how to record an expense in one category as income in another?

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I'm trustee of a trust fund. When I write a check to myself for administering the trust, that is income to me as trustee and also an expense to the trust. How do I record this in a single entry?

Quicken Starter edition, Windows 11.

Thanks!

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
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    First of all, if the trust files its own tax return on Form 1041, it should have its own Quicken data file.

    But if it shares your data file, the trust should a least have its own account(s) in that file. In that case, when you make a payment to one of your accounts, you should record it as a transfer in the trust account, using your account in [square brackets] as the Category.

    QWin Premier subscription
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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    Yes the Trust accounts should be in a separate data file from your personal accounts. Go up to File-New Quicken File. Otherwise to enter it in the same data file you should make 2 entries or you can split a single entry.

    To make 2 entries you make an entry in the trust checking account to the expense category. Then you enter the deposit into your personal account with an income category.

    Or to split one transaction to pay yourself $1,000. Enter a split transaction as 3 lines in the Trust Checking Account to
    Trust Expense Category 1,000
    Personal Acct Deposit in Brackets like [Checking] +1,000
    Personal Income Category -1,000

    Not sure which way the signs should go on the Personal Acct & Category. If it doesn't enter the deposit as a plus to your personal checking account then reverse the signs.

    I'm staying on Quicken 2013 Premier for Windows.

  • Oldpilot
    Oldpilot Member ✭✭
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    Okay, thanks, that gives me something to work with!