Question about Quicken

Discussion in 'Homesteading Questions' started by Charleen, Oct 15, 2005.

  1. Charleen

    Charleen www.HarperHillFarm.com Supporter

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    I have Quicken Basic 99 on our home computer to track our household finances. I have a question regarding how to categorize a specific expense and income.

    I mail out bi-monthly newsletters for our goat club and write a personal check to the USPS for postage, so this is recorded in Quicken as an expense. When the club reimburses me for postage, I deposit their check into my account, record it in Quicken as Income. But, technically, it's not income. It's a reimbursement.

    Is there a way to categorize this so it's not considered income? If I could do all this in cash instead of checks it would solve the problem, but it's not possible.
     
  2. MoBarger

    MoBarger Goat's Milk soap for sale

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    I have used 2004-2006. I set up categories and place income and expenses into their categories. I am not sure if you can do this in 99. Maybe you can use Help and search on categories, or google quicken basic 99 categories ?
     

  3. Jackpine Savage

    Jackpine Savage Well-Known Member

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    One way is when you enter the reimbursement check use the the same expense category as you used when you paid the USPS. It will cancel out when you run your reports at the end of the year.

    Otherwise you could set up a receivable account and use that rather than expense and income categories.
     
  4. bill not in oh

    bill not in oh Well-Known Member

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    Set up a petty cash account and use it for all your 'wash' transactions. Technically it shouldn't be considered an expense or income.
     
  5. lgslgs

    lgslgs Well-Known Member

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    I use Microsoft Money, and I can enter "negative income" or "negative expenses". I can do this by entering an income transaction but using an expense catagory (and vice versa).

    This is nice for accounting for rebates or expense reimbursements.

    Lynda