move expense receipt to the main farm account

new to accounting practices
have a ranch with 2 other people. we each put 1/3 money in ranch account and it buys most items needed to run the ranch. there are a few times i buy some items that i was going to use for my expense but decided to pass it on to the ranch.

i have a AP where i paid for the part a couple of months ago and it is category as bobcat-part.

so this is how i think it works to get the expense transferred from my farm acct to the main

create inv to main ranch in my AR with one line item receipt number R24 category as return R (INCOME) and description. Then i get a check. Create a line in AR for payment to tie this invoice to the transaction in the bank acct

so to finish, i need to goto the orginal receipt R24 and switch the category bobcat-part to
refund (Expense)

now the expense to moved back into the banking acct.

I this the correct process in accounting
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Answers

  • Quicken Anja
    Quicken Anja Moderator mod
    edited May 10
    Hello @wtcubar,

    Thank you for reaching out to the Community with your question.

    It sounds like you are trying to create a transfer transaction between 2 accounts (please correct me if I misunderstood). If so, please refer to this Help Article for instructions.

    Additionally, being that you are a new user, I would like to also inform you that you do have the option to schedule a one-on-one tour with our Quicken 1-2-3 team. 

    By doing so, one of our Quicken 1-2-3 team members will contact you via phone at your scheduled appointment time. This team has been specifically trained and put together to assist our new customers in getting familiarized with the program and learn how to utilize it to fit your needs, as well as answer any questions and/or address any concerns you may have.

    If this is something that would interest you, then please, click here to select a time slot and schedule your tour! Alternatively, you can also call them directly at your own convenience. The phone number can be found through that same link.

    I hope this helps!
    -Quicken Anja
  • wtcubar
    wtcubar Member
    Yes between 2 accounts, but I do not have control or access to the main farm account. Send a paper inv and get a check to put in my farm act.

    Yes I could use a one on one session. I would like to work at it a little more before the session so I have some good question and something actually working

    thanks
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