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Setup category correctly for certain situation

treehstn

I'm pretty new to Quicken and am not sure how to set up a category for a certain situation. My Quicken is really just for me to balance my checking account and try to get a better look at my spending and budgeting. Nothing too fancy. But I have a situation that I'm not sure how to set up properly.

I have a family member that I loan money to quite often and then they pay me back often. There could be several transactions each month. I'd like to show them in an account that will hold a running balance of what they owe me. I'm assuming that this would be an Accounts Receivable account? So I would put any transactions in that account and they should balance out? Or should it go through an Expense account instead?

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treehstn

Quicken Classic Premier for Windows ver. R57.16

volvogirl

Yes set up an Account like a Asset Account. When you loan them money or they pay you, it's a entry in your checking account as a Transfer to the Asset Account. I think you mean an Expense Category. No it's not an Expense.

treehstn

https://community.quicken.com/discussion/comment/20442606#Comment_20442606

It looks like there are only expense and income categories that I can add to. When I search online for adding an asset account I found instructions for adding different kinds of stocks but that's it…. Sorry some of this isn't clicking for me very well!

treehstn

Is this the correct setup?

https://help.quicken.com/pages/viewpage.action?pageId=3217587

volvogirl

You don't want a Category. Just make another Account like your checking account. I have old Quicken 2013 so I don't know what the new Add screens look like but on mine you can go up to Tools-Add Account. Then set it up under Property & Debt - Other Asset. You want to set it up as a manual account, so if it tries to go online and find an account stop that and look at the bottom for Advanced setup.

volvogirl

No I don't think you need that one. That is if you made a one time loan with a payment schedule with interest. But you do want to add an Asset Account. You might look under the Property category.

q_lurker

I think the page you cited IS the correct general path. But if you are not getting paid back on a regular schedule, by defined interest rates and term, you likely do not need to convert the account initially created to a lending loan. Just create the Asset Account [They-Owe-Me]. When you 'lend' them money, it is a transfer from your cash or checking account to the asset account. As they pay you back, the transfer goes the other way. The 'balance' in the account is what they owe you overall at any point in time.