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allocating funds for bills

I want to be able to allocate money for bills so that I can get an accurate idea of how much money I actually have. For example, I might show that I have $1500 in my account, but I need $1200 for rent and $100 for insurance, etc. I don't want to use bill pay, I just want to be able to set the money aside so I have an accurate idea of the available money in my account. It looks like it might be possible using an accounts payable account, but that seems like it might be overboard.

Comments

  • UnknownUnknown Member
    edited October 2018
    set up a cash account, call it Bills not due, or whatever you like.
    Transfer the money you want set aside to that account.
    when the bill comes due, transfer the money back.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited March 2017
    Hershey said:

    set up a cash account, call it Bills not due, or whatever you like.
    Transfer the money you want set aside to that account.
    when the bill comes due, transfer the money back.

    BAD IDEA, as it will screw up Justin's reconciliation of the account.

    A better idea, especially for Rent and insurance where there's a fixed amount each month, would be to use Savings Goals. See Q Help for how to use them.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    I would suggest setting up reminders for the monthly bills and using the Show Reminders in Register setting in your checking account register to see the impact to your balance of those recurring bills.


    I would use Savings Goals for bills where you need to acumulate the funds over a period of months, like auto insurance that you pay every 6 months.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited March 2017
    Hershey said:

    set up a cash account, call it Bills not due, or whatever you like.
    Transfer the money you want set aside to that account.
    when the bill comes due, transfer the money back.

    "Show reminders" would work well also.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UnknownUnknown Member
    edited March 2017
    Hershey said:

    set up a cash account, call it Bills not due, or whatever you like.
    Transfer the money you want set aside to that account.
    when the bill comes due, transfer the money back.

    Thank you, I was doing something like Hershey mentioned in another program and I had to add the accounts together to get a total. One of the reasons I got Quicken was because I wanted to do something less confusing.
  • UnknownUnknown Member
    edited March 2017
    Hershey said:

    set up a cash account, call it Bills not due, or whatever you like.
    Transfer the money you want set aside to that account.
    when the bill comes due, transfer the money back.

    I will try to set reminders.
  • UnknownUnknown Member
    edited March 2017
    Hershey said:

    set up a cash account, call it Bills not due, or whatever you like.
    Transfer the money you want set aside to that account.
    when the bill comes due, transfer the money back.

    So far so good! I am using reminders for monthly bills and savings goals for bills that I save for over multiple months as well as budgeted items such as food. So far it seems to be working great.
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