Accounting Talk Accounting Talk    FAQ   Search   Memberlist   Usergroups   Register   Profile   Log in to check your private messages   Log in  Scheduled Automatic Deductions          Accounting Talk Forum Index -> Quicken View previous topic :: View next topic   Author Message jaygreg Guest Posted: Thu May 29, 2008 6:02 pm    Post subject: Scheduled Automatic Deductions I'm using Q2007HB. I set up my Medicare premiums to be deducted from my checking automatically (non-business entry). To mark the event, I wrote a "scheduled transaction" as a reminder to expect an electronic entry and to physically make the entry in my check book. When the deduction is actually made by Uncle Sam, I simply accept the transaction in Quicken from the bank then go to the scheduled transaction in that part of the register and select "Skip" rather than "Enter" to avoid sending the entry to my bank and creating a duplicate. I'm under the impression that if I had entered the Medicare transaction from the "scheduled transaction" section by pressing "Enter", I would be forced to either send an electronic entry to my bank, thus, creating a duplicate or I would have to enter a check number. Obviously, I haven't been brave enough to test either. Am I handling this correctly? Back to top   Ads Advertising Sponsor John Pollard Guest Posted: Thu May 29, 2008 7:26 pm    Post subject: Re: Scheduled Automatic Deductions jaygreg wrote: Quote: I'm using Q2007HB. I set up my Medicare premiums to be deducted from my checking automatically (non-business entry). To mark the event, I wrote a "scheduled transaction" as a reminder to expect an electronic entry and to physically make the entry in my check book. When the deduction is actually made by Uncle Sam, I simply accept the transaction in Quicken from the bank then go to the scheduled transaction in that part of the register and select "Skip" rather than "Enter" to avoid sending the entry to my bank and creating a duplicate. I'm under the impression that if I had entered the Medicare transaction from the "scheduled transaction" section by pressing "Enter", I would be forced to either send an electronic entry to my bank, thus, creating a duplicate or I would have to enter a check number. Obviously, I haven't been brave enough to test either. Am I handling this correctly? "Correctly" is probably not the "correct" term; but I don't think you understand the alternative correctly. I assume you're talking about your medicare insurance premiums, which are the same each month (until a new year rolls around). You can set that up as a Scheduled Transaction to be entered into your checking account register "automatically" by Quicken, on, or before, the day the actual transaction will clear your bank. Then when you download the actual transaction, it will "Match" the transaction already in your Quicken register and not create a new transaction when you Accept it. If the amount being deducted from your checking account differed each month, the change you should make to the above procedure would be to have Quicken "remind" you to Enter the transaction. Then when the actual transaction has cleared the bank, and you see it in the "Accept transactions into register" window in Quicken ... you would: note the amount, switch to the "Scheduled Bills & Deposits" tab at the foot of your register, select the Scheduled Transaction, click "Enter", modify the amount to agree with the downloaded amount, and Enter the scheduled transaction. Then switch back to the "Downloaded Transactions" tab, where you would see that the downloaded transaction status had changed from "New" to "Match" and you could Accept the transaction. At no time in this process would you be sending anything to your bank, nor would any check number be required. When you setup the Scheduled Transaction, you tell Quicken the payment "Method" is "Payment"; NOT "Printed Check" and NOT "Online Payment from Quicken" ... thus nothing is transmitted to your bank and no check number is involved. -- John Pollard First initial underscore Last name at mchsi dot com Please reply to newsgroup Back to top   Ads Advertising Sponsor jaygreg Guest Posted: Fri May 30, 2008 3:06 am    Post subject: Re: Scheduled Automatic Deductions Beautiful! Thanks, John. "John Pollard" <invalid@invalid.com> wrote in message news:L2z%j.130945$TT4.54636@attbi_s22... Quote: jaygreg wrote: I'm using Q2007HB. I set up my Medicare premiums to be deducted from my checking automatically (non-business entry). To mark the event, I wrote a "scheduled transaction" as a reminder to expect an electronic entry and to physically make the entry in my check book. When the deduction is actually made by Uncle Sam, I simply accept the transaction in Quicken from the bank then go to the scheduled transaction in that part of the register and select "Skip" rather than "Enter" to avoid sending the entry to my bank and creating a duplicate. I'm under the impression that if I had entered the Medicare transaction from the "scheduled transaction" section by pressing "Enter", I would be forced to either send an electronic entry to my bank, thus, creating a duplicate or I would have to enter a check number. Obviously, I haven't been brave enough to test either. Am I handling this correctly? "Correctly" is probably not the "correct" term; but I don't think you understand the alternative correctly. I assume you're talking about your medicare insurance premiums, which are the same each month (until a new year rolls around). You can set that up as a Scheduled Transaction to be entered into your checking account register "automatically" by Quicken, on, or before, the day the actual transaction will clear your bank. Then when you download the actual transaction, it will "Match" the transaction already in your Quicken register and not create a new transaction when you Accept it. If the amount being deducted from your checking account differed each month, the change you should make to the above procedure would be to have Quicken "remind" you to Enter the transaction. Then when the actual transaction has cleared the bank, and you see it in the "Accept transactions into register" window in Quicken ... you would: note the amount, switch to the "Scheduled Bills & Deposits" tab at the foot of your register, select the Scheduled Transaction, click "Enter", modify the amount to agree with the downloaded amount, and Enter the scheduled transaction. Then switch back to the "Downloaded Transactions" tab, where you would see that the downloaded transaction status had changed from "New" to "Match" and you could Accept the transaction. At no time in this process would you be sending anything to your bank, nor would any check number be required. When you setup the Scheduled Transaction, you tell Quicken the payment "Method" is "Payment"; NOT "Printed Check" and NOT "Online Payment from Quicken" ... thus nothing is transmitted to your bank and no check number is involved. -- John Pollard First initial underscore Last name at mchsi dot com Please reply to newsgroup Back to top   Ads Advertising Sponsor Display posts from previous: All Posts1 Day7 Days2 Weeks1 Month3 Months6 Months1 Year Oldest FirstNewest First         Accounting Talk Forum Index -> Quicken All times are GMT Page 1 of 1   Jump to: Select a forum Accounting Talk----------------Accounting TalkPeachtreeQuickbooksQuicken  You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum 68 Attacks blocked Powered by phpBB © 2001, 2005 phpBB Group