unofficial microsoft.public.money FAQ and A
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Q) I entered a transaction for something I bought. Now I returned the thing for credit. How do I enter that?
A) This question also comes up in other contexts like "I bought lunch for a friend on my credit card last week; he paid me in cash today. How do I deal with that?" The concern in these cases is generally that the amount of spending in the original category may get distorted for reporting and budget purposes.
The best way to treat this is to put in another transaction against the same expense category you used originally but make it a deposit or a credit amount, as appropriate to the account type. Depending on the setting of Tools|Options|Categories|Require the correct type of category for each transaction, Money may issue a warning about using an expense category for an income. You can tell it that you know what you are doing and it will let you do it. (This setting is at Tools|Settings in M05.)
Some reports, e.g., Spending by Category, may require customization to include both debits and credits against the expense category for this to show up.
Thanks to John Buschman for pointing out that this FAQ should be in the UFAQ.
Please see this disclaimer if you are using Money 2005 or this comment if you are using Money 2006.
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| How to do things in Money: Financial Situations Q) I don't want to send the whole amount of my phone bill this month, but how do I categorize the whole expense? |
How to do things in Money: Financial Situations Q) I get a pay advance on the 15th and a full paycheck less the advance at the end of the month. How do I track this in Money? |
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Last update: 10 December 2006 |
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