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Subject Author Date
Transfers and Overdrafts in Quicken 2006 robobo1 06-07-2006
Posted by robobo1 on June 7, 2006, 7:59 am
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 I'm confused about how to handle overdrafts in Quicken 2006. Bank of
America treats overdrafts as transfers from one account to another...
it's not a loan, it's simply a transfer. I use online banking, have
two accounts, and import my data for both.

Quicken sees these overdrafts as withdrawals from Account A and
deposits in Account B. However, this is screwing up my "income"
reporting in Quicken, as each overdraft deposit in Account B is treated
as income.

BUT, if I change the category to a [transfer] under the Deposit in
Account B, that essentially tells Quicken to make a new transfer and
now each overdraft withdrawal is doubled in Account A (once as the
initial imported withdrawal and a second time as the new [transfer])!

How should I handle overdrafts when my bank treats them as separate
withdrawals and deposits?


Thanks!


Posted by Laura on June 7, 2006, 8:34 am
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 robobo1@gmail.com wrote:
> I'm confused about how to handle overdrafts in Quicken 2006. Bank of
> America treats overdrafts as transfers from one account to another...
> it's not a loan, it's simply a transfer. I use online banking, have
> two accounts, and import my data for both.
>
> Quicken sees these overdrafts as withdrawals from Account A and
> deposits in Account B. However, this is screwing up my "income"
> reporting in Quicken, as each overdraft deposit in Account B is treated
> as income.
>
> BUT, if I change the category to a [transfer] under the Deposit in
> Account B, that essentially tells Quicken to make a new transfer and
> now each overdraft withdrawal is doubled in Account A (once as the
> initial imported withdrawal and a second time as the new [transfer])!
>
> How should I handle overdrafts when my bank treats them as separate
> withdrawals and deposits?
>
>
> Thanks!
>

I treat mine as transfers to/from an account. When I run reports the credits
and debits net to zero so it does not matter that they are in the income
category. Or customize your report to omit the transfer category if you are
running reports for each account separately.

Posted by GSalisbury on June 7, 2006, 9:09 am
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> I'm confused about how to handle overdrafts in Quicken 2006. Bank of
> America treats overdrafts as transfers from one account to another...
> it's not a loan, it's simply a transfer. I use online banking, have
> two accounts, and import my data for both.
>
> Quicken sees these overdrafts as withdrawals from Account A and
> deposits in Account B. However, this is screwing up my "income"
> reporting in Quicken, as each overdraft deposit in Account B is treated
> as income.
>
> BUT, if I change the category to a [transfer] under the Deposit in
> Account B, that essentially tells Quicken to make a new transfer and
> now each overdraft withdrawal is doubled in Account A (once as the
> initial imported withdrawal and a second time as the new [transfer])!
>
> How should I handle overdrafts when my bank treats them as separate
> withdrawals and deposits?
>
>
> Thanks!
>
What you can do is setup a "credit card" [type of] account - no Financial
Institution/ no Downloads.
When a "transfer" shows up in your checking account downloads make the
Category a transfer from this "credit card".
When the download that has a payment to the overdraft appears make the
Category a transfer to the "credit card".
It all should wash.

> I'm confused about how to handle overdrafts in Quicken 2006. Bank of
> America treats overdrafts as transfers from one account to another...
> it's not a loan, it's simply a transfer. I use online banking, have
> two accounts, and import my data for both.
>
> Quicken sees these overdrafts as withdrawals from Account A and
> deposits in Account B. However, this is screwing up my "income"
> reporting in Quicken, as each overdraft deposit in Account B is treated
> as income.
>
> BUT, if I change the category to a [transfer] under the Deposit in
> Account B, that essentially tells Quicken to make a new transfer and
> now each overdraft withdrawal is doubled in Account A (once as the
> initial imported withdrawal and a second time as the new [transfer])!
>
> How should I handle overdrafts when my bank treats them as separate
> withdrawals and deposits?
>
>
> Thanks!
>
What you can do is setup a "credit card" [type of] account - no Financial
Institution/ no Downloads.
When a "transfer" shows up in your checking account downloads make the
Category a transfer from this "credit card".
When the download that has a payment to the overdraft appears make the
Category a transfer to the "credit card".
It all should wash.



Posted by John Pollard on June 7, 2006, 9:22 am
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> I'm confused about how to handle overdrafts in Quicken 2006.
> Bank of
> America treats overdrafts as transfers from one account to
> another...
> it's not a loan, it's simply a transfer. I use online
> banking, have
> two accounts, and import my data for both.
>
> Quicken sees these overdrafts as withdrawals from Account A
> and
> deposits in Account B. However, this is screwing up my
> "income"
> reporting in Quicken, as each overdraft deposit in Account B
> is treated
> as income.
>
> BUT, if I change the category to a [transfer] under the
> Deposit in
> Account B, that essentially tells Quicken to make a new
> transfer and
> now each overdraft withdrawal is doubled in Account A (once as
> the
> initial imported withdrawal and a second time as the new
> [transfer])!
>
> How should I handle overdrafts when my bank treats them as
> separate
> withdrawals and deposits?

When you Accept the first downloaded transaction (Account A)
change it to a transfer to Account B; when you process
transactions for Account B, the downloaded transaction will
"Match" the transfer already in your Quicken Account B register;
no duplicate transactions will occur. (It does not matter which
account you process first.)



Posted by robobo1 on June 7, 2006, 9:35 am
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Thanks all!

I'm going to give John's idea a shot first and then go from there...

Setting this up has been a pain, this is probably the third time I've
deleted an account and "started over"...

But THANK YOU!


Rob


John Pollard wrote:
> > I'm confused about how to handle overdrafts in Quicken 2006.
> > Bank of
> > America treats overdrafts as transfers from one account to
> > another...
> > it's not a loan, it's simply a transfer. I use online
> > banking, have
> > two accounts, and import my data for both.
> >
> > Quicken sees these overdrafts as withdrawals from Account A
> > and
> > deposits in Account B. However, this is screwing up my
> > "income"
> > reporting in Quicken, as each overdraft deposit in Account B
> > is treated
> > as income.
> >
> > BUT, if I change the category to a [transfer] under the
> > Deposit in
> > Account B, that essentially tells Quicken to make a new
> > transfer and
> > now each overdraft withdrawal is doubled in Account A (once as
> > the
> > initial imported withdrawal and a second time as the new
> > [transfer])!
> >
> > How should I handle overdrafts when my bank treats them as
> > separate
> > withdrawals and deposits?
>
> When you Accept the first downloaded transaction (Account A)
> change it to a transfer to Account B; when you process
> transactions for Account B, the downloaded transaction will
> "Match" the transfer already in your Quicken Account B register;
> no duplicate transactions will occur. (It does not matter which
> account you process first.)


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