How do I do a bookkeeping only transaction -- No cash changes hands. ?
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Quicken Windows 2017 R16.2
I have given my teenage son an advance on his allowance. Let us say the advance is for $300.00. He is to "repay" the advance by me simply deducting $10.00 each week from his allowance.
For example each week his CASH allowance would be $50.00 less $10.00 for a total of $40.00
What is the best way to record the weekly transactions since the only cash withdrawal from my bank account is for $40.00? The $10.00 is only a bookkeeping transaction. I do want to be able to track the repayment of the advance so I can show him (as part of his money management education) a copy of the transactions.
I have given my teenage son an advance on his allowance. Let us say the advance is for $300.00. He is to "repay" the advance by me simply deducting $10.00 each week from his allowance.
For example each week his CASH allowance would be $50.00 less $10.00 for a total of $40.00
What is the best way to record the weekly transactions since the only cash withdrawal from my bank account is for $40.00? The $10.00 is only a bookkeeping transaction. I do want to be able to track the repayment of the advance so I can show him (as part of his money management education) a copy of the transactions.
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How do you normally record his allowance?
Because, the original $300 would be a transfer from one account (checking?) to another asset account, that you create.
Then, when you record the weekly allowance, do a split transaction:
$40 Transaction amount
Split 1: $50 to whatever category you use for his allowance
Split 2: -$10 to that 2nd asset account ... reducing it's balance.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Normally I record his allowance as a $50.00 withdrawal from my Cash account with the category as Son's Allowance.
Looks like your suggestion will work. I will do a trial transaction.
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I can not find out how to mark as "Solved" Thanks.0
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You can't, only moderators can and do if they notice that the OP (you) so states.I can not find out how to mark as "Solved" Thanks.
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