How to add a transaction where I paid or received cash

Sold a car for $1,800 in cash. Did not deposit the money. Instead, I have been using it for expenses. For example, I paid the auto service shop $60 for some work on my car. Since I keep track of auto expenses, I would like both the sale of the old car and the work done on my new car in Quicken.

I am creative. I could enter the cash as a deposit in checking then a withdrawal. I could do the opposite with the expense. Create a bogus deposit to Other Income, then a payment out of checking for Car Repair.

Do you have a better way?

Same thing could be done for non-cash charitable contributions where I gave clothing, TV, yard tools to charity and valued the donation at say $100.

Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    your idea makes sense...
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    @splasher is exactly right.  A really minor clarification I would make is to book the cash discrepancy adjustment to a category called something like "miscellaneous cash expenses" as opposed to "adjustment" to capture what really happened.

    Maybe I am not following as to how it would work, but trying to run non-cash contributions through quicken doesn't make sense to me.
    Quicken Premier Subscription, Windows 10 Home
  • Thanks for the replies.

    Bob - I wanted to explain the "Why I want this list." Maybe it will help in offering solutions. Sometimes, I get organized. When I do, I want one list. For example, other than non-cash, I have all auto repairs in Quicken. Furthermore, I have a tag for each car. So I can easily see the repair record of each car. Same thing with contributions. I run a list of charitable contributions for my tax return. Then I add in non-cash. Finally, I have an H.S.A. for medical. I sometimes pay for small prescriptions with cash. It would be nice to have one list of H.S.A. eligible expenses. Right now, I have my printout or export from Quicken, then I have non-cash H.S.A. eligible expenses I add to the spreadsheet.

    Does that make sense?
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    Sure, but you were talking about no cash contributions like clothing to charity.  I don't see how you would track those in quicken.  Seems a spreadsheet would work better. Just my opinion.
    Quicken Premier Subscription, Windows 10 Home
  • Mark1104
    Mark1104 Member ✭✭✭✭
    it works fine in Quicken....  just create a "misc income" item to offset the non-cash expense item.  But I'd create a unique 'other asset' to run the "misc income" and non-cash expense through.  I would NOT comingle it with your bank ACCOUNT.  Maybe not what the creators of Quicken were thinking, but it certainly can work.  
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    When I make a non-cash contrib to a charity (such as our local charity wine auction) I create, in my Cash account a transaction with at net $0 amount.
    It's a split transaction where the 1st line is a negative amount to my Wine category, and the 2nd line of the split is a positive amount to my Charity category.  The amounts are the same, so the net is $0.
    NOW, how I value the wine (or the clothing, or whatever) is another issue, but this is a simple way to record the transaction in  Q.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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