BACKGROUND: I do not know how to make the proper entries in Quicken 2005 H & B to handle Quick Cash that my wife receives from Sam's Club. I only know about the Quick Cash when I later reconcile the Sam's Club monthly credit card statement after she has paid it. She pays the statement in full monthly. WHAT I WANT TO ACCOMPLISH: I only want to track the total (not each transaction) Quick Cash that was received on a statement. I will then deposit or transfer that to her Petty Cash account. I will at the same time expense it to her Misc Expense. I will categorize the check that was written between Quick Cash and other accounts. QUESTION: Could someone illustrate an example of how I should handle this? Do I need to setup a short term loan account to track Quick Cash vs the checking account that pays it? Thanks in advance.
Sam's Club Quick Cash proper Quicken entries
Mar 31, 2007
1 Replies
Quick Cash is an amount added to each purchase, like when you pay at the grocery store and ask for money back, yes?
Why would you consider that a short term loan?
Here's what makes sense to me.
The Sam's club account is set up in Quicken with type Credit Card. The individual transactions are entered and categorized in whatever manner is easiest. I don't have a Sams club credit card, so I have no clue what the statements look like. If the Quick Cash shows for each individual transaction, then it is probably easiest to separate it and enter a split for each individual transaction at the time you enter/download the individual transactions. If, however, the QuickCash shows as a total at the bottom of the statement, then it is probably easiest to categorize it as a total amount when you reconcile the account.
I have no clue why you would want TWO transfers -- petty cash and then Misc expense. Personally, I would just enter the QuickCash in whatever category you normally use for ATM cash withdrawals or other check plus cash withdrawals.
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