New to Quicken and could use some help...

Unknown

Quicken Home & Business 2018 R12.15 (Windows)

What are some good resources to learn how to use this software? I graduated last year with my Associates in Business and am going to pursue a career in accounting. I am trying to get a head start on things by using my house as a business. Myself and my roommates make up my account receivable, and my "accounts payable" are all of my bills.

I maintain a savings in the same account to create a buffer. Essentially I pay all of the bills up front, and my roommates pay me back. This way they don't have to worry about when they get their share of rent to me as long as its by the end of the month it all balances out. I also use this money to create payday loans for one of my roommates and I. What would be a good way to track this money? So far the best way I have found is to make it into a liability account, but I hate having it show up as a negative balance to be honest. Any ideas?

Roger M

Quicken doesn't publish any official guides, aside from the Help menu from the desktop, and the tips and tutorials on the web page, both which should be reviewed:
https://www.quicken.com/support#windows

Although I have not read it myself, here is a suggested book:
https://www.amazon.com/dp/1260117308/?coliid=I2MSNQ6ZRBRAT1&colid=1T2LCYEJA1WI9&psc=0&ref_=lv_ov_lig_dp_it

Roger M

For the type of loan you are referring to, search Quicken Help for "Lender Loan".

mshiggins

Roger M said:

Quicken doesn't publish any official guides, aside from the Help menu from the desktop, and the tips and tutorials on the web page, both which should be reviewed:
https://www.quicken.com/support#windows

Although I have not read it myself, here is a suggested book:
https://www.amazon.com/dp/1260117308/?coliid=I2MSNQ6ZRBRAT1&colid=1T2LCYEJA1WI9&psc=0&ref_=lv_ov_lig_dp_it

Although not published by Quicken Inc, the Official Guide is the only Quicken book endorsed by Quicken Inc. It has comprehensive coverage of Quicken features, including less commonly used features. If you want to learn a lot about Quicken, it's a good source.

UKR

Let's assume you have 3 roommates, Tom, Dick and Harry.
To track what each of your roommates owes you, simply create Cash accounts named Tom, Dick and Harry in Quicken.
Track the shared expenses directly from your bank checking or credit card account.
When you pay a bill, e.g., your electricity bill for $100.00, set it up as a split

• Utilities:Electricity  $25 <-- a category for your own budgeting needs
  
• [Tom]                    $25 <-- internal transfer to Tom's account
  
• [Dick]                    $25
• [Harry]                  $25

The first line allocates your share of the bill to an Expense Category in Quicken
The other 3 lines "transfer" Tom, Dick and Harry's shares to the Cash accounts you created.
After you save this transaction, you will see transactions appear in your roommates' accounts.
At the end of the month use the balance in each of these accounts ... "Tom, you owe me $xxx.xx". When Tom pays you, deposit the money in your checking account and record it as if it were a transfer to the [Tom] account, to reduce the outstanding balance in Tom's account.

Are you new to Quicken for Windows?

Welcome.

Please read this for more information, some videos and a list of resources to
help familiarize yourself with Quicken:

https://www.quicken.com/quicken-tips

https://www.quicken.com/complete-guide-getting-started-quicken-2018-windows

 

Help! (Quicken for Windows)

If you're unsure on
how to do something, you can find more information about a specific task,
function, feature or report in Quicken Help.

To access Quicken Help simply press the F1 key from anywhere in Quicken (or
click Help in the Menu bar, then click Quicken Help).

Use the Contents tab to see the available books in Quicken Help. Click on one
of the books to open it. Click on a chapter to drill down to more
details.

Or use the Search tab to search using keywords, e.g., "buy
security".

Some Quicken view screens may have a blue (or yellow) button with a question
mark. Click it to get view - specific help.

NotACPA

I'd also suggest that "Accounts Payable" may be to convoluted for your personal use ... since they simple represent bills that you need to pay.

With an A/P account, you'd need to input all of the bills into that account (using the appropriate Categories to record them) ... and when they're due then PAY them from the A/P account.

Since, presumably, you're using Cash Basis accounting, it's MUCH simpler to simply input those bills into Q with a future date and the splits that UKR suggested.  Then, the Tom, Dick & Harry accounts become your A/R.

And, the loan to your roommate is an ASSET, since you're lending the funds and you're keeping the books.  See "Lender Loan" in Q Help.

IF you're doing everyone's bookkeeping, then you need 4 separate Q data files ... one for each person.  The loan would then be a liability in the Q data file of the appropriate roommate.