Good roomate question

[Doobie-Doo]

Hi all,

I did a search on google for help on how to handle paying bills with
roommates and the best solution I could find was to set up a "roommates"
cash fund, and whenever they give you cash for bills, you credit that
account, then when you go to the bank and deposit it, shows up as a credit
on your chequing account (and you add a debit to your "Roommate" cash fund).
Now, my question is, how can you track how much you as spending on bills and
how much your roommates are when you're paying from your chequing account
(which I always do). I tried to split the transaction and put my share in
one of my categories, then the rest as a transfer from the roommate cash
account, but then it debits the roommate cash fund twice (once for the
deposit to the chequing, and the other to split the bill)! Is the only
other solution to create a Roommate category (income or expense) to use when
splitting the bills?

I seriously need some help on this one. It's been plaguing me for days.

Many, many thanks!

D

[Doobie-Doo]

Oh yeah... I tried to create a "Roommates" category but it keeps giving me
the error that the name already exists. The only roommates that exists is a
cash account. Why would it stop me from creating a category with the same
name? Should I just call it "Roommates Give Me Cash" account? or is there
some special reason why you can't have a category related to an account?

DO

"Doobie-Doo" <None@no.com> wrote in message
news:WFH6b.110471$la.2461096@news1.calgary.shaw.ca... Hi all, I did a search on google for help on how to handle paying bills with roommates and the best solution I could find was to set up a "roommates" cash fund, and whenever they give you cash for bills, you credit that account, then when you go to the bank and deposit it, shows up as a credit on your chequing account (and you add a debit to your "Roommate" cash
fund). Now, my question is, how can you track how much you as spending on bills
and how much your roommates are when you're paying from your chequing account (which I always do). I tried to split the transaction and put my share in one of my categories, then the rest as a transfer from the roommate cash account, but then it debits the roommate cash fund twice (once for the deposit to the chequing, and the other to split the bill)! Is the only other solution to create a Roommate category (income or expense) to use
when splitting the bills? I seriously need some help on this one. It's been plaguing me for days. Many, many thanks! D

[Kill]

I have a similar question, but it relates to accounting for a co-owners
share of the mortgage when a loan is set up that is tied to the house asset
account.

"Doobie-Doo" <None@no.com> wrote in message
news:WFH6b.110471$la.2461096@news1.calgary.shaw.ca... Hi all, I did a search on google for help on how to handle paying bills with roommates and the best solution I could find was to set up a "roommates" cash fund, and whenever they give you cash for bills, you credit that account, then when you go to the bank and deposit it, shows up as a credit on your chequing account (and you add a debit to your "Roommate" cash
fund). Now, my question is, how can you track how much you as spending on bills
and how much your roommates are when you're paying from your chequing account (which I always do). I tried to split the transaction and put my share in one of my categories, then the rest as a transfer from the roommate cash account, but then it debits the roommate cash fund twice (once for the deposit to the chequing, and the other to split the bill)! Is the only other solution to create a Roommate category (income or expense) to use
when splitting the bills? I seriously need some help on this one. It's been plaguing me for days. Many, many thanks! D

[Doobie-Doo]

Ok, here's what I did. I just want to verify that this will work when it
comes time to track my expenses and do some reporting.

I created the Roommate cash fund and every time my boys give me money, I
credit that account. Whenever I deposit that cash into my chequing account,
it will show up when I download my transaction activity, then I just link
the transaction to the roommate account as a debit. Now, I created a couple
of new categories: one is "Roommate Payment" for when I credit the
"Roommate" cash account, and "Roommate Rent" and "Roommate Utilities" which
I use for splitting my chequing account debits when I pay bills.

Does this seem kosher?

D

"Doobie-Doo" <None@no.com> wrote in message
news:WFH6b.110471$la.2461096@news1.calgary.shaw.ca... Hi all, I did a search on google for help on how to handle paying bills with roommates and the best solution I could find was to set up a "roommates" cash fund, and whenever they give you cash for bills, you credit that account, then when you go to the bank and deposit it, shows up as a credit on your chequing account (and you add a debit to your "Roommate" cash
fund). Now, my question is, how can you track how much you as spending on bills
and how much your roommates are when you're paying from your chequing account (which I always do). I tried to split the transaction and put my share in one of my categories, then the rest as a transfer from the roommate cash account, but then it debits the roommate cash fund twice (once for the deposit to the chequing, and the other to split the bill)! Is the only other solution to create a Roommate category (income or expense) to use
when splitting the bills? I seriously need some help on this one. It's been plaguing me for days. Many, many thanks! D

[John Pollard]

Doobie-Doo wrote: Hi all, I did a search on google for help on how to handle paying
bills with roommates and the best solution I could find was to set up a "roommates" cash fund, and whenever they give you cash for
bills, you credit that account, then when you go to the bank and
deposit it, shows up as a credit on your chequing account (and you add
a debit to your "Roommate" cash fund). Now, my question is, how
can you track how much you as spending on bills and how much your roommates are when you're paying from your chequing account
(which I always do). I tried to split the transaction and put my
share in one of my categories, then the rest as a transfer from the
roommate cash account, but then it debits the roommate cash fund twice
(once for the deposit to the chequing, and the other to split the
bill)! Is the only other solution to create a Roommate category
(income or expense) to use when splitting the bills?

I don't see the need for a separate account for your roommates
contributions. If your roommate gives you money, which you
deposit in your checking account, categorize that deposit to
rent (or whatever category it is for). Then write your checks
just as you would if there were no roommate. The roommate's
deposits will reduce your expenses when you create reports
containing them. If you need to see just your roommates
contributions, you can customize the reports to include only
your roommate as the "payee".

Even if you decide a separate roommate account is necessary, the
same logic applies. Categorize each contribution from your
roommate to whatever category it applies when you enter the
deposit in the roommate's account. Transfer the money from
roommates account to your checking account in Quicken, and write
your checks just as you would if there was no roommate. Same
result as with no separate account.

--
John Pollard
j underscore pollard at mindspring dot com
Please reply to newsgroup

[Margaret Wilson]

If you have a "roommates" account, you won't be able to create a "roommates"
category. You'll have to use unique names.

Regards,

Margaret

"Doobie-Doo" <None@no.com> wrote in message
news:5KH6b.110480$la.2461138@news1.calgary.shaw.ca... Oh yeah... I tried to create a "Roommates" category but it keeps giving
me the error that the name already exists. The only roommates that exists is
a cash account. Why would it stop me from creating a category with the same name? Should I just call it "Roommates Give Me Cash" account? or is
there some special reason why you can't have a category related to an account? DO "Doobie-Doo" <None@no.com> wrote in message news:WFH6b.110471$la.2461096@news1.calgary.shaw.ca... Hi all, I did a search on google for help on how to handle paying bills with roommates and the best solution I could find was to set up a "roommates" cash fund, and whenever they give you cash for bills, you credit that account, then when you go to the bank and deposit it, shows up as a
credit on your chequing account (and you add a debit to your "Roommate" cash fund). Now, my question is, how can you track how much you as spending on bills and how much your roommates are when you're paying from your chequing
account (which I always do). I tried to split the transaction and put my share
in one of my categories, then the rest as a transfer from the roommate cash account, but then it debits the roommate cash fund twice (once for the deposit to the chequing, and the other to split the bill)! Is the only other solution to create a Roommate category (income or expense) to use when splitting the bills? I seriously need some help on this one. It's been plaguing me for days. Many, many thanks! D

[The Michael]

>Does this seem kosher?

Yes, I use the same thing for cash spending for my Mom (as I do all of her shopping -
however most is on a credit card account in her separate quicken file). Her cash
balance would fluctuate between -$100 and +$40. My cash account is called Mom and I
keep it in my personal quicken file for convenience. When I spend $7 on groceries, I
debit right to the Mom cash account with category groceries (If it's $27, it goes on
her credit card and ends up in her quicken file).

--
Mike

[Bob Oaks]

I've been doing this for years with my partner. I have a general account
with lots of different categories for everything from various properties we
own to car insurance. Then I have each of us set up as a CLASS. I pay most
of the bills, though not all. When I pay, I charge him the appropriate
percentage in the "spend" column. When he pays, I put the amount in the
"receive" column. At the end of the month, we settle up by my producing a
report from the account sorted by class. I do not, however, use Quicken to
do my actual banking and checkbook reconcilement, so if you do that, it
might get more complicated.

"John Pollard" <invalid@hotmail.com> wrote in message
news:pzI6b.2568$PE6.1786@newsread3.news.pas.earthlink.net... Doobie-Doo wrote: Hi all, I did a search on google for help on how to handle paying bills with roommates and the best solution I could find was to set up a "roommates" cash fund, and whenever they give you cash for bills, you credit that account, then when you go to the bank and deposit it, shows up as a credit on your chequing account (and you add a debit to your "Roommate" cash fund). Now, my question is, how can you track how much you as spending on bills and how much your roommates are when you're paying from your chequing account (which I always do). I tried to split the transaction and put my share in one of my categories, then the rest as a transfer from the roommate cash account, but then it debits the roommate cash fund twice (once for the deposit to the chequing, and the other to split the bill)! Is the only other solution to create a Roommate category (income or expense) to use when splitting the bills? I don't see the need for a separate account for your roommates contributions. If your roommate gives you money, which you deposit in your checking account, categorize that deposit to rent (or whatever category it is for). Then write your checks just as you would if there were no roommate. The roommate's deposits will reduce your expenses when you create reports containing them. If you need to see just your roommates contributions, you can customize the reports to include only your roommate as the "payee". Even if you decide a separate roommate account is necessary, the same logic applies. Categorize each contribution from your roommate to whatever category it applies when you enter the deposit in the roommate's account. Transfer the money from roommates account to your checking account in Quicken, and write your checks just as you would if there was no roommate. Same result as with no separate account. -- John Pollard j underscore pollard at mindspring dot com Please reply to newsgroup