Recording a Bank Transaction Not As An Expense In Quicken

Paddy

I track monthly expenses in Quicken for retirement planning purposes but one time outlays are tracked in a different way. When I receive this one time transaction, is there a way to capture it so it doesn't show up in my monthly expenditures under the Spending Tab?

NotACPA

Why is it not an expense? In Accounting, there are only Income, Expense and Transfer transactions.

There are no "Phantom" transactions.

volvogirl

You could transfer it to another account you set up for it. Can you give an example? What are you categorizing it to? If you run a report don't include that category.

bmciance

It really depends on the "one time" transaction. For example, if it is to buy a car then you should create an asset account for the car and use that as the "category" of the transaction.

On the other hand, if it is just a "rare" expense I would say it still belongs in the Spending Tab since you did spend it.

NotACPA

Why is it not an expense? In Accounting, there are only Income, Expense and Transfer transactions.

There are no "Phantom" transactions.

volvogirl

You could transfer it to another account you set up for it. Can you give an example? What are you categorizing it to? If you run a report don't include that category.

bmciance

It really depends on the "one time" transaction. For example, if it is to buy a car then you should create an asset account for the car and use that as the "category" of the transaction.

On the other hand, if it is just a "rare" expense I would say it still belongs in the Spending Tab since you did spend it.

Paddy

Okay thanks!