Transfer of money between accounts
in [Quicken]
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From: Alan on 10 Jan 2010 10:30 Hey, This is the first time I've really used Quicken, so please excuse any obvious mistakes I may have made. I must admit, I have not done a lot of Googleing to find a solution to this problem as I'm having trouble coming up with a search term that returns the answers I need. Anyway, so I'm having trouble with dealing with TXFR between accounts in Quicken Personal 2010. As an example, I have Quicken setup something like this: Account A - Held at bank 1 - Transaction Bank Account - Current Balance $1,000 Account B - Held at bank 2 - Savings Bank Account - Current Balance $5,000 Account C - Held at bank 3 - Credit Card - Current amount owing $500 From all three banks, I download my transactions from the bank's individual website in .QIF format then import it into Quicken. That's fine and all goes well. After importing all three .QIF files, Quicken correctly shows the balance across all three accounts. My problem comes up when I attempt to provide more details to each of the transactions (eg. adding in category information and so on) I pay off my credit card each month in full from my transaction bank account, as such, Account A has an entry like: ACCOUNT A Date: 01/01/2010 Num: <blank> Payee: Bank 3 Credit Card Department Payment: $500 My credit card, similarly has an entry such as: ACCOUNT C Date: 01/01/2010 Num: <blank> Payee: Payment Received - Thankyou Payment: $500 These details have been automatically entered by bank 1 and 3 respectively, as you'd expect. As of right now, Quicken correctly lists the balances for both accounts. I then attempt to go in and "fix" the entries so that they're more accurate so they now show: ACCOUNT A: Date: 01/01/2010 Num: TXFR Xfer Account: [Account C] Payment: $500 After modifying the first entry, it doesn't do as I expect and "match" the transaction to the entry that already exists, but instead creates a duplicate entry and as a result, throwing out Quicken's balance. Quicken then has the following recorded: ACCOUNT A: Date: 01/01/2010 Num: TXFR Xfer Account: [Account C] Payment: $500 ACCOUNT C: Date: 01/01/2010 Num: TXFR Xfer Account: [Account A] Payment: $500 ACCOUNT C: Date: 01/01/2010 Num: <blank> Payee: Payment - Thankyou Payment: $500 To fix this I suppose I could go into account C and delete that final transaction, but that seems a little silly (and confusing) -- is there a way for Quicken to identify that these two separate transactions from two different accounts is actually the one transaction? It creating an entry like this in Account C would be perfectly understandable (and useful) if I were manually entering transactions from my printed bank statement as that final transaction wouldn't yet exist. But well, that's not the case here. I get the same problem when I transfer money from my Transaction account to my Savings account. Thanks in advance :)
From: John Pollard on 10 Jan 2010 11:01 Alan wrote: > This is the first time I've really used Quicken, so please excuse any > obvious mistakes I may have made. I must admit, I have not done a lot > of Googleing to find a solution to this problem as I'm having trouble > coming up with a search term that returns the answers I need. > > Anyway, so I'm having trouble with dealing with TXFR between accounts > in Quicken Personal 2010. > > As an example, I have Quicken setup something like this: > > Account A - Held at bank 1 - Transaction Bank Account - Current > Balance $1,000 > Account B - Held at bank 2 - Savings Bank Account - Current Balance > $5,000 > Account C - Held at bank 3 - Credit Card - Current amount owing $500 > > From all three banks, I download my transactions from the bank's > individual website in .QIF format then import it into Quicken. That's > fine and all goes well. > > After importing all three .QIF files, Quicken correctly shows the > balance across all three accounts. > > My problem comes up when I attempt to provide more details to each of > the transactions (eg. adding in category information and so on) > > I pay off my credit card each month in full from my transaction bank > account, as such, Account A has an entry like: > > ACCOUNT A > Date: 01/01/2010 > Num: <blank> > Payee: Bank 3 Credit Card Department > Payment: $500 > > My credit card, similarly has an entry such as: > > ACCOUNT C > Date: 01/01/2010 > Num: <blank> > Payee: Payment Received - Thankyou > Payment: $500 > > These details have been automatically entered by bank 1 and 3 > respectively, as you'd expect. As of right now, Quicken correctly > lists the balances for both accounts. > > I then attempt to go in and "fix" the entries so that they're more > accurate so they now show: > > ACCOUNT A: > Date: 01/01/2010 > Num: TXFR > Xfer Account: [Account C] > Payment: $500 > > After modifying the first entry, it doesn't do as I expect and "match" > the transaction to the entry that already exists, but instead creates > a duplicate entry and as a result, throwing out Quicken's balance. > Quicken then has the following recorded: > > ACCOUNT A: > Date: 01/01/2010 > Num: TXFR > Xfer Account: [Account C] > Payment: $500 > > ACCOUNT C: > Date: 01/01/2010 > Num: TXFR > Xfer Account: [Account A] > Payment: $500 > > ACCOUNT C: > Date: 01/01/2010 > Num: <blank> > Payee: Payment - Thankyou > Payment: $500 > > To fix this I suppose I could go into account C and delete that final > transaction, but that seems a little silly (and confusing) -- is there > a way for Quicken to identify that these two separate transactions > from two different accounts is actually the one transaction? > > It creating an entry like this in Account C would be perfectly > understandable (and useful) if I were manually entering transactions > from my printed bank statement as that final transaction wouldn't yet > exist. But well, that's not the case here. > > I get the same problem when I transfer money from my Transaction > account to my Savings account. See the first two posts by Tod in the following discussion. https://qlc.intuit.com/post/show_post_full_view/bexv6CnGir3OW4acmYYUkY?fullpage=qna&page=2 -- John Pollard news://<YOUR-NNTP-NEWSERVER-HERE>/alt.comp.software.financial.quicken Your source of user-to-user Quicken help
From: Han on 10 Jan 2010 11:03 Alan <alan(a)alanisherwood.id.au> wrote in news:2ca4b487-2501-4c92-b164- 459ac56d044b(a)m26g2000yqb.googlegroups.com: > Hey, > > This is the first time I've really used Quicken, so please excuse any > obvious mistakes I may have made. I must admit, I have not done a lot > of Googleing to find a solution to this problem as I'm having trouble > coming up with a search term that returns the answers I need. > > Anyway, so I'm having trouble with dealing with TXFR between accounts > in Quicken Personal 2010. > > As an example, I have Quicken setup something like this: > > Account A - Held at bank 1 - Transaction Bank Account - Current > Balance $1,000 > Account B - Held at bank 2 - Savings Bank Account - Current Balance > $5,000 > Account C - Held at bank 3 - Credit Card - Current amount owing $500 > > From all three banks, I download my transactions from the bank's > individual website in .QIF format then import it into Quicken. That's > fine and all goes well. > > After importing all three .QIF files, Quicken correctly shows the > balance across all three accounts. > > My problem comes up when I attempt to provide more details to each of > the transactions (eg. adding in category information and so on) > > I pay off my credit card each month in full from my transaction bank > account, as such, Account A has an entry like: > > ACCOUNT A > Date: 01/01/2010 > Num: <blank> > Payee: Bank 3 Credit Card Department > Payment: $500 > > My credit card, similarly has an entry such as: > > ACCOUNT C > Date: 01/01/2010 > Num: <blank> > Payee: Payment Received - Thankyou > Payment: $500 > > These details have been automatically entered by bank 1 and 3 > respectively, as you'd expect. As of right now, Quicken correctly > lists the balances for both accounts. > > I then attempt to go in and "fix" the entries so that they're more > accurate so they now show: > > ACCOUNT A: > Date: 01/01/2010 > Num: TXFR > Xfer Account: [Account C] > Payment: $500 > > After modifying the first entry, it doesn't do as I expect and "match" > the transaction to the entry that already exists, but instead creates > a duplicate entry and as a result, throwing out Quicken's balance. > Quicken then has the following recorded: > > ACCOUNT A: > Date: 01/01/2010 > Num: TXFR > Xfer Account: [Account C] > Payment: $500 > > ACCOUNT C: > Date: 01/01/2010 > Num: TXFR > Xfer Account: [Account A] > Payment: $500 > > ACCOUNT C: > Date: 01/01/2010 > Num: <blank> > Payee: Payment - Thankyou > Payment: $500 > > To fix this I suppose I could go into account C and delete that final > transaction, but that seems a little silly (and confusing) -- is there > a way for Quicken to identify that these two separate transactions > from two different accounts is actually the one transaction? > > It creating an entry like this in Account C would be perfectly > understandable (and useful) if I were manually entering transactions > from my printed bank statement as that final transaction wouldn't yet > exist. But well, that's not the case here. > > I get the same problem when I transfer money from my Transaction > account to my Savings account. > > Thanks in advance :) The way I handle this is with a memorized transaction that I let Q automatically enter 30 days in advance. It is indeed a transfer transaction between accounts. I edit the amount in one of the accounts when I get my credit card statement, so I wil know ahead of time how the upcoming transaction is going to affect my account balances. If you want to, you can get Quicken to estimate the next amount by letting it average the last (3 or so, as you choose) payments, but maybe that is better left for utilities. -- Best regards Han email address is invalid
From: Robert Neville on 10 Jan 2010 11:03 Alan <alan(a)alanisherwood.id.au> wrote: > is there >a way for Quicken to identify that these two separate transactions >from two different accounts is actually the one transaction? If you create the single transfer transaction prior to doing the match, the downloaded transactions will match up.
From: B on 11 Jan 2010 00:16
On 1/10/2010 10:03 AM, Robert Neville wrote: > Alan <alan(a)alanisherwood.id.au> wrote: > >> is there >> a way for Quicken to identify that these two separate transactions >>from two different accounts is actually the one transaction? > > If you create the single transfer transaction prior to doing the match, the > downloaded transactions will match up. I agree. When I initiate the credit card payment via the credit card company website, I also enter the Transfer transaction into Quicken. One benefit is that my bank account transaction register is always showing the future balance and I know that the funds are there on that date to cover the payment. When I do the downloads from the bank site and from the credit card site they each match up correctly to the existing register entries. |