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Tracking Split Meals - "Venmo You Later" problems

How do I track expenses that are split among friends? For example, when I go out to dinner with friends and I'll put my credit card down for the entire bill and then request them for their part over Venmo or Apple Pay. In my Quicken spending, it will look like I've just spent $300 dollars on dining out, when in reality I might have spent $40 myself and received a number of venmo income payments of around $40 from each of my friends. How do I reconcile this so that my spending budget isn't thrown off?

Comments

  • Arctic Hare (H&B 2019 Canadian)Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭✭
    edited January 2019
    @Dominic: there are a couple ways that you can handle that type of transaction in Quicken. The way that I handle it is as follows:

    If I charge the entire bill to my credit card, I enter it as split transaction. The portion that is truly my expense gets assigned to the food - dining/restaurants (or similar) category. I charge the remainder to a category that I created that is called "Reimburseable". Then, when I receive monies into that account or another account to cover the other peoples portions of the bill, I also assign those to the reimburseable category. The expectation is that the Reiburseable category returns to a zero balance once I received all the monies owed to me. I can run a report on the Reimburseable category and ensure it normally is at zero (as the outflows are offset by the corresponding inflows).

    You can take this one step further by using Tags to assign each Reimburseable expense to a particular person. That is, if your friend John's bill was, say $45, then you would assign his expense to the Reimburseable category and the Tag to Friend John. This would help you find the missing matching inflow transaction if you Reimburseable amount doesn't come back down to a zero balance as expected.

    There are other ways to accomplish this. This is how I do it and it works well for me.
  • bmciancebmciance SuperUser ✭✭✭✭✭
    edited January 2019

    @Dominic: there are a couple ways that you can handle that type of transaction in Quicken. The way that I handle it is as follows:

    If I charge the entire bill to my credit card, I enter it as split transaction. The portion that is truly my expense gets assigned to the food - dining/restaurants (or similar) category. I charge the remainder to a category that I created that is called "Reimburseable". Then, when I receive monies into that account or another account to cover the other peoples portions of the bill, I also assign those to the reimburseable category. The expectation is that the Reiburseable category returns to a zero balance once I received all the monies owed to me. I can run a report on the Reimburseable category and ensure it normally is at zero (as the outflows are offset by the corresponding inflows).

    You can take this one step further by using Tags to assign each Reimburseable expense to a particular person. That is, if your friend John's bill was, say $45, then you would assign his expense to the Reimburseable category and the Tag to Friend John. This would help you find the missing matching inflow transaction if you Reimburseable amount doesn't come back down to a zero balance as expected.

    There are other ways to accomplish this. This is how I do it and it works well for me.

    I do pretty much the same thing except that my "reimbursable" is not a category, it is an asset account.  This way those charges never show up in expenses at all.  Once all of the money is received the asset account should net out to a zero balance.
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