How to add a share expense with another person?

I would like to add a monthly bill (say rent or car payment) that I share with someone else.  For record keeping purposes, I'd like to know the total bill, but how to I only show my portion on my checking account tab?

Comments

  • Steven VagnozziSteven Vagnozzi Member ✭✭
    edited December 2018
    I would create a pseudo account for the other person and split the transaction between your checking account and the pseudo account.
  • Connie BrownConnie Brown Member ✭✭
    edited December 2018

    I would create a pseudo account for the other person and split the transaction between your checking account and the pseudo account.

    Good idea. I would do the same.
  • SherlockSherlock SuperUser ✭✭✭✭✭
    edited December 2018
    There are a few ways you can handle a shared expense.  Using a split transaction, you may use an entry to reflect the portion paid by someone else.  Let's say rent is $1000 and you're only paying $600.  In the split transaction, there would be an entry of $1000 for rent and an entry reflecting a reduction $400 paid by someone else for a total of $600.  You can use a distinct category for the reimbursement or rely on a memo or a tag for reports. 
    Quicken user since 1997
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  • AngieAngie Member
    edited December 2018
    Thank you for your help!  I like the idea of the Pseudo Account.  I was thinking about that as well... but didn't know if there was a better way
  • SimonSezSoSimonSezSo Member ✭✭
    edited December 2018
    I would set up a "receivable" account for the other person on Quicken.  Each time there is an expense to split, do a split transaction, like such:

    1.  Your portion of the Rent - 500
    2.  [Acct Rec - for the other person] 500

    Total rent is 1000.  That total amount will show in your checking account, but only 500 will be categorized as rent. 

    Item #2, is a transfer into the receivable account for the other person.  What will ultimately happen is that the receivable account will accumulate a balance from each of the split transactions so you will always know what the current receivable balance is.  Then whenever you want to "settle up", the other person would write you a check or transfer money to you.  The category on the payment would be a transfer into the receivable account  - "[Acct Rec - for the other person]".  The payment would be an offset to the "receivable" balance in the Receivable Account.


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