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Using my credit card for Son and he pays me back

I have been buying things with my credit card for my son because I am in a "buying group". He pays me back for the purchases. How do I set up a category or account so these transactions do not show up when I show spending for last 30 days and the money he pays me doesn't show up as "income" in my checking account.

Answers

  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    edited July 6
    Understand, generally, that not all purchases with your credit card are "expenses" and not all deposits to your checking account are "income."
    Set up an asset Account in Quicken called "Due from Son" or something, and any purchase you make for him on your credit card goes into that Account.  When he pays you back and you deposit the funds the offset to the deposit also goes into the Due from Son Account.
    This transactions won't show up in a spending report as expense or income.
  • GeorgeDebGeorgeDeb Member
    I made an Asset Account " due from Son" and I can "Transfer" the credit card purchases and bank account income to this new account but they all show up as "increases" in the Due From Son account. It would be nice if the credit card purchases showed up as "decreases" so I could tell if he still owes me anything.
  • splashersplasher SuperUser ✭✭✭✭✭
    You could also make a category called "Due From Son" or "Reimbursable Expense".
    Then, use that category for both the expenditure and the reimbursement, in the end, they will zero out assuming the son makes good on his debts. :)
    Just make sure that the category has NO tax line associated with it.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list

  • ps56kps56k SuperUser ✭✭✭✭✭
    GeorgeDeb said: I made an Asset Account " due from Son" and I can "Transfer" the credit card purchases and bank account income...
    How are you performing these "transfers" -
    Are you using the syntax in the Category for ..... [acct name]


    Quicken 2020 Deluxe - Subscription - Windows 10
  • GeorgeDebGeorgeDeb Member
    Thank you all ! It turns out the Asset Account works well for me. The credit card purchases show up as increases but the money he sends to my checking account and I transfer to the Asset account show up as decreases. I can easily tell if he still owes me and all the transactions are outside of my reports.
    Thank you very much!
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