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Transferring between accounts

If I have 2 accounts on Quicken "A" USD and "B" Canadian Dollars:
- I withdraw a certain amount from A
- I exchanged it to CAD then
- Deposited it in "B" using 2 different transactions

when quicken is downloading transactions from my bank it is considering the withdrawn as spending and the 2 deposits as income the thing that confuse my reporting. Is there a way that i link these 3 transactions so that they don't appear on my spending/income reports?

THANKS

Best Answer

  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    Accepted Answer
    Hello Hayan,

    You are free to edit downloaded transactions without the risk of downloading duplicates.

    Quicken will see that the transactions have already downloaded into the register and won't download them again.

    If things are deleted by accident, they can't be redownloaded again.

    Hope this helps!

    -Quicken Tyka
    ~~~***~~~

Answers

  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    Hello Hayan,

    Thank you for taking the time to come to the Community to share your issue.

    It sounds as though the transaction needs to be listed as a transfer.

    I have included more information on transfers below.

    Transfers for Mac:

    https://www.quicken.com/support/transfers-quicken-mac

    Transfers for Windows:

    https://www.quicken.com/support/how-do-i-categorize-transfer-quicken-windows

    Hope this helps!

    -Quicken Tyka

    ~~~***~~~
  • Thanks, Tyka, 
    1- Quicken downloaded the transactions from the bank, and i'm afraid if i changed these transactions, they might be downloaded again.
    2- I withdraw the money in one transaction and deposited it in 2 transactions (i couldn't exchange the whole amount in one day)

    tell me, is it safe to delete the downloaded transaction (or edit it) in order to change it to transfer? wouldn't Quicken then download another copy of each edited transaction?

  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    Accepted Answer
    Hello Hayan,

    You are free to edit downloaded transactions without the risk of downloading duplicates.

    Quicken will see that the transactions have already downloaded into the register and won't download them again.

    If things are deleted by accident, they can't be redownloaded again.

    Hope this helps!

    -Quicken Tyka
    ~~~***~~~
  • That's a relief, Thanks :)
  • UKR
    UKR SuperUser ✭✭✭✭✭
    If I have 2 accounts on Quicken "A" USD and "B" Canadian Dollars:
    - I withdraw a certain amount from A
    - I exchanged it to CAD then
    - Deposited it in "B" using 2 different transactions

    when quicken is downloading transactions from my bank it is considering the withdrawn as spending and the 2 deposits as income the thing that confuse my reporting. Is there a way that i link these 3 transactions so that they don't appear on my spending/income reports?

    THANKS
    One method to record these transactions would be to create an intermediate holding account (Cash or Checking) in USD currency and use it to temporarily hold the money.
    - Withdrawal from "A": record as transfer to Holding
    - Deposit 1 to "B": record as transfer from Holding to "B", making sure to correctly enter how much US$ and C$ were involved.
    - Deposit 2 to "B": the same as Deposit 1.
    Your holding account should now be back to US$0.00
    Alternatively, you could avoid the Holding account and directly transfer the money from "A" to "B" in two separate transactions. That would make it a little more difficult to reconcile "A", because you have two register transactions vs. one transaction on the bank statement.
    Either way, using transfer transactions avoids the transaction amounts from showing as unwanted income or expense.
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