



Is there anyway to avoid this in the future if I accidently select an EXPENSE category and enter it as a positive deposit? I would think Q should at least have an option to question you on this? I didn't see one.



This screwed up some catagorization reports that I happened to notice only when viewing them on a color printer noticing that an expense item that should have been 'RED" was listed in BLACK under the expense categories which isn't correct.


Quicken has questioned me on such things in the past using earlier versions. I can't say for sure if Q2006 basic has questioned me. I haven't used 06 long enough to know if it does or not. I'm thinking it doesn't.

I sometimes use expense categories for deposits. For example, I have an HCRA that reimburses me for medical expenses. So when they do, I put that deposit under the same category I used when I note the weekly deductions from my paycheck for the HCRA. That may not be an according-to-Hoyle accounting practice, but it works for my needs. I don't recall Quicken raising a question about that in 06, but I know it's questioned me in earlier versions. It's a "are you sure you want to do that?" type alert.

Well, I guess it's a simple case of using the scientific method: Try it and see what happens. I did. I entered a deposit using an expense category and entered a withdrawal using an income category. Quicken didn't object in either case. I tried searching for a way to have Quicken alert you when you do that, but couldn't find a preference anywhere.

As I said, I know it did it in earlier versions. In Q06-Basic, it doesn't.

Thanks DP - I agree that SOMETIMES one wishes to do this. We've had a running debate about rebates, and I know that some people use a negative expense category to offset a purchase when they receive a rebate check, which I am sure fits some folks. (No argument there.) - but in those cases, I wish Q would at least question (or have the option to) to ask, "Are you sure you really want to do this."

Appreciate your two replies - and yes, I did run a test myself as well as doing it "for real" which caused my original problem!

Others??

I do the same thing with business expenses. Whenever I get a check for my travel I enter it as a deposit under business expenses. Quicken 2005 doesn't seem to mind.

In a related issue with the asset accounts - whenever Edmunds shows the resale value of my car has changed I enter a depreciation transaction. In this case, Quicken warns that I'm recording back into the same account.

Regards,

Don

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