How create Transfer account?

Posted by John C. Polasek on February 19, 2008, 5:10 pm

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In Q05 with Ctl C I get my list of accounts/categories, the bottom
third of which are transfer/payment titles in square brackets that I
created years ago.
Now I want to use this feature again to transfer between accounts, but
I am not able to create new transfer categories or accounts. The only
options in the window Ctl CNew is Income or Expense or subcategory
but no transfer category.
I'm thinking there is something special about being in square brackets
and in that case are they accounts or categories? The Official 2005
guidebook says almost nothing about transfers except for online
transfers.

Posted by Bernie on February 19, 2008, 5:55 pm

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On 2/19/2008 4:10 PM, John C. Polasek wrote:

> In Q05 with Ctl C I get my list of accounts/categories, the bottom

> third of which are transfer/payment titles in square brackets that I

> created years ago.

> Now I want to use this feature again to transfer between accounts, but

> I am not able to create new transfer categories or accounts. The only

> options in the window Ctl CNew is Income or Expense or subcategory

> but no transfer category.

> I'm thinking there is something special about being in square brackets

> and in that case are they accounts or categories? The Official 2005

> guidebook says almost nothing about transfers except for online

> transfers.

I think you're not remembering what actually happened way back whenever.
Those "transfer categories" are created automatically by Quicken and
they can be used for reports to show transfers between accounts.

If you are trying to transfer funds between accounts bank accounts,
just type "t" in the Num column and Quicken will recognize that you're
doing a transfer between accounts. After entering the amount, you will
be able to specify the other account where the category wold normally
go. Don't worry about the square brackets. Quicken will handle that
for you.

If you're trying to pay a credit card, just enter the name of the credit
card account where category would go and don't worry about the square
brackets. Again, Quicken will handle that for you.

Bernie

Posted by John C. Polasek on February 19, 2008, 10:38 pm

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wrote:

>On 2/19/2008 4:10 PM, John C. Polasek wrote:

>> In Q05 with Ctl C I get my list of accounts/categories, the bottom

>> third of which are transfer/payment titles in square brackets that I

>> created years ago.

>> Now I want to use this feature again to transfer between accounts, but

>> I am not able to create new transfer categories or accounts. The only

>> options in the window Ctl CNew is Income or Expense or subcategory

>> but no transfer category.

>> I'm thinking there is something special about being in square brackets

>> and in that case are they accounts or categories? The Official 2005

>> guidebook says almost nothing about transfers except for online

>> transfers.

>I think you're not remembering what actually happened way back whenever.

> Those "transfer categories" are created automatically by Quicken and

>they can be used for reports to show transfers between accounts.

>If you are trying to transfer funds between accounts bank accounts,

>just type "t" in the Num column and Quicken will recognize that you're

>doing a transfer between accounts. After entering the amount, you will

>be able to specify the other account where the category wold normally

>go. Don't worry about the square brackets. Quicken will handle that

>for you.

>If you're trying to pay a credit card, just enter the name of the credit

>card account where category would go and don't worry about the square

>brackets. Again, Quicken will handle that for you.

>Bernie

I guess I was trying to devise a double entry system: pay check here,
increase equity in another account. This is a situation where therea
are a number of people paying in.So it's not a transfer between bank
accounts but the checking account and other equity accounts.
Thank you for you prompt response. John

Posted by John Pollard on February 20, 2008, 1:38 pm

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John C. Polasek wrote:

> I guess I was trying to devise a double entry system: pay

> check here,

> increase equity in another account. This is a situation where

> therea

> are a number of people paying in.So it's not a transfer

> between bank

> accounts but the checking account and other equity accounts.

I don't understand the problem.

You can pretty much transfer funds between any two Quicken
accounts. A Quicken transfer is "double entry": enter the
transfer transaction in one account, Quicken automatically
creates the other half of the transfer in the destination
account. Delete one half, the other half will be automatically
deleted.

When you create a new Quicken account, Quicken automatically
creates an "account category" for that account. Using that
"account category" (the account name in square brackets) in a
transaction in any other account, will transfer funds to the
account. In the FROM account, the category will read, "[TO
account]"; in the TO account, the category will read, "[FROM
account]".

If you transfer funds from your Quicken checking account to a
Quicken asset account, you will decrease the value of your
checking account and increase the value of your asset account.

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