“Quicken Tips” Archive

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Tracking Cash Spending Using Quicken

I like to keep track of all spending in Quicken. To me, cash can often be forgotten about when it comes time to looking at your finances. Here’s a way that has helped me keep track – and it actually was a big reason why I basically now live a cash-free life. Just too much cash was spent and it added up quickly. It was an eye opener to say the least.

The first thing you need to do is create a new cash account in Quicken. I like to call mine “Cash on Hand.”

There are a few ways you would obtain cash.

1.) Cashing a check outright. In this case, you would record a deposit directly in your Cash on Hand account, making sure you selected the correct income account (just like you would if you deposited the check into your checking account).

2.) Depositing a check into your checking account and receiving some cash back. Enter your deposit as you normally would. On the very last line, select your Cash on Hand account. Enter the amount of cash you are receiving back as a negative number. Then select “Adjust Total.” The total showing as a deposit in your bank account should match your deposit slip.

3.) ATM Withdrawl and/or cashing a check to yourself from your checking account. Enter a check or withdrawal like you normally would. Select your Cash on Hand account as the category.

All three of the examples above record money coming into your Cash on Hand account. Now how do you get it out?

All you need to do is open up your Cash on Hand account and record transactions just like you would in your checking account.

Because it is likely that some cash will get misplaced or spent without being tracked, it is a good idea to count how much cash you have on you on a monthly basis. Then, adjust the Cash on Hand register to reflect what you really have. In the example, I actually had $70.56 left at the end of June. So I entered an adjustment to “spend” $10.44 to bring the register to the actual amount I have. For these adjustments, since you are not sure where the money went you can put it to a miscellaneous account.

Maybe you decide that you do not want to have cash on you anymore and you put it back in the bank. All you need to do is open up your checking register and enter a deposit. For the category, select Cash on Hand. As soon as you record that deposit, you will see that your Cash on Hand has been reduced by that amount.

It takes more work to keep track of things such as cash, but if you are really trying to get a hold of your finances I would suggest giving it a try for a little while. You do get faster at it and the information you might discover could prove invaluable.

Posted by Tricia on June 22, 2006 at 10:48 AM in Quicken Tips | 4 Comments »
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A Tip for Tracking Rebates in Quicken

I love using Quicken to keep track of my finances, and I cannot say enough great things about it. I thought it would be great to share some of my knowledge of the program here.

Today’s tip revolves around Rebates! Rebates can be great, but they can be problematic. I know I have forgotten about rebates that were due to me, so I set up a system to help me remember :)

First of all, you will need to create a new account within your Quicken file. Name it “Rebate Receivable” (or whatever you’d like) and make it an Asset account.

When you make a purchase, fill in the information as you normally would, including the split detail and breaking down your expenses.

After you finish entering things normally, go to the next line and enter your Rebate Receivable account. Insert the value of the rebate.

In the next line, choose what expense that rebate is going towards. Make sure that it is a negative amount. Making it a negative amount reduces the amount of your expense, which is what the rebate is doing.

When both lines are entered correctly, the total showing in your register will equal how much you spent and now you will have your rebate showing as an asset. It even has it’s own register that you can open and review and make sure you have been receiving your rebates.

Now, when you receive your rebate check, you need to do the following to record it (and remove it from your Rebate Receivable account).

Enter your deposit as you normally would. On the next line, choose your Rebate Receivable account and enter the amount of the rebate check.

Once you save it, that rebate amount will be removed from your Rebate Receivable account.

And that’s it! Just a few simple steps that can help you keep track of those rebates! :)

Post included in the Carnival of Personal Finance #46 at Consumerism Commentary.
Tags: quicken, rebate, tracking+rebates

Posted by Tricia on April 24, 2006 at 6:51 PM in Quicken Tips | 4 Comments »
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