Future Transactions

Tom P.'s Avatar

Tom P.

08 Aug, 2018 12:26 PM

I'm looking at an alternative for Quicken. I don't care about budgeting; I've got that handled. I basically just need a register. But, I need a sophisticated one.

The one feature Quicken has that I've been unable to find in any other similar product, is the ability to create "dummy" future transactions (ex., the old "Christmas Club" account) where you set a future transaction date of say, "December 30, 2018" and just keep adding money to the debit amount. So by the end of the year, you have $X in that transaction, and the money is still in your actual bank account, but in your register, it's gone. So it's basically an invisible savings account within your checking account.

I'm curious if this product can do that?

Thank you.

  1. 1 Posted by quotient on 08 Aug, 2018 02:16 PM

    quotient's Avatar

    I'm a user, not support.

    I do what you suggest, sort of. For my checking account, I have a parent account that does not hold any money or expense ever. The function of the parent account is to act for a "totalizer" for four child accounts. One child account is my actual use checking account; it is the account I deposit money into and pay bills from. The other three child accounts are "savings accounts"; I transfer money into each "savings" account monthly; as the purposes for each savings account occur, I transfer money from the appropriate savings account into the checking account as needed and appropriate.

    With this setup, the parent account shows the amount of money actually in the real bank account, the use checking account shows how much money I feel free to spend, and the savings accounts accumulate money for future needs. The Reconcile function is easy for this set up; you just Reconcile the parent account and check "Include Child Accounts". This brings up the entries in the checking use account, and the parent account (should) reflect the actual amount of money in the real bank checking account.

  2. 2 Posted by Chris Souther on 08 Aug, 2018 02:29 PM

    Chris Souther's Avatar

    That might be a better way to do it, although I have these dummy transactions for all sorts of things, so I’d have to fiddle with the method. But I think that could work.

     

    I appreciate the input.

  3. System closed this discussion on 07 Nov, 2018 02:30 PM.

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