How do I account for my income at the end of the month for the next month's expenses?
Quicken Subscription for Mac - I am paid at the end of the month, so I use the previous month's income for the current month's expenses. Is there any way to see that data without changing the deposit dates in the registers? I need to keep track of my cash flow.
Best Answers
-
well, if you are trying to keep track of your cash flow, then technically, you receive cash this month and expense it next month. the cash flow is being reported correctly; since you are trying to "cheat" by reflecting this months cash received as being received next month, then changing the date of waged received is the way to go.
0 -
Yes, he was saying you could just change the date of the paycheck deposit transaction in Quicken to the first of the next month. But then in order to reconcile with your monthly bank statement, in Quicken you would need to enter the ending date as the first of the next month rather than the 30th/31st of the month, allowing you to see and check off the pay deposit near the end of the month.
Quicken Mac Subscription • Quicken user since 19931
Answers
-
well, if you are trying to keep track of your cash flow, then technically, you receive cash this month and expense it next month. the cash flow is being reported correctly; since you are trying to "cheat" by reflecting this months cash received as being received next month, then changing the date of waged received is the way to go.
0 -
Is your monthly pay the same from month-to-month? If yes, you could enter your pay as a monthly scheduled transaction, and simply mark the next scheduled instance — the one at the end of the current month — as Deposited. This doesn't change the date; it just changes it from schedule to a real transaction. And then any report or budget for the current month would include your pay (from the end of the month) and your expenses. This approach wouldn't work if your monthly pay was variable.
Quicken Mac Subscription • Quicken user since 19931 -
@Mark1104 Thanks for the reply. When you say to change "the date of waged received", do mean to change the transaction date or am I missing a trick in the Quicken system? TIA!
0 -
Yes, he was saying you could just change the date of the paycheck deposit transaction in Quicken to the first of the next month. But then in order to reconcile with your monthly bank statement, in Quicken you would need to enter the ending date as the first of the next month rather than the 30th/31st of the month, allowing you to see and check off the pay deposit near the end of the month.
Quicken Mac Subscription • Quicken user since 19931