A month ago I traveled overseas. When I arrived there a family member loaned me a sum of cash in the local currency so that I would not have to worry about hitting ATMs during the course of my stay. This week I deposited the corresponding, currency exchange rate adjusted sum into my family member's savings account here in the U.S.
I have not yet entered into Quicken any of this, including the day by day expenses from my trip.
How would you handle this 'loan' from my family member?
How would you handle the receipt of the lump sum at the beginning of the trip?
How would you handle my repayment of this sum once I returned to the U.S.?
If it were me, I would simply make a single entry into Quicken--the deposit of the currency exchange rate adjusted sum. Put that entry into a cash or checking account (however you made it) and put it into the category "Vacation." Putting in all the constituent pieces is unnecessary and needlessly complicated.
Let the Record show that Just me on or about Sat, 11 Jul 2009 14:13:32 -0400 did write/type or cause to appear in alt.comp.software.financial.quicken the following:
"off book". You were loaned ForEx, later you will spend "real Money" to pay for the ForEx you borrowed. Think of it as shorting a stock.
If you were buying the For Ex at the start of the trip, then you can enter a category "Forex" as what you purchased. But you are not buying now, but settling later. So you are having "a hamburger today" for which you will pay for Tuesday. You are using now what you have no idea what the price will be when you settle. Hence my advice to handle it "off book", and make any entries in US dollars when you return and know what the actual expense were.
Vacation Expenses - a total amount. You could break it down according to how much went for hotels, food, postcards, and the like, but a single entry "ought' to do it.
I wouldn't, You could. But remember, quicken (as far as I know) only allows one currency, so an account in peso, yen or Turkish Lira is going to mess with your books. Ie, last I heard an ice cream cone in Istanbul is 600,000 T.L. If you have an account and keep track of it that away, suddenly, your books are down $600,000, not the 75 cents it actually cost. If you feel a need for a complete record of your spending, I would recommend setting up new file, track expenses there, and then generate a report at the end of the trip, and break down the "ForEx" purchase in your regular books as "X dollars hotels, Y$ cars, Z$ dinners, W for souvenirs" etc.
tschus pyotr
- pyotr filipivich. Just about the time you finally see light at the end of the tunnel, you find out it's a Government Project to build more tunnel.
Let the Record show that Ken Blake on or about Sat, 11 Jul 2009 11:40:36 -0700 did write/type or cause to appear in alt.comp.software.financial.quicken the following:
Yeah, what he said.
- pyotr filipivich. Just about the time you finally see light at the end of the tunnel, you find out it's a Government Project to build more tunnel.
Let the Record show that Just me on or about Sat, 11 Jul 2009 14:13:32 -0400 did write/type or cause to appear in alt.comp.software.financial.quicken the following:
On third thought - as off book as possible. Single entry of "vacation expenses" and leave it go at that.
Whether or not you are intending to do this, what you are doing _can_ be interpreted as money laundering. Or avoiding currency export controls. Or other technical financial shenanigans.
- pyotr filipivich. Just about the time you finally see light at the end of the tunnel, you find out it's a Government Project to build more tunnel.
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