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Issue with accounts sidebar

On the left hand side of the screen is the Accounts sidebar... I have two questions. Why is there a cash section under banking that replicates the entire banking category? Secondly is there a way to create a second banking group. I look after multiple banking groups and I do not want to see the balances of another group reflected in my group but I do not want to create a second Quicken file. I also want to create the concept of a petty cash account. i.e I withdraw money from my account.. lets say $200. I put that in my wallet. Some transactions I will record ... some I will just lump into a category, but I may reconcile that only every few months and I do not want to inflate my banking balance.. hope I am making sense.

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    All accounts of type Checking and type Cash fall into the Cash group in the sidebar. There is no way to change which account types are included or to create a 2nd cash group. Accounts of type Savings and Money Market will fall into the Savings group. Accounts of type Credit Card and Line of Credit fall into the Credit Card group. Again, no way to change this or create more groups. Since you describe the Cash group as containing all banking accounts, that tells me that you don't have any savings or credit card accounts.

    For your petty cash, create an account of type Cash and name it "Petty Cash". Show cash withdrawals from checking as transfers from Checking to Petty Cash. Record any cash spending you want documented as transactions in Petty Cash with appropriate category and memo. Occasionally enter a balance adjustment with a category such as "misc cash spending" to zero out the Petty Cash account and reflect non-documented cash spending for that period. 

    If when you say "look after multiple banking groups" you mean that you manage accounts for separate taxable entities (people or businesses), then the proper way to deal with that really is to use separate Quicken files. The File > Open Recent menu will let you easily switch among/between the files. 
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • alsipr01
    alsipr01 Member
    Thank you very much for the answer!! Since when are credit cards part of banking they are a liability ?? and since when is cash the same as checking and banking accounts?? The issue with multiple entities.. like a child for example.. want to transfer money to their account .. pain in the behind to bounce between multiple copies etc. I understand that Quicken is not a full blown accounting package.. but am I missing something here.
  • RickO
    RickO SuperUser, Mac Beta Beta
    I don't really have an explanation of why they chose to include which account types in which groups. I think some people think of credit cards as part of banking since they are short term debt (I'm one of them). I guess others use credit cards as long term debit. I think there's an idea topic in the forum about more flexibility in the sidebar groupings. You may want to search for and vote for that.

    The parent/child issue is a problem. The child is their own taxable entity, so they really should have their own file. But yes, it does make transfers from parent to child a bit harder to do. It's a tradeoff you have to decide how to manage.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
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