Budget

I set up a budget. I pay my credit cards off as soon as they show a balance. So, in the budget, I show a credit card bill expense of say $100 and then I show a shopping expense of $100. It shows as a total expense of $200 when It is in reality $100. This throws my budget off as both transactions are showing as expenses. Did I set this up correctly? How can I fix this? Thank you

Comments

  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    Your credit card payment should be a transfer from checking, not an expense.  Only the charge (shopping) is an expense.  The transfer is excluded from the budget.  
  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    extending @bmciance's reply.  An expense reduces your net worth, as your card purchase did by increasing your debt.
    Your payment of that card merely transferred cash, an asset, to the card liability.  That's not an expense.
    And, its usually suggested that you pay your card when the bill arrives ... not as soon as every purchase posts .. if I'm understanding you correctly
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • MWcfo2800
    MWcfo2800 Member
    I have used Quicken at home for years. I am now using Quicken for bookkeeping for our small church. I want to enter the budget for the year and not break it out into months. How do I do that? It wants me to enter monthly amounts. REDICULOUS FOR A $ 50 PER YEAR CATEGORY FOR A LICENSE.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    I don't know which edition of Quicken you are using, Starter Edition, Deluxe or higher, but ...
    you should always be able to enter a monthly amount as annual amount divided by 12: 1200/12[Enter]

    When done recording your budget for all categories for one month, to copy the Budget to the other months of the year do this:

    In Deluxe and higher editions:

    •     Switch from the monthly Graph mode to the Annual View.
    •     Assuming February is the monthly column where you created your budget: Click the February column header.
    •     A popup will let you select from options to copy February budgeted amounts for all categories forward and/or backward to the other months of the year.
    •     Done.

     

    The Annual View is not available in the Starter Edition.

    •     Here you have to select each category individually in the Monthly Graph View.
    •     When selected, a gear icon appears next to the budgeted numeric amount along the right side of the view. Click the gear icon and you will have options to copy the budget for this month over the remaining months of the year.
    •     Repeat for all other categories.