Recording a Bank Transaction Not As An Expense In Quicken
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?
Best Answers
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Why is it not an expense? In Accounting, there are only Income, Expense and Transfer transactions.
There are no "Phantom" transactions.
Q user since DOS version 5
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
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.
I'm staying on Quicken 2013 Premier for Windows.
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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.
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Answers
-
Why is it not an expense? In Accounting, there are only Income, Expense and Transfer transactions.
There are no "Phantom" transactions.
Q user since DOS version 5
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
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.
I'm staying on Quicken 2013 Premier for Windows.
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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.
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Okay thanks!
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