Use of Flagged Transactions

The class would work.

I would probably create a unique category for this situation; e.g., 'Friends Expenses'. Charge to this and then credit reimbursement to same. Use the Memo field for notation. A category report on this single category gives you the current balance.

IMO, doesn't seem appropriate to charge my personal Groceries category when I pick up a gallon of milk for the neighbor - and then have to remeber to credit same account when reimbursed.

Hi, Andrew.

It's time for you to create a new Quicken Asset Account. Call it Receivable from Friend - or some more appropriate title of your choice that will remind you that Friend owes you, and how much.

When you buy groceries for Friend, don't put it in your Groceries Category; put it in the Receivable Account. When Friend repays you, credit that account. If you are lucky, that account will soon have a zero balance. ;I have recently spent some $ over a few weeks for some friend's expenses

Tnx JM and tnx RC.

RC - First of all, you never come across as a know-it-all. We've all learned so much from your posts over the years, and I thank you!

Now that I've buttered you up, what if I am paying for these out of my existing checking and charge cards? I understand you to say to use the name of the Receivable Account in those class/category fields? And when he repays me, enter that cash repayment in the newly created asset account with the category as the name of the Receivable account not make that offsets to be 0. But if I then want to DEPOSIT that money back into my checking account, I guess I don't understand how THAT account is coming up with the funds through any account transfer?

I'm sorry if I seem dense about this.

Andrew:

You need three accounts, two of which already exist:

Checking Account Credit Card Account Friend Receivable Account (New Account)

Let's Purchase something for your friend from Checking Account. Quicken entry: Checking Account Payment of $25.00 with the offset to Friend Receivable Account (the Category field in the register). Balance is in the Friend Receivable Account is $25.00.

Your friend needs something else. Let's purchase something for friend from Credit Card Account. Quicken entry: Credit Card Account Charge of $75.00 with the offset to Friend Receivable Account (the Category field in the register). Balance in Friend Receivable Account is $100.00

Receive Credit Card Statement for $110.00. $100.00 is your friends expenses (which you have already recorded) and the remaining $10.00 is your personal expenses (that you have already recorded). Quicken entry is to pay the bill like usual: Checking Account Payment of $110.00 offset to the Credit Card Account (the Category field in the register). Balance in Friend Receivable Account remains $100.00.

Friend reimburses you for $100.00. Quicken entry: Checking Account Deposit of $100.00 offset to Friend Receivable Account (the Category field in the register). Balance in Friends Receivable Account is now $0.00.

Keep in mind you can do anything with the check (deposit it to checking, savings or cash it). The import thing is you will need to make an entry showing that you received the payment. This method allows your friends transactions to not show-up in your expense categories. Hope this helps.

Oilcan

Hi, Oilcan.

Very good example. Thanks!

And thanks to Andrew for the buttering up. ; Andrew:

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