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How setup Q for future expenses?

snipped-for-privacy@privacy.net wrote in news: snipped-for-privacy@4ax.com:

I haven't read the entire thread, but there seem to be many ways to skin this particular cat.

FWIW (caveat: I tend to do things the hard way), here is what I do to set aside $$ for future events.

1) I use classes (/vacation, /property tax, /insurance, etc.)

2) I put it in savings (transfer from checking to savings) with the appropriate class appended. (category: [savings]/vacation, for example)

3) When I spend it, I transfer the money back from savings and again, append the class to the category. This keeps the "special" account accurate as to current status. The expense categorizes the event. The transfer keeps the "special" account up-to-date.

I can run a report at any time to see the status of the "special" account (s). (via report on class)

Dick Weaver has a great way of doing this, but I don't think it keeps track of specific fund allocations, but rather lumps all the set-asides together. The benefit is that you don't keep more $$ set aside than necessary. I've been wanting to work with this for some time, but just haven't found/made time to play with his system yet.

Here's a URL for a relevant discussion:

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HTH.

Reply to
speedlever
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Is this savings account an actual REAL savings acct at a firm somewhere?

Or just a fake pseudo acct that exists only in Quicken?

Reply to
me

snipped-for-privacy@privacy.net wrote in news: snipped-for-privacy@4ax.com:

It's a real savings account at one of my banks. I have internet banking there and can easily transfer funds back and forth as desired.

Reply to
speedlever

In that case, set up the account just like any other bank account and treat it like an asset. When you actually spend the money classify it to the proper expense category. You might "earmark" the funds for something but you might not actually spend it on that item so the class you give it is meaningless until it actually get spent.

Reply to
Laura

"Laura" wrote in news:8qY5e.59257$ snipped-for-privacy@bgtnsc04-news.ops.worldnet.att.net:

Yup. I find that using classes in this case just lets me keep up with the amount "earmarked" for a particular irregular expense. I'm free to use that "earmarked" cash as needed... and sometimes do. Sometimes I withdraw more than I have set aside in a particular class... which results in a negative balance for that class (the savings account remains flush).

Thus, if I want to rebuild that cash balance back to a particular level, I just incrementally contribute until that class is restored to the pre- determined amount.

This works for me... but admittedly results in excess cash being reserved.

Now while my system is not perfect, it works for me and I have a comfort zone with it. But as mentioned earlier, I would like to spend some time working with Dick W's set-aside solution... but just haven't made the time yet so as to achieve a comfort zone there as well.

Reply to
speedlever

Ahh..... I see

Not a bad way to do it

But I was kinda hoping to create pseudo accts in quicken rather than open up more REAL accts.

But I will keep your suggestion in mind

Thanks so much!!

Reply to
me

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