Handling Transfers

Posted by Kevin Young on February 19, 2007, 6:35 pm

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Just wanted to see if I am handling this right or whether there is an easier
way. I have two bank accounts set up in Quicken XG 2007 and when I
categorize an entry in my chequing (funds transferred from Chequing to
Savings) as a transfer to savings Quicken automatically enters an offsetting
entry in my Savings account. Problem is the bank has already recorded this
transaction so it is now duplicated throwing my balance out of sync. To get
around this I have been deleting the associated bank duplicate entry but is
there an easier way or am I handling this in the intended manner?

Posted by John on February 19, 2007, 9:36 pm

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> Just wanted to see if I am handling this right or whether there is an

> easier way. I have two bank accounts set up in Quicken XG 2007 and when I

> categorize an entry in my chequing (funds transferred from Chequing to

> Savings) as a transfer to savings Quicken automatically enters an

> offsetting entry in my Savings account. Problem is the bank has already

> recorded this transaction so it is now duplicated throwing my balance out

> of sync. To get around this I have been deleting the associated bank

> duplicate entry but is there an easier way or am I handling this in the

> intended manner?

I enter the transfer from the checking account to the savings account
in the checking account register in Quicken and then do a direct
connect update to let the bank know about it. I don't know if that
works if you are doing web connect instead of direct connect.

Posted by John Pollard on February 20, 2007, 9:30 am

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John wrote:

>> Just wanted to see if I am handling this right or

>> whether there is an easier way. I have two bank

>> accounts set up in Quicken XG 2007 and when I categorize

>> an entry in my chequing (funds transferred from Chequing

>> to Savings) as a transfer to savings Quicken

>> automatically enters an offsetting entry in my Savings

>> account. Problem is the bank has already recorded this

>> transaction so it is now duplicated throwing my balance

>> out of sync. To get around this I have been deleting

>> the associated bank duplicate entry but is there an

>> easier way or am I handling this in the intended manner?

> I enter the transfer from the checking account to the

> savings account in the checking account register in

> Quicken and then do a direct connect update to let the

> bank know about it. I don't know if that works if you

> are doing web connect instead of direct connect.

That's the right idea; and it doesn't matter if one uses Web
Connect or not. In fact, it doesn't matter if one enters the
transaction in Quicken before doing a download ... it only
matters that the transaction is entered in Quicken before its
downloaded equivalent is "Accept"ed into the Quicken account
register (so that the downloaded transaction will be given the
Status of "Match" before it is Accepted).

--
John Pollard
First initial underscore Last name at mchsi dot com
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