How do I reconcile transfers to other accounts?

Posted by steve.sanyal on April 6, 2007, 6:03 pm

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Hi,

I'd like to know the right way to do something in Quicken XG 2005.
Here is the scneario:

1. I go online and download my bank transactions. My bank account has
a payment for 2500.
2. I go online and download my credit card transactions. My credit
card has a deposit for 2500.
3. I accept both transactions.
4. I go to my bank account transaction and assign the category as:
transfer to credit card
5. I go to my credit card transaction and assign the category as:
transfer from bank account.

This creates a problem:

Step 5 creates a new deposit transaction in my credit card for 2500,
when I have already got one.
Step 6 creates a new payment transaction in my bank account for 2500,
when I have already got one.

As a result, my payments are not reflected.

One way I've remedied this is assign the category as I mentioned in
Step 5, but then I go and delete transaction I had in Step 2.

I am assuming that there is a better way to do this though, some way
to associate the transaction in the bank account with the transaction
in the credit card?

If anyone can help, I'd appreciate it.

Thanks,
Steve

Posted by John Pollard on April 6, 2007, 6:51 pm

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steve.sanyal@gmail.com wrote:

> I'd like to know the right way to do something in Quicken

> XG 2005. Here is the scneario:

> 1. I go online and download my bank transactions. My

> bank account has a payment for 2500.

> 2. I go online and download my credit card transactions.

> My credit card has a deposit for 2500.

> 3. I accept both transactions.

> 4. I go to my bank account transaction and assign the

> category as: transfer to credit card

> 5. I go to my credit card transaction and assign the

> category as: transfer from bank account.

> This creates a problem:

> Step 5 creates a new deposit transaction in my credit

> card for 2500, when I have already got one.

> Step 6 creates a new payment transaction in my bank

> account for 2500, when I have already got one.

> As a result, my payments are not reflected.

> One way I've remedied this is assign the category as I

> mentioned in Step 5, but then I go and delete transaction

> I had in Step 2.

> I am assuming that there is a better way to do this

> though, some way to associate the transaction in the bank

> account with the transaction in the credit card?

It's all in the timing.

You can not link transactions that are already in your Quicken
registers.

Make sure any Quicken transaction you want to be Matched with a
downloaded transaction is in your Quicken register before you
"Accept" the downloaded transaction.

Think about what happens when you create a new transfer
transaction in Quicken, or when you change an existing Quicken
non-transfer transaction to be a transfer transaction.

Your problem occurred in Step #3. You can not Accept both
halves of a downloaded transfer transaction before creating the
transfer in Quicken. You can accept one of those downloaded
transactions before, but not both. After you accept the first
transaction, you must modify that transaction to be a transfer.
Then when you open the TO account, the downloaded transaction in
the TO account will "Match" the (now) existing register
transaction.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

Posted by John Pollard on April 6, 2007, 6:56 pm

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John Pollard wrote:

> steve.sanyal@gmail.com wrote:

>> I'd like to know the right way to do something in Quicken

>> XG 2005. Here is the scneario:

>> 1. I go online and download my bank transactions. My

>> bank account has a payment for 2500.

>> 2. I go online and download my credit card transactions.

>> My credit card has a deposit for 2500.

>> 3. I accept both transactions.

>> 4. I go to my bank account transaction and assign the

>> category as: transfer to credit card

>> 5. I go to my credit card transaction and assign the

>> category as: transfer from bank account.

>> This creates a problem:

>> Step 5 creates a new deposit transaction in my credit

>> card for 2500, when I have already got one.

>> Step 6 creates a new payment transaction in my bank

>> account for 2500, when I have already got one.

>> As a result, my payments are not reflected.

>> One way I've remedied this is assign the category as I

>> mentioned in Step 5, but then I go and delete transaction

>> I had in Step 2.

>> I am assuming that there is a better way to do this

>> though, some way to associate the transaction in the bank

>> account with the transaction in the credit card?

> It's all in the timing.

> You can not link transactions that are already in your

> Quicken registers.

> Make sure any Quicken transaction you want to be Matched

> with a downloaded transaction is in your Quicken register

> before you "Accept" the downloaded transaction.

> Think about what happens when you create a new transfer

> transaction in Quicken, or when you change an existing

> Quicken non-transfer transaction to be a transfer

> transaction.

> Your problem occurred in Step #3. You can not Accept both

> halves of a downloaded transfer transaction before

> creating the transfer in Quicken. You can accept one of

> those downloaded transactions before, but not both. After you

> accept the first transaction, you must modify

> that transaction to be a transfer. Then when you open the

> TO account, the downloaded transaction in the TO account

> will "Match" the (now) existing register transaction.

I forgot to add that: under any conditions, step #6 is uncalled
for. Even if there were no downloaded transactions involved,
you do not need to, and you can not, do step #5 *and* step #6.
You always need just one transaction to be designated as the
"transfer" transaction ... that always creates a transaction in
the TO account.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

Posted by gismony on April 7, 2007, 9:25 pm

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Steve,
What you do is to link the two together. In banking use the account
"the credit card" and it will be out of your bank like a payment and
into the credit card account as a payment to the card.
Susan
QB Certified Consultant

On Apr 6, 5:03 pm, steve.san...@gmail.com wrote:

> Hi,

> I'd like to know the right way to do something in Quicken XG 2005.

> Here is the scneario:

> 1. I go online and download my bank transactions. My bank account has

> a payment for 2500.

> 2. I go online and download my credit card transactions. My credit

> card has a deposit for 2500.

> 3. I accept both transactions.

> 4. I go to my bank account transaction and assign the category as:

> transfer to credit card

> 5. I go to my credit card transaction and assign the category as:

> transfer from bank account.

> This creates a problem:

> Step 5 creates a new deposit transaction in my credit card for 2500,

> when I have already got one.

> Step 6 creates a new payment transaction in my bank account for 2500,

> when I have already got one.

> As a result, my payments are not reflected.

> One way I've remedied this is assign the category as I mentioned in

> Step 5, but then I go and delete transaction I had in Step 2.

> I am assuming that there is a better way to do this though, some way

> to associate the transaction in the bank account with the transaction

> in the credit card?

> If anyone can help, I'd appreciate it.

> Thanks,

> Steve