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Transfer funds between accounts

How do I transfer funds between accounts? The program has changed and I cannot transfer funds as I have done for years.
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  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Are you trying to transfer funds between Quicken accounts within Quicken?  Or are you trying to send a transfer order to a FI?
    (QW Premier Subscription: R32.12 on Windows 10)
  • rmerlin
    rmerlin Member ✭✭
    Sorry for the delay in responding. I am trying to transfer funds in a savings account to a checking account in the same bank.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited February 2020
    If you are trying to use Quicken to send a transfer command to your bank you first need to make sure your online services connection with your bank is set up for Direct Connect (DC).  You can check your connection method by opening Account Details for one of your two bank accounts and then click on the Online Services tab. 
    If it says the connection method is DC, then close Account Details, click on the gear icon at the top right of the account register and then click on Transfer Money.  Fill in the fields in the pop-up and click OK.  Another pop-up will come up asking if you want to Transfer Online or if you want to Record Only.  Click on Transfer Online and then run OSU to send the transfer command to your bank.
    If the Online Services tab shows the connection method is Express Web Connect (EWC) you will need to change the connection method to DC.  If DC is available for your bank there should be a blue link message on that Online Services tab that a better connection method is available.  Click on that link to set up DC. 

    Not all banks allow for DC and if you don't see that better connection method message then you will not be able to set up DC and, therefore, will not be able to set up send a transfer command to your bank.

    Note: Some banks will charge a monthly fee for DC service. If you don't know, you will need to check with your bank's website.  If they do charge a monthly fee and if you opt to pay for that service you will need to sign up for it there, first, before you can start using DC in Quicken.
    (QW Premier Subscription: R32.12 on Windows 10)
  • rmerlin
    rmerlin Member ✭✭
    Perhaps I did not make myself clear. All I want to do is to reflect the transfer in Quicken. I already made the actual transfer between my accounts.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited February 2020
    Oh, OK.  That is simple. 
    One way is to follow the steps from the account register (it doesn't matter which bank account) in my previous reply but click on "Record Only" instead of "Transfer Online" (Account Register-->Gear Icon-->Transfer Money-->Fill in the fields-->OK-->Record Only).
    The other way is to enter make a manual entry directly into one of the bank account registers and in the category field click on the "Transfers" group and select the name of the other bank account.  Hit Enter and it's done.
    (QW Premier Subscription: R32.12 on Windows 10)
  • thecreator
    thecreator SuperUser ✭✭✭✭✭
    rmerlin said:
    How do I transfer funds between accounts? The program has changed and I cannot transfer funds as I have done for years.
    Hi @rmerlin ,

    Simple, but it is also a bit tricky, if the transfer is from Bank to Bank, where you transfer an Amount of say $200.00 to an Account at another Institution that may take 3 days. You would create an In-transit Money Cash Register Account. $200.00 would be transferred to that Register. Then you would create a Transaction, where you would expect the money to reach that Account. That Transaction would have a Future Date of 3 days.

    Now, if the Transfer reaches the Institution on the same day, you would simple use the Actual Name of the Register, using the Category Field. Use Memo to describe the reason for transfer, if you want to, but not necessary.
    thecreator - User of Quicken Subscription R32.12  USA & Quicken 2017 HBRP R20.6 USA
                       Windows 10 Pro 32 & 64-Bit Build 21359.1
    also            Windows 10 Pro 64-Bit Build 19042.928

    Note: Holding Down the Left Shift Key or Left Ctrl Key produces Window with Quicken 2019 in the Title Bar when click About Quicken,

    View: https://community.quicken.com/discussion/7859218/work-with-copies-of-your-actual-quicken-data-files/p1?new=1

  • rmerlin
    rmerlin Member ✭✭
    I am just looking for instructions to reflect a transfer between accounts in a bank that I have already made. It used to be very simple before the program changed recently.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Read my last post.  It doesn't get any simpler than that...and it is identical to the process used in earlier Quicken versions.
    (QW Premier Subscription: R32.12 on Windows 10)
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    How is it different than before?  Can you post a screen shot?  You can't just type the other account in brackets in the category field?  Like [checking acct]

    What version did you have before?  What version do you have now?  Or did you just update your program?
  • rmerlin
    rmerlin Member ✭✭
    My version is 5.14.3. In the past, if I wanted to reflect in Quicken a transfer that I had made from my savings account to my checking account, I would create a new transaction in my checking account, the payee would be Transfer, I would enter the amount in Deposit and Amount and save it. The transfer would be reflected as a withdrawal from my savings account and as a deposit into my checking account. Now when I try to do that nothing is reflected in my savings account.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    I'm guessing that previously Quicken had memorized your "Transfer" payee.  Then each time you entered another "Transfer" payee transaction Quicken would have auto populated the other fields in that new transaction, including the category.  The category is what will do the transfer, not the payee. 
    When you enter a "Transfer" transaction, click on the Category field, then click on "Transfer" on the left and then select the account (it will be in [brackets]) you want the transfer to go to or come from and hit enter.  Your transfer transaction will be complete..in both accounts.
    (QW Premier Subscription: R32.12 on Windows 10)
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    rmerlin said:
    My version is 5.14.3
    You posted in a Windows area, so responders assumed you had QWin. I will flag this to move to a QMac area.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    rmerlin said:
    My version is 5.14.3. In the past, if I wanted to reflect in Quicken a transfer that I had made from my savings account to my checking account, I would create a new transaction in my checking account, the payee would be Transfer, I would enter the amount in Deposit and Amount and save it. The transfer would be reflected as a withdrawal from my savings account and as a deposit into my checking account. Now when I try to do that nothing is reflected in my savings account.
    No, what you've described here is not quite right. The Payee name should be the name of the other bank, or perhaps "Transfer to xxxx" -- something usefully descriptive to you -- but not important as far as Quicken is concerned. The key piece you're missing is making this transaction an actual transfer.

    To do this, you should make theTransfer column visible in your register if it is not already: click on the Columns icon in the bottom toolbar, and if there is not a checkbox next to Transfer, click it. Now you have a Transfer column visible in your register. Enter a new transaction (or edit and existing one), and in the Transfer field, click on the little up/down arrow on the right side of the field. This will pop up a menu of all your Quicken accounts. Select the account you have transferred funds to. Enter the amount, and save the transaction. Now, you can go to the account which received the money, and you should see the linked transaction of the money deposited there automatically.

    The follow-up question is how to have Quicken remember this transfer for the next time you do it. The answer is a little tricky currently, because the program just changed to implement what they call "QuickFill rules" in the current 5.14 version. This long-awaited functionality allows you to save ("memorize" in old Quicken Mac parlance) categories and other fields to be automatically filled in next time you enter the same Payee. But the first implementation on version 5.14 works well for some things but is incomplete, and the product manager has promised additional changes will follow in version 5.15. From his comments, we'd expect that in 5.15, when you enter this transaction once, it will record the transfer transaction and automatically fill itineraries the next time you use this payee. If you don't want to wait until 5.15 is released, you can accomplish what you need today by manually creating the Quickfill rule you want. Post back here if you'd like step-by-step help doing that.
    Quicken Mac Subscription • Quicken user since 1993
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