Guest
|
 Posted:
Wed Oct 19, 2005 4:01 pm Post subject:
Back Billing Expenses on Credit Card to Two Differnt Checkin |
|
|
Right now I track expenses in quicken accorss multiple properties using
classes.
I have a business credit card and a business checking account for my
houses.
If I go to lowes and buy $1000 worth of electric supplies on my credit
card for two houeses I enter a transaction in CitibankCC account for
$1000 to lowes. I use a split transaction with the catagory being
electric but with a class of 223_Mon and 319_Bloom for the two houses.
All works well and good as at the end of the month I write I check for
this credit card from my ZHomes Business checking.
My issue is now the accounting for a a rehab house where I have a
friend/parter who is putting up the cash. He is strickly a cash partner
and will not be involved otherwise. He has provided me a credit card
for charges for project 225Rehab and he has added me to a bank account
to use to pay expenses. If I have a transaction that is strictly
225Rehab no problem. I pay it and catogorize and add the class
225Rehab.
I entered in a bunch of transactions that apply only to this property
and so far so good.. But today I am buying brick onn one invoice for
225Rehab(parter house) and 223_Mon(my house). I plan to charge the
brick using the 225Rehab credit card and then deposit funds into the
225Rehab checking account from my checking account to cover my share.
If I remember to make that transaction of moving my cash then we have
no problems. Since it is such a big transaction I would make the
deposit into the rehab account right away to balance things out.
However, on smaller transactions like when I spent $100 at lowes and
$80 is for 225Rehab and $20 is 223_Mon (total bill charged to the
credit card for 225Rehavb) how can I easily track the money I owe the
rehab account.
the only method I have is to build a custom report on items charged to
the credit card (by date) and to break them down by class. This way
when I pay the credit card I adjust the dates to reflect this months
creditcard bill and then cut the credit card people two checks. This
works but I also have a line of credit at the lumber yard which I would
have to do this for and there is the possibiltiy that if the charge is
mostly mine I could use my credit card and then rehab account would owe
me. I am trying to avoid having to run this report 3 times a month and
I dont like the fact there is no check and balance that we didnt miss
something.
I think what I need to do is when I create the split transaction for
the bricks to create a liablity to myself to show what I owe. But since
each transaction needs to have a counter transaction I am not sure how
to do this. The initial transaction is an expense & credit card
account. If in that same transaction I create a liabilty what do I make
the other side of the transaction be?
|
|
FAQ
Memberlist
Register
Profile
Log in to check your private messages
Log in
