collection accounts

Kim1980 · July 2019

I have multiple medical bills in multiple collection agencies. I am attempting to fix my credit (again). It's hard to keep track of, which is part of the excuse of why they are all still in collections. (Also, it helps to actually have money to pay them).

I just bought quicken, and I can't figure out how to put the collection accounts in so that it will track them and update the balance due monthly.

NotACPA · July 2019

Those accounts would be a Liability ... money that you owe. Have you set them up as such? There's no such thing as a "Bill account" in Quicken.

And, by using TAGS (see Q Help for that info) you can use a single Liability account for all of them. Each collection agency would get its own Tag ... so that by looking at the Liability account you can see the total amount owed, and by running a transactions report, selecting only that account and subtotaling by Tag, you can see the total amount owed to each agency.

You might also do some research and see if you can find "Quicken Medical Expense Manager". Quicken themselves hasn't offered it for several years ... but it's what I've used for 20+ years to manage my medical expenses. It can track by specific event if you wish. I just checked both eBay and Amazon ... but I couldn't find it there.

IF you do find it, check out http://www.quicknperlwiz.com/quicken-med-expenses.html which has the one and only update to QMEM.

Valderi · July 2019

To help you, I need an exemple to be more precise.
Maybe you have to create one budget Item for each agencie / or to create one account / or using TAGS… I need more information. Don't give any account or agencies numbers only exemples.

Kim1980 · July 2019

For example I was trying to add the accounts within one agency as a "bill" so that I can make sure it is paid monthly and will automatically categorize it as "health/doctor" since they are all from doctor visits. Unlike most monthly bills, this would be paid off eventually.
I don't know how to use the tags, would that be a better way to do this?

NotACPA · July 2019

Those accounts would be a Liability ... money that you owe. Have you set them up as such? There's no such thing as a "Bill account" in Quicken.

And, by using TAGS (see Q Help for that info) you can use a single Liability account for all of them. Each collection agency would get its own Tag ... so that by looking at the Liability account you can see the total amount owed, and by running a transactions report, selecting only that account and subtotaling by Tag, you can see the total amount owed to each agency.

You might also do some research and see if you can find "Quicken Medical Expense Manager". Quicken themselves hasn't offered it for several years ... but it's what I've used for 20+ years to manage my medical expenses. It can track by specific event if you wish. I just checked both eBay and Amazon ... but I couldn't find it there.

IF you do find it, check out http://www.quicknperlwiz.com/quicken-med-expenses.html which has the one and only update to QMEM.

Kim1980 · July 2019

That gives me some ideas, thank you! I used to be a lot better at this stuff. Way back when I was first married and before adopting 3 more kids and going to nursing school, and having to quit my job at the same time, and my husband losing his a year later. I used microsoft money though, and that isn't available anymore. So I'm trying to learn how to use quicken when I'm not working, running kids to activities or making dinner :) I really should probably just take a class on it. I'm thankful for the advice!

NotACPA · July 2019

Total aside: my wife, of 2.5 years, is an NP ... but her kids are adults and we have 3 grandbabies (ages 4, 3 & 2) via her kids.

Post back with any more questions.

And, how long ago did you use MS Money. Because you can import Money into Q. But, unless it's reasonably recent, that might not be worth the effort.

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