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

Partial payments

I have set up a manual check pay payee on the bill and income tab. For easy math I have a vendor that I owe $500 to I would like to pay $225 and somewhere see the remaining balance of $275. I've tried a couple things that I thought might work by by putting A tag on for reports or a memo or something of that nature and then somehow run a report to see the remaining balances but the columns on the reports would not reflect that. The best that I could come up with would be enter a manual loan Over on the set up account side wait until a check clears and then make the manual entry as a loan. The problem with that is it's not alone and it's affecting my reports. I can’t believe I'd be the only person using quicken to run into this issue but I can't seem to figure out what the solution would be. I've only been on quicken now for two days so I'm rather a newbie so anyone out there that can answer me please I'm open for suggestions even if it's a work around.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    How about setting up a "Payables"; liability account in Q?
    After creating the account, you'd post a $500 charge to the account, using a category appropriate to what the amount is for.
    THEN, when you record the check (payable to the Vendor) in Q, you use that Payables account as the Transfer/category.
    SO the original $500, minus the $225 would result in a value of $275 remaining as the liability.
    NOTE, that it's not necessary to use this Payables account for this single vendor.  It could be used with any vendor in the future.
    The counterpart is that I have a "Receivables" Asset type account for money that's owed to me.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
Sign In or Register to comment.