Assigning a Category to a Transaction

Michael Trombetta

My partner and I took a vacation together. After doing the arithmetic, we found that I owe her some money. When I transfer money from my checking account to hers (both are in Quicken), the Category field has the name of her checking account. How can I assign a category to that money e.g. “2003 Vacation”?

volvogirl

Do you want a report of just your vacation expenses separate from hers? Which I guess would be half? If both of your accounts are in the same data file you could use TAGS to designate the person. Then run a report sorted by Tag or for just 1 Tag.

splasher

One option would be to not do a Quicken transfer, but two independent transactions, one in yours and one in hers, the problem is that if you then run a report on the "2003 Vacation", it will be high by the amount that you refunded to her since she has already accounted for all of the trip expenses and you just added some more.

I'm sure that someone else will come up with a better solution.

Michael Trombetta

Thanks for the suggestion, but as you say my expenses will be counted twice. There should be a better way - I just hope someone can suggest it.

NotACPA

You spent money on vacation and she spent money on vacation, you spent more, so you paid her to "even up".

That transfer money wasn't spent on vacation … it was just to balance out the expenses.

q_lurker

https://community.quicken.com/discussion/comment/20381632#Comment_20381632

In that two separate process, If he records his “check” to her as a Vacation expense and her side income is the same category, there will be no overall increase in the Vacation expense reporting. Reporting those expenses out of his accounts will show his expenses. If the math is right, reporting those expenses from her account will show the same total.

volvogirl

I have a feeling that both your accounts and her accounts are in the same Quicken file? If they are then it is tricky to enter but can be done. Is there only 1 vacation category or do you each have your own categories? I don't think you need to categorize your payment. Just put it in the memo line. The vacation category gets filled out when the expenses were paid.

@NotACPA did you mean the other way around….that SHE spent more so he owed her?

NotACPA

@volvogirl OOPS, you're right … but the Settle up Money is still not an expense. Vacation money had already been spent by both.

splasher

I agree with @q_lurker, doing the separate transactions against the same category will reduce her vacation expenses while increasing his.

Michael Trombetta

I wasn't clear. I would like to have expenses categorized such that when I make a report of MyVaction 2023 it will automatically give the correct sum.

q_lurker

https://community.quicken.com/discussion/comment/20381683#Comment_20381683

That was clear to me. If the transactions from your accounts and from her accounts are all properly categorized to the Vacation category, the report including those accounts will give correct sum.

Maybe what is not clear is if you are distinguishing between your personal vacation expenses and your vacation expenses as a couple.

NotACPA

Your payment to her is simply NOT a vacation expense … it's simply making her whole on her share of the total vacation.

Until you understand that, you'll never get the correct anounts.

volvogirl

Do you want a report of just your vacation expenses separate from hers? Which I guess would be half? If both of your accounts are in the same data file you could use TAGS to designate the person. Then run a report sorted by Tag or for just 1 Tag.

Michael Trombetta

Thank you for thd suggestion. I never use Tags, but now I see I better understand them.

volvogirl

But you would have to go back and add a Tag or both Tags to each transaction. And probably split out each expense for each person - half amount with her Tag and half for your Tag.

TTSguy

I think what he wants to show, is that on that vacation he wants to be able to see that the money gave her was a Vacation expense to him. This would take us back to trying to catagorize a transfer which can't be done. Using tag is the best way to do that.

Rocket J Squirrel

This seems simple enough.

@Michael Trombetta enters a properly categorized PAYMENT transaction to partner in his account, not a transfer.

Partner enters a corresponding DEPOSIT transaction in their account using the same category. Again, not a transfer.

The two transactions cancel each other and reports will be correct. No tags needed.