Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO
How do I account for an expense deducted from a deposit?
I sold a house. A vendor had done some repair work. Instead of me paying the vendor, the escrow company paid the vendor and deducted it from my total sale income from the house. I received a "Net" check from Escrow reflecting all expenses (including repair) I owed from the house sale transaction. How do I enter/categorize this repair expense as a split item on the escrow deposit entry? Basically, I would have received more from the escrow if I would have paid the vendor directly (and entries would have been simple). Just entering a split with the expense and corresponding "replacement" amount categorizes this expense correctly but artificially inflates the income. Probably more of an accounting question...but I'm a rookie!
This discussion has been closed.