How do I do a bookkeeping only transaction -- No cash changes hands. ?

Quicken Windows 2017 R16.2

I have given my teenage son an advance on his allowance.  Let us say the advance is for $300.00. He is to "repay" the advance by me simply deducting $10.00 each week from his allowance. 

For example each week his CASH allowance would be $50.00 less $10.00 for a total of $40.00

What is the  best way to record the weekly transactions since the only cash withdrawal from my bank account is for $40.00?  The $10.00 is only a bookkeeping transaction. I do want to be able to track the repayment of the advance so I can show him (as part of his money management education) a copy of the transactions.

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    How do you normally record his allowance?
    Because, the original $300 would be a transfer from one account (checking?) to another asset account, that you create.
    Then, when you record the weekly allowance, do a split transaction:
    $40 Transaction amount
    Split 1: $50 to whatever category you use for his allowance
    Split 2: -$10 to that 2nd asset account ... reducing it's balance.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited August 2018
    Normally I record his allowance as a $50.00 withdrawal  from my Cash account with the category as Son's Allowance.

    Looks like your suggestion will work.  I will do a trial transaction.


  • Unknown
    Unknown Member
    edited October 2018
    I can not find out how to mark as "Solved"  Thanks.
  • splasher
    splasher SuperUser ✭✭✭✭
    edited May 2020

    I can not find out how to mark as "Solved"  Thanks.

    You can't, only moderators can and do if they notice that the OP (you) so states.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
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