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Savings Interest Sent Via Check

Spotteddog

Q2018 HBR Wind 10

I have a savings account. The bank sends me an interest check every month, instead of adding it to my original deposit. I deposit the interest check into my checking account monthly.
Do I have to manually go into my savings account register and delete the interest every month? If I don't it shows up as income into my savings account (increases the value of my savings) and income when I deposit the check into the bank.

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Comments

bmciance

How is it getting into your savings register? What should be happening is that when you receive the check you put it as a deposit to your checking account with a category of savings interest.

Spotteddog

When I download transactions from that bank, interest gets added to the original deposit.

Vetta

From the savings register you need to manually input a transfer from savings to checking for this amount. This will then post automatically in checking. Do not enter a separate deposit for the check into checking.

splasher

I would allow the interest deposit to the savings account to happen and then do a transfer from savings to checking. You can create a reminder to do the transfer.

That way, the first transaction is categorized as taxable interest income and the transfer just gets the money into the correct account.

bmciance

I would allow the interest deposit to the savings account to happen and then do a transfer from savings to checking. You can create a reminder to do the transfer.

That way, the first transaction is categorized as taxable interest income and the transfer just gets the money into the correct account.

I agree. You should enter it to reflect as much as possible what is actually happening.

unknown

When you download the transaction that showing the deposit into your Checking instead of putting Interest Income into the Category field do a transfer from Savings to Checking. The income willl show in the savings account but it will show as a transfer in the Checking account. I think you can then do a memorize that will automatically put this as a transfer every month but I haven't done this.

Spotteddog

Thanks everyone. I'll have to wait for a few months to see if I have it set up OK.

splasher

When you download the transaction that showing the deposit into your Checking instead of putting Interest Income into the Category field do a transfer from Savings to Checking. The income willl show in the savings account but it will show as a transfer in the Checking account. I think you can then do a memorize that will automatically put this as a transfer every month but I haven't done this.

The problem I see from doing it this way is that the interest payment is never categorized as income, it immediately is treated as a transfer.

If the OP was using the Mac version where a transaction has both category AND transfer fields independent of each other, your suggestion would work.

unknown

When you download the transaction that showing the deposit into your Checking instead of putting Interest Income into the Category field do a transfer from Savings to Checking. The income willl show in the savings account but it will show as a transfer in the Checking account. I think you can then do a memorize that will automatically put this as a transfer every month but I haven't done this.

Yes it is. The bank is showing it as int income when it posts to the savings account from what I am reading but when he gets the check they aren’t showing a withdrawal from savings. I am thinking this might be a money market account where they are giving transactions but not really balances because the balance always stays the same. When the OP deposits said check into his checking account he is now showing It as an increase in both accounts so he needs to show it as a transfer. If I am wrong in reading what the Op is saying then this wouldn’t work.

Spotteddog

Been away from Quicken for awhile, but I still have the same problem with the same account. There is a misunderstanding here about what is happening. Of course I can fix it manually each month, but it is a bug.

For instance:
Say I have a $1000 CD.
Once a month, instead of adding my interest to the CD, the bank sends me a check in the mail for that amount and I deposit it into my bank (lets say $200).
But, the original CD (IN QUICKEN) shows my CD balance, now, as $800. In other words, it is handling the interest as a payment.
It should show: A +$200 (interest earned) and a -$200 (check), leaving my balance at $1000, which is correct.
I have several other CD accounts with the same setup that have no problems. It is just this one CD.

As i said, maybe fixing this manually each month would be easier than trying to fix a bug, but I think this should work as is.

Tom Young

Been away from Quicken for awhile, but I still have the same problem with the same account. There is a misunderstanding here about what is happening. Of course I can fix it manually each month, but it is a bug.

For instance:
Say I have a $1000 CD.
Once a month, instead of adding my interest to the CD, the bank sends me a check in the mail for that amount and I deposit it into my bank (lets say $200).
But, the original CD (IN QUICKEN) shows my CD balance, now, as $800. In other words, it is handling the interest as a payment.
It should show: A +$200 (interest earned) and a -$200 (check), leaving my balance at $1000, which is correct.
I have several other CD accounts with the same setup that have no problems. It is just this one CD.

As i said, maybe fixing this manually each month would be easier than trying to fix a bug, but I think this should work as is.

If you have several other CD's with the same setup at the same bank then the first thing to do is to call that bank and talk to their in-house Quicken guru. And, if this is the only CD at that bank then the first thing to do is to call the bank and talk to their in-house Quicken guru.

It certainly sounds like the bank has something configured improperly at their end. You could, of course, try to open the OFX log and try to figure what's wrong here but OFX logs can be very difficult to understand so I'd try getting help from the bank, first.