What is the suggested way to categorize automatic transfers to saving account

Unknown

I have a savings account assigned for auto and camper savings. What is a suggested way to categorize automatic transfers from checking into this account?

Quicken Harold

Hi Bruce.

Please review this article: https://getsatisfaction.com/quickencommunity/topics/add-your-quicken-information-to-your-posts-plus-...

What version of Quicken are we working with, and is it for Windows or Mac?

Let us know so that we can help you the best.

~ Quicken Harold. 

Unknown

quicken 2016 Version 3.6.4 (Build 36.14612.100) for Mac- Latest mac OS

galojah

You would want to use the "Transfer [your savings account name]" category.  

RickO

Bruce, It depends on what you want to use the categorization for.

In your version, the Category Summary report lumps all transfers at the end of the report, so categorizing for the report is of limited usefulness. (In QM17+, there are New Reports that do include the transfers in the associated category.)

In budgets, transfers tend to cancel each other out. So again, not very useful to categorize.

For these reasons, just using the generic Transfer category may be just as useful as making up a special category for these transfers.

You may want to visit and VOTE (upper right corner) for the following IDEA post that relate to this issue:

Ability to Include or Exclude Transfers on Reports

Add Ability to Include or Exclude Transfers on Budgets

Prevent transfers from canceling each other out in Budgets

And here's a whole index of other IDEA posts to consider voting for:

https://getsatisfaction.com/quickencommunity/topics/expanded-list-of-categorized-ideas-of-feature-re...

J_Mike

Bruce

You can create categories/subcategories of your choice and assign them to the transfers.
Example categories could be;
Savings:Auto
Savings:Camper

One would assign these categories to the transfer to Savings.
When you make withdrawal/ from Savings - use the same categories.

I think QM2016 will let you create a customized Category Summary Report to summarize this activity and see the balance for each category. In the customize options, set the date range and select only the Savings account (exclude all other accounts) and for Categories, select the two categories of interest. See if this gets you any meaningful info.

smayer97

RickO said:

Bruce, It depends on what you want to use the categorization for.

In your version, the Category Summary report lumps all transfers at the end of the report, so categorizing for the report is of limited usefulness. (In QM17+, there are New Reports that do include the transfers in the associated category.)

In budgets, transfers tend to cancel each other out. So again, not very useful to categorize.

For these reasons, just using the generic Transfer category may be just as useful as making up a special category for these transfers.

You may want to visit and VOTE (upper right corner) for the following IDEA post that relate to this issue:

Ability to Include or Exclude Transfers on Reports

Add Ability to Include or Exclude Transfers on Budgets

Prevent transfers from canceling each other out in Budgets

And here's a whole index of other IDEA posts to consider voting for:

https://getsatisfaction.com/quickencommunity/topics/expanded-list-of-categorized-ideas-of-feature-re...

Also consider that in anticipation of these above IDEA feature requests eventually being delivered, you have to think whether categorizing these transfers now would be useful in the future, even if they have limited benefit in the current version. Just food for thought.

(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)

Unknown

Thanks to all! Much appreciated.