Cashing a personal check for a family member
Once a month I transfer cash from my checking account to my cash account in Qucken which I give daughter. She reimburses me with a personal check which I deposit into my checking account.
Since this is not an expense, how do I categorize these two transactions in the register?
Thank you.
Answers
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How about just creating a category of "Daughter's Loan"?
Both transactions go into the category, and then offset each other.
And BTW it is an expense until she pays you back.
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You indicate you transfer "in Quicken" the money to your cash account. You can treat the deposit back into your checking account as from that cash account and the two transactions will balance out against each other.
Or are you trying to track what goes goes to your daughter for some reason? In which case, I would see
- Amount from [Checking] to [My Cash] (transaction you are already recording, I think)
- Amount from [My Cash] with payee = Daughter, Category = Misc (or any other desired category)
- Later, Deposit into [Checking] from Payee = Daughter, Category = Misc (or any other desired category, same as used in #2)
The steps 2 and 3 will balance out for no net expense in the chosen category.
(This is essentially the same the Chris suggested where he had a specific "Daughter's Loan" category.)
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