Q:

 Subject: Quicken Question...

I have Quicken 2005 and haven't figured out how to make it do a particular thing.  Maybe you can help me with it.

Let's say I have 4 different accounts:

 

Child 1 (10%)

Child 2 (20%)

Spouse (30%)

Self (40%)

 

I want to create a transaction say of $1000 into Quicken (somehow) and have it split the $1000 out by the percentages and place the money into each account.

 

Child 1 ($100)

Child 2 ($200)

Spouse ($300)

Self ($400)

 

When a certain person uses their money, it should come from their account and they should not be able to draw out more than is in their account.

 

Do you know of any way to do this?

 

Thanks,

A:

There may or may not be a way in which to automate what you want in Quicken.  Having switched all of our clients over to QuickBooks, I haven't used Quicken in so long I can't advise anyone on this.

The best thing would be to work with your professional tax and accounting advisor, specifying what kinds of reports and other info you are looking to be able to produce. S/he should then be able to help you tweak your accounting program in such a way as to accomplish that goal.  You should already be providing your tax return data to him/her via your Quicken data files; so this wouldn't be something entirely new for him/her to help you with.

Good luck.

Kerry Kerstetter

Follow-Up:

Kerry,

Thanks for the information and for taking the time to answer my question.

I'll check with an accountant to see if such a thing can be done.

Thanks again,

Labels: QB

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 8/30/2006 03:45:00 PM Send this post: