To Jim F, another cinerio

TJTJ Member ✭✭✭
edited October 2018 in
Boys mom sends check for 253.50 for boys various college expenses and it goes into acct 00-02 -my checking. Then I pay 278.38 from my checking to 30-146 boy's Visa  to pay those expenses. but in the interim I transferred 107.50 from acct 01- 01 to acct 01-08 in error (one personal one family), so to correct I then transferred 215.00 from 01-08 back to 01-01, ( I really wanted 107.50 directly from 01-08). so the 107.50 from 01-01 is going from my savings to my checking to help pay the visa bill transferring 107.50 from 01-01 (college savings) to 02-02 . It should show as a college expense item being paid by me but is listed on statement and register as a transfer. How can I show it as a college expense?

Comments

  • Jim F.Jim F. Member
    edited October 2018
    Here is how I would record that sequence.

    Enter check received from mother as a deposit into checking (00--02) and categorize the income College Support:Misc Exp with a Tag of Mother.

    I would think that you don't track your son's Visa, so I would record the pyment as a split expense. $253.50 Tagged as Mother and the difference wtih no Tag (or a "Me" tag). If you do track your son's Visa, then the transaction you enter in the Visa registry for the payment should have the expense categories and Tags split out.

    You lose me with all the transfers, but transfers shouldn't matter. You should only be concerned with actual Expenses.

    You should be able to create a custom report by including all the accounts involved, only the income/expense categories you are interested in, and remove all transfers. Transfers are just moving money around they don't record expenses. When you generate the report, select Tag in the "Column" pull down menu.

    You may want to look into Savings Goals in Quicken. You can setup a "College Savings" Savings Goal to capture how much of your savings is allocated to fund your son's education.

    I might think that you want to show the mother all the funds received and how they were spent. Record the income in the appropriate category and tag, ignore all of the transfers, and record the expenses in the appropriate category and tag.

    The is how I would do it. Feel free to post more questions if you have them. Post them as a comment to this thread so that I see them. I am watching this question.

    HTH
    Jim F.
  • TJTJ Member ✭✭✭
    edited November 2016
    Jim F. said:

    Here is how I would record that sequence.

    Enter check received from mother as a deposit into checking (00--02) and categorize the income College Support:Misc Exp with a Tag of Mother.

    I would think that you don't track your son's Visa, so I would record the pyment as a split expense. $253.50 Tagged as Mother and the difference wtih no Tag (or a "Me" tag). If you do track your son's Visa, then the transaction you enter in the Visa registry for the payment should have the expense categories and Tags split out.

    You lose me with all the transfers, but transfers shouldn't matter. You should only be concerned with actual Expenses.

    You should be able to create a custom report by including all the accounts involved, only the income/expense categories you are interested in, and remove all transfers. Transfers are just moving money around they don't record expenses. When you generate the report, select Tag in the "Column" pull down menu.

    You may want to look into Savings Goals in Quicken. You can setup a "College Savings" Savings Goal to capture how much of your savings is allocated to fund your son's education.

    I might think that you want to show the mother all the funds received and how they were spent. Record the income in the appropriate category and tag, ignore all of the transfers, and record the expenses in the appropriate category and tag.

    The is how I would do it. Feel free to post more questions if you have them. Post them as a comment to this thread so that I see them. I am watching this question.

    HTH
    Jim F.

    Okay I know where you're coming from, BUT..I had money in my personal sav (for College) acct before I got married. I got married and now track OUR checking acct too. I need to show that the money paid to his Visa for Coll Exp, was paid from  MY savings as a College Expense, even though I transferred from MY personal sav to OUR checking to make the pmt to Visa. Since they are both transfers, how can I link the transfer I made to OUR Checking acct from my savings as a college expense from one of my money accts (01 or 08) even though it was in the end paid from OUR checking through a transfer from MY sav to OUR checking? I now realize I should have put the check from his mom into MY Coll savings in the beginning. If you think this is confusing for you...I'm trying to keep track of these expenses for 2 of my sons AND 2 stepsons, and OUR Sav and Checking for the last 7 years. Should I just change the transfers to a "catagory in" and "catagory out" so I can use a college exp catagory for that entry. That is the only way I know to do it. I know a transfer is a transfer, but when I move money from the Coll Savings Acct to his checking (I don't track) or his Visa (I don't ) track it is in actuality an expense transaction from my Coll sav acct to his, for him to pay college expenses. This registry item is just a few of the ones I have that is messed up and I don't know how to fix. I have maybe 10 out of 8800 transactions!
  • Jim F.Jim F. Member
    edited October 2018
    I must admit I get a little lost in the explination occasionally. But, let me see if I can paint a picture unrelated to Quicken and accounts and simplify things.

    First my assumption is that it is your step-son and you are married to his mother. Which would be different than if it was your son and his mother was your ex-wife.

    You and your wife are in a room with a pot. Both of you put money into the pot towards college expenses and money comes out of the pot to pay for college expenses. I think the question you are asking is how much has each put into the pot and where did the money that was in the pot go?

    There are two steps to setting this up, properly recording the activity and properly setting up a custom report.

    The first question is, what is the pot? The pot is made up of one or more Quicken accounts from which the college expenses are paid. It sounds like everything is paid from the joint checking acount (OUR checking). If this is the case it simplifies things.

    It sounds like you are recording the transactions correctly, the only thing I might add is that you can add a Tag ("Me") to the transfers from my savings to our checking. It sounds like the way money gets added to the pot (our checking) is from a transfer from my savings or a check from your wife.

    I see that you may also pay expenses from my savings account (I assume it is a money market acct with check writing ability). So is the my savings part of the pot or not? This is important for setting up the custom report. If my savings is added as part of the pot the reporting will include the college expenses paid from there but it will mess up the transfers between it and our checking (they will be recorded as offsetting income and expense transactions).

    I would recommend copying the college related payment from my savings and pasting it in our checking (creating a copy of the expense transaction in the pot). Then I would change the college related payment transaction in my savings to a transfer to our checking (going into the pot). You should end up with two offsetting transaction in our checking account (a transfer in and an expense on the same day for equal but opposite amounts). They don't really exist in the our checking account, but they cancel each other out and make the reporting you want possible. I would probably set both of the transactions to a "Reconciled" status.

    If you don't want to muddy up the our checking registry with these offsetting transaction you can create another cash account just for this purpose and consider it part of the pot.

    Now for the reporting.

    I have QW2010 H&B and I would go to Reports & Graphs to the Banking area and click on Cash Flow and Cusomize.

    First change the Title to something related to College Funding activity and select a "Data range". Row should be Category and you can change Column to Tag. Leave the Organization as Cash Flow Basis, but you check out Income & Expense to see if you like it better.

    In the Accounts tab, click on "Clear All" and then select the accounts you consider to be "in the pot". This should be the our checking account and the cash account if you created one.

    In the Categories tab, select the income and expense categories you created for tracking college expenses, and then (this is very important) scroll down and select my savings account to include transfers from that account.

    Click on Show report and see what you have. It should generate a report that shows money thrown into the pot and where it came from and money taken out of the pot and where it went for a specific time period. I think you are un-naturally trying to tie specific income to specific expenses, but in reality you and your wife contribute into the pot and college expenses are paid from the pot. Once the money is thrown into the pot it is just a pile of cash.

    Those are my thoughts (Send Thanks if you like it ask questions through a comment if you have them).

    Jim F.
  • TJTJ Member ✭✭✭
    edited November 2016
    Jim F. said:

    I must admit I get a little lost in the explination occasionally. But, let me see if I can paint a picture unrelated to Quicken and accounts and simplify things.

    First my assumption is that it is your step-son and you are married to his mother. Which would be different than if it was your son and his mother was your ex-wife.

    You and your wife are in a room with a pot. Both of you put money into the pot towards college expenses and money comes out of the pot to pay for college expenses. I think the question you are asking is how much has each put into the pot and where did the money that was in the pot go?

    There are two steps to setting this up, properly recording the activity and properly setting up a custom report.

    The first question is, what is the pot? The pot is made up of one or more Quicken accounts from which the college expenses are paid. It sounds like everything is paid from the joint checking acount (OUR checking). If this is the case it simplifies things.

    It sounds like you are recording the transactions correctly, the only thing I might add is that you can add a Tag ("Me") to the transfers from my savings to our checking. It sounds like the way money gets added to the pot (our checking) is from a transfer from my savings or a check from your wife.

    I see that you may also pay expenses from my savings account (I assume it is a money market acct with check writing ability). So is the my savings part of the pot or not? This is important for setting up the custom report. If my savings is added as part of the pot the reporting will include the college expenses paid from there but it will mess up the transfers between it and our checking (they will be recorded as offsetting income and expense transactions).

    I would recommend copying the college related payment from my savings and pasting it in our checking (creating a copy of the expense transaction in the pot). Then I would change the college related payment transaction in my savings to a transfer to our checking (going into the pot). You should end up with two offsetting transaction in our checking account (a transfer in and an expense on the same day for equal but opposite amounts). They don't really exist in the our checking account, but they cancel each other out and make the reporting you want possible. I would probably set both of the transactions to a "Reconciled" status.

    If you don't want to muddy up the our checking registry with these offsetting transaction you can create another cash account just for this purpose and consider it part of the pot.

    Now for the reporting.

    I have QW2010 H&B and I would go to Reports & Graphs to the Banking area and click on Cash Flow and Cusomize.

    First change the Title to something related to College Funding activity and select a "Data range". Row should be Category and you can change Column to Tag. Leave the Organization as Cash Flow Basis, but you check out Income & Expense to see if you like it better.

    In the Accounts tab, click on "Clear All" and then select the accounts you consider to be "in the pot". This should be the our checking account and the cash account if you created one.

    In the Categories tab, select the income and expense categories you created for tracking college expenses, and then (this is very important) scroll down and select my savings account to include transfers from that account.

    Click on Show report and see what you have. It should generate a report that shows money thrown into the pot and where it came from and money taken out of the pot and where it went for a specific time period. I think you are un-naturally trying to tie specific income to specific expenses, but in reality you and your wife contribute into the pot and college expenses are paid from the pot. Once the money is thrown into the pot it is just a pile of cash.

    Those are my thoughts (Send Thanks if you like it ask questions through a comment if you have them).

    Jim F.

    Jim F. I appreciate your help and suspect you're a programmer or should be. I've taken another look especiallyl at reports and how they are compiled. The quicken program is GREAT but those with the ability to think more logically can use it to it's fullest extent. I've decided that it's most important to study what information in the registers the reports use for a given report (payee, catagories, tags, and memo's). Using all four of those  and combinations of those with different combinations of information is what gives you the info to ask for a given report. Once that is understood it becomes easier to put together catagories, tags and memos that are "usable" for reports.  My biggest frustration is how  transfers AND tags  are "linked". There are times when I transfer a given amount from my son's college savings to my son's checking in order for him to make a Visa pmt for college books  or living expenses.  I'd like to be able to see what of that amount came from "us", his mother, or his College savings account which includes transfers between those accounts.- Son #1 (I have 2 sonsI and two stepsons). I'd like to see- 1) if its a college tuition expense, or a misc exp say- rent. If a part of it came from us,  his mom, or his college savings and how much  2) show if my wife and I paid it from OUR checking acct or if funds came from his college savings. 3) What part of it came from his mother. 4) Show in a report ALL his expenses from his college fund, misc fund, and a total expense report for Jeff.  5) Show monies Jeff gave back from working, to reimbursement for his expenses. I want to show my wife how much came from "us" how much came from his mom, how much came from his College savings acct  and how much he reimbursed to us- these are the MOST impotant reports for me, and a total for all these. I have 10,000 transactions over the last 7 years in 10 different accounts with 2 sons and 2 stepsons, including transfers, and it makes it impossible to try to cover in this manner, but could use more help. I've learned to "group" all register entries in the register to see them as one by using a code of MF112807 in the memo field (date of earliest money movement for that transaction) which I can link in this case 12 transactions using 4 different accounts including transfers. I wish there was an easy way to show you my MF112807 registry entries, with expanations. I know I'm tring to do a lot, but that is what Quicken was designed to do. Have I made too big to be able to use...sometimes I think so! I took my MF112807 acct and drew a flow chart for it to see it but am still lost. I'm just realizing my reports (and cobination thereof) just don't "jive". If I had to go through an audit of some sort I'd fail miserably!
  • TJTJ Member ✭✭✭
    edited November 2016
    Jim F. said:

    I must admit I get a little lost in the explination occasionally. But, let me see if I can paint a picture unrelated to Quicken and accounts and simplify things.

    First my assumption is that it is your step-son and you are married to his mother. Which would be different than if it was your son and his mother was your ex-wife.

    You and your wife are in a room with a pot. Both of you put money into the pot towards college expenses and money comes out of the pot to pay for college expenses. I think the question you are asking is how much has each put into the pot and where did the money that was in the pot go?

    There are two steps to setting this up, properly recording the activity and properly setting up a custom report.

    The first question is, what is the pot? The pot is made up of one or more Quicken accounts from which the college expenses are paid. It sounds like everything is paid from the joint checking acount (OUR checking). If this is the case it simplifies things.

    It sounds like you are recording the transactions correctly, the only thing I might add is that you can add a Tag ("Me") to the transfers from my savings to our checking. It sounds like the way money gets added to the pot (our checking) is from a transfer from my savings or a check from your wife.

    I see that you may also pay expenses from my savings account (I assume it is a money market acct with check writing ability). So is the my savings part of the pot or not? This is important for setting up the custom report. If my savings is added as part of the pot the reporting will include the college expenses paid from there but it will mess up the transfers between it and our checking (they will be recorded as offsetting income and expense transactions).

    I would recommend copying the college related payment from my savings and pasting it in our checking (creating a copy of the expense transaction in the pot). Then I would change the college related payment transaction in my savings to a transfer to our checking (going into the pot). You should end up with two offsetting transaction in our checking account (a transfer in and an expense on the same day for equal but opposite amounts). They don't really exist in the our checking account, but they cancel each other out and make the reporting you want possible. I would probably set both of the transactions to a "Reconciled" status.

    If you don't want to muddy up the our checking registry with these offsetting transaction you can create another cash account just for this purpose and consider it part of the pot.

    Now for the reporting.

    I have QW2010 H&B and I would go to Reports & Graphs to the Banking area and click on Cash Flow and Cusomize.

    First change the Title to something related to College Funding activity and select a "Data range". Row should be Category and you can change Column to Tag. Leave the Organization as Cash Flow Basis, but you check out Income & Expense to see if you like it better.

    In the Accounts tab, click on "Clear All" and then select the accounts you consider to be "in the pot". This should be the our checking account and the cash account if you created one.

    In the Categories tab, select the income and expense categories you created for tracking college expenses, and then (this is very important) scroll down and select my savings account to include transfers from that account.

    Click on Show report and see what you have. It should generate a report that shows money thrown into the pot and where it came from and money taken out of the pot and where it went for a specific time period. I think you are un-naturally trying to tie specific income to specific expenses, but in reality you and your wife contribute into the pot and college expenses are paid from the pot. Once the money is thrown into the pot it is just a pile of cash.

    Those are my thoughts (Send Thanks if you like it ask questions through a comment if you have them).

    Jim F.

    another scenerio:: I transfer from my sons college savings acct in to my personal savings acct, then from my personal savings to my family checking. Then I write a check to my son for college expenses. So now I have two transfers, and one debit. I show the debit as a college expense for my son, with a college expense catagory, and a Tag: Jeff, (not CJ)  but how can I show it originally came from his College savings-technically, so I show my wife it didn't come from family funds, but rather personal funds I set aside before we were married. I 'm not sure how to do it except to annotate in memo...is that the only alternative?
  • TJTJ Member ✭✭✭
    edited November 2016
    Jim F. said:

    I must admit I get a little lost in the explination occasionally. But, let me see if I can paint a picture unrelated to Quicken and accounts and simplify things.

    First my assumption is that it is your step-son and you are married to his mother. Which would be different than if it was your son and his mother was your ex-wife.

    You and your wife are in a room with a pot. Both of you put money into the pot towards college expenses and money comes out of the pot to pay for college expenses. I think the question you are asking is how much has each put into the pot and where did the money that was in the pot go?

    There are two steps to setting this up, properly recording the activity and properly setting up a custom report.

    The first question is, what is the pot? The pot is made up of one or more Quicken accounts from which the college expenses are paid. It sounds like everything is paid from the joint checking acount (OUR checking). If this is the case it simplifies things.

    It sounds like you are recording the transactions correctly, the only thing I might add is that you can add a Tag ("Me") to the transfers from my savings to our checking. It sounds like the way money gets added to the pot (our checking) is from a transfer from my savings or a check from your wife.

    I see that you may also pay expenses from my savings account (I assume it is a money market acct with check writing ability). So is the my savings part of the pot or not? This is important for setting up the custom report. If my savings is added as part of the pot the reporting will include the college expenses paid from there but it will mess up the transfers between it and our checking (they will be recorded as offsetting income and expense transactions).

    I would recommend copying the college related payment from my savings and pasting it in our checking (creating a copy of the expense transaction in the pot). Then I would change the college related payment transaction in my savings to a transfer to our checking (going into the pot). You should end up with two offsetting transaction in our checking account (a transfer in and an expense on the same day for equal but opposite amounts). They don't really exist in the our checking account, but they cancel each other out and make the reporting you want possible. I would probably set both of the transactions to a "Reconciled" status.

    If you don't want to muddy up the our checking registry with these offsetting transaction you can create another cash account just for this purpose and consider it part of the pot.

    Now for the reporting.

    I have QW2010 H&B and I would go to Reports & Graphs to the Banking area and click on Cash Flow and Cusomize.

    First change the Title to something related to College Funding activity and select a "Data range". Row should be Category and you can change Column to Tag. Leave the Organization as Cash Flow Basis, but you check out Income & Expense to see if you like it better.

    In the Accounts tab, click on "Clear All" and then select the accounts you consider to be "in the pot". This should be the our checking account and the cash account if you created one.

    In the Categories tab, select the income and expense categories you created for tracking college expenses, and then (this is very important) scroll down and select my savings account to include transfers from that account.

    Click on Show report and see what you have. It should generate a report that shows money thrown into the pot and where it came from and money taken out of the pot and where it went for a specific time period. I think you are un-naturally trying to tie specific income to specific expenses, but in reality you and your wife contribute into the pot and college expenses are paid from the pot. Once the money is thrown into the pot it is just a pile of cash.

    Those are my thoughts (Send Thanks if you like it ask questions through a comment if you have them).

    Jim F.

    Jim thanks for all the help , it turned my light on upstairs and found two interesting things out: (1)  You can tag transfers differently as long as one of the tranfers is something in the Number column other than XFER. Anything that may help designate what one of either (the + side or - side). I use Reimb, so I can use different tags on transfers as long as one of the entries in the "number" field is not XFER!, Also discovered that the info in Memo is also linked to be the same, but after you've saved the registy entry, and both memo are the same, you can then go back and change the memo in either entry to be anything you want in either of the entries. I hope you understand...a bit hard to write about. Can you understand? Try it to see what I mean then pass it on to others however you see fit....thanks again!
  • Jim F.Jim F. Member
    edited September 2016
    Jim F. said:

    I must admit I get a little lost in the explination occasionally. But, let me see if I can paint a picture unrelated to Quicken and accounts and simplify things.

    First my assumption is that it is your step-son and you are married to his mother. Which would be different than if it was your son and his mother was your ex-wife.

    You and your wife are in a room with a pot. Both of you put money into the pot towards college expenses and money comes out of the pot to pay for college expenses. I think the question you are asking is how much has each put into the pot and where did the money that was in the pot go?

    There are two steps to setting this up, properly recording the activity and properly setting up a custom report.

    The first question is, what is the pot? The pot is made up of one or more Quicken accounts from which the college expenses are paid. It sounds like everything is paid from the joint checking acount (OUR checking). If this is the case it simplifies things.

    It sounds like you are recording the transactions correctly, the only thing I might add is that you can add a Tag ("Me") to the transfers from my savings to our checking. It sounds like the way money gets added to the pot (our checking) is from a transfer from my savings or a check from your wife.

    I see that you may also pay expenses from my savings account (I assume it is a money market acct with check writing ability). So is the my savings part of the pot or not? This is important for setting up the custom report. If my savings is added as part of the pot the reporting will include the college expenses paid from there but it will mess up the transfers between it and our checking (they will be recorded as offsetting income and expense transactions).

    I would recommend copying the college related payment from my savings and pasting it in our checking (creating a copy of the expense transaction in the pot). Then I would change the college related payment transaction in my savings to a transfer to our checking (going into the pot). You should end up with two offsetting transaction in our checking account (a transfer in and an expense on the same day for equal but opposite amounts). They don't really exist in the our checking account, but they cancel each other out and make the reporting you want possible. I would probably set both of the transactions to a "Reconciled" status.

    If you don't want to muddy up the our checking registry with these offsetting transaction you can create another cash account just for this purpose and consider it part of the pot.

    Now for the reporting.

    I have QW2010 H&B and I would go to Reports & Graphs to the Banking area and click on Cash Flow and Cusomize.

    First change the Title to something related to College Funding activity and select a "Data range". Row should be Category and you can change Column to Tag. Leave the Organization as Cash Flow Basis, but you check out Income & Expense to see if you like it better.

    In the Accounts tab, click on "Clear All" and then select the accounts you consider to be "in the pot". This should be the our checking account and the cash account if you created one.

    In the Categories tab, select the income and expense categories you created for tracking college expenses, and then (this is very important) scroll down and select my savings account to include transfers from that account.

    Click on Show report and see what you have. It should generate a report that shows money thrown into the pot and where it came from and money taken out of the pot and where it went for a specific time period. I think you are un-naturally trying to tie specific income to specific expenses, but in reality you and your wife contribute into the pot and college expenses are paid from the pot. Once the money is thrown into the pot it is just a pile of cash.

    Those are my thoughts (Send Thanks if you like it ask questions through a comment if you have them).

    Jim F.

    Clear as a bell TJB! Glad you were able to figure things out :)
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