Can you track payables with the Deluxe subscription?

delmerd

I know there's a bill tracker that I use for utilities and such, but what about stores where I purchase items on credit to be paid at the end of every month.

NotACPA

@delmerd, this is, by your description, a Credit account.  Whether you can use that card anywhere else is immaterial.

Set it up in Q as a Credit card account and record your purchases in that account.

When you make the monthly payment, record it as a transfer from your checking account to this store credit account

GeoffG

You can track any expense in Quicken regardless of the version. The difference between a CC purchase and other expenses such as utilities is category vs. account. You should setup the CC as an account (just as in real life) and track purchases and payments through dashboards and reporting.

Ps56k2

Not sure what your scenario is....

ie - I have a CC and pay a lot of things with it... like most folks -

In Quicken, you can track just about every transaction with a "category" or a "tag".

And then - you can setup a "reminder" to make those charges happen...
for example - charity donations, magazine subs, monthly charges/fees, etc

and then - create a Banking report that shows all those charges.

NotACPA

@delmerd, this is, by your description, a Credit account.  Whether you can use that card anywhere else is immaterial.

Set it up in Q as a Credit card account and record your purchases in that account.

When you make the monthly payment, record it as a transfer from your checking account to this store credit account

delmerd

@NotACPA
I believe you understood my question, apologies to the others if I was unclear. Yes, I have several stores where I shop regularly and I just sign forthe stuff. At the end of the month I clear my account with them.

I'm planning to switch over from Bluecoins on Android to use Q, so I'm figuring out each feature one by one until I am ready to make the switch. That app has an account type "Payables". I was surprised when I noticed Q didn't have that.

Setting it up as a CC might be a way to do it, will try it and see.

Much appreciated.

NotACPA

Higher levels of Q (such as "Home, Business & Rental Property" have an "Accounts Payable" type account ... but since such and credit card accounts are both Liability type accounts it really doesn't matter.

Also, the AP accounts in those higher level products are primarily for Business Payables (there's a counter-part "Accounts Receivables" type also).

BTW, the credit card that's tied to my brokerage account is also a "pay everything at the end of the month type", and in Q a Credit Card account type works well for this.

delmerd

I can see how that is mostly a business application. Since you mentioned the accounts receivable/payable pair - Do you have a solution for when you purchase something for a friend or family member, that you can track until they pay you back? In essence, the counterpart to the other feature, as you mentioned it.

Frankx

Hi @delmerd,

I think you are on the right track!

The only difference between a credit account with a single vendor (or store) where they let you "sign for the stuff" and a credit account with a single vendor where they issue you a card for use in their store(s) is the "card".  Otherwise these are accounts that allow you to buy things today and pay for them later.

In Quicken you will just need to set up a "credit card" type account under the name of the store and record your charges and payments in that one account.

Frankx

delmerd

I guess if CC works for receivable, you could use a saving account for the opposite.

NotACPA

For that, and other similar scenarios, I've set up an "Other Asset" type account that I've named "Receivables".

When I make a purchase (say with my credit card) it's a transfer into that "Receivables" account.  When I'm paid back, the deposit into my checking account is, likewise, a transfer into the Receivables account.  Since one's a purchase and the other a deposit, they offset each other in Receivables.  Then, in Receivables, I mark them both as Reconciled.

The Receivables account is set to show only "Unreconciled" transactions ... so the matched pair, while still in the account, disappear from view.

delmerd

@NotACPA Really appreciate your input. You solved an issue that would probably have been a deal breaker for me.

BK

@delmerd ,

RE: Do you have a solution for when you purchase something for a friend or family member, that you can track until they pay you back?

I volunteer to shop for elderly, where I purchase the items using my credit card and they reimburse me via a check, and this is how I set it up in Quicken:

(a) I use my Discover Card credit card which I had not used in ages for this purpose

(b) I created a brand new category in Quicken called "Other Shopping" with two sub-categories of Groceries and Pharmacy.

(c) I use the name of the person I am shopping for in the Tag field.

So all those purchases go into those two sub-categories and the proper tag.  That way I can easily run a report to track those specific expenses.

Then when I get a reimbursement check for say $100 ($70 for groceries and $30 for Pharmacy), I use the split feature to categorize that reimbursement payment accordingly in Quicken.

You don't have to go this far, but just to give you an idea.