Category for joint checking contributions to household

Elaine2

I created an expense category called "household" to show contributions made to our joint checking to pay bills. I need help to understand what is the right way to categorize these transactions. 

1. I changed the category from expense to income-- that changes the balance at the bottom. It "looks" nice-- but technically it isn't income. . . 

2. Individual contributions made by each spouse *from* their individual accounts would rightly, be categorized as a "household" *expense*. However, how should the deposit made to the joint checking be categorized? How do I categorize that? 

3. Since the cashflow report is for household expenses-- maybe I need to exclude?? husbands income in this report-- because that is his income deposited into his personal checking account.

attached report for clarification. 

Suggestions insight appreciated. -- Thank you!

q_lurker

ASSUMPTIONS(?):  So in your Quicken file you have 3 checking accounts -- His, Hers, and Joint. 

Then the transfers would not be categorized to income or expense categories.  They would be transfers -- the category in "His" account would be [Joint].  That would create a matching transfer in the "Joint" account with category as [His].    

For the basic Cash Flow report, you can customize that to include transfers (Advanced tab) so the report would then show that transfer to the Joint account as coming (income) from 'His' account.

Different if the Quicken file has only the joint account.  In that case, the transfers in are effectively income.  I'd be more likely have a category of "Transfers in" or "Transfers from His" rather than the generic "Household".      

q_lurker

ASSUMPTIONS(?):  So in your Quicken file you have 3 checking accounts -- His, Hers, and Joint. 

Then the transfers would not be categorized to income or expense categories.  They would be transfers -- the category in "His" account would be [Joint].  That would create a matching transfer in the "Joint" account with category as [His].    

For the basic Cash Flow report, you can customize that to include transfers (Advanced tab) so the report would then show that transfer to the Joint account as coming (income) from 'His' account.

Different if the Quicken file has only the joint account.  In that case, the transfers in are effectively income.  I'd be more likely have a category of "Transfers in" or "Transfers from His" rather than the generic "Household".      

Elaine2

.. I think. . I solved my problem.

1. I realize now that the cashflow report or I & E need to be grouped by account. Cannot mix personal income from a personal account in with the household account *report*.

2. Created a category called Household-EXP and another for Household-INC that I think will do the trick. 

Other input very much appreciated!

Elaine2

q_lurker said:

ASSUMPTIONS(?):  So in your Quicken file you have 3 checking accounts -- His, Hers, and Joint. 

Correct.

Then the transfers would not be categorized to income or expense categories.  They would be transfers -- the category in "His" account would be [Joint].  That would create a matching transfer in the "Joint" account with category as [His].    

. . .I believe it was defaulting to this solution. I will correct these entries.

For the basic Cash Flow report, you can customize that to include transfers (Advanced tab) so the report would then show that transfer to the Joint account as coming (income) from 'His' account.

Got it!

Different if the Quicken file has only the joint account.  In that case, the transfers in are effectively income.  I'd be more likely have a category of "Transfers in" or "Transfers from His" rather than the generic "Household".      

This is probably the simpler solution-- including the transfers in the report.  Many, many thanks! -- Elaine. 

 : - )