Downloaded contribution and transfer not matching

Question

Every month, money is transferred from my bank account to my IRA. When I update my accounts and download the transactions, Quicken creates a transfer transaction from my bank account and a matching transaction to the investment account. But it also downloads a contribution (contribx) transaction for the same amount when it updates the investment account. Nothing I have tried gets these two transactions (the transfer and the contribx) to match automatically, in the investment account, and investment accounts to don't seem to have the option to match manually, so it creates a duplicate transaction and I have to manually delete one to keep the cash balance correct.

How do I get the downloaded contribution in the IRA account to match with the transfer from my bank account?

Quicken_Tyka · Answer

Hello @SchmittyRexus

Thank you for the response and for providing additional details.

As a test, are you able to create 2 new transactions, one in the bank account and one in the IRA?

Then, can you change one of the transactions to a transfer, does this cause duplication or match as expected?

Please let us know!

SchmittyRexus · Answer

This transfer is not set up in Bill Reminder. The transaction from my bank account shows up in Quicken when it posts online. The contribution in my IRA shows up in Quicken when it is received. But I can't get it to recognize the there is a transfer from one account to the other, and when I try to mark the bank transaction as a transfer it creates a duplicate.

Quicken Hugh · Answer

Hello Schmitty,

Correctly tracking IRA contributions are important, not only for your future financial security, but also (possibly) for your tax returns. You've brought up an interesting topic for discussion.

As I understand your situation as described, it seems we have some type of bill reminder/transaction/reconciliation conflict in the set up of your IRA contributions. The software can't resolve this conflict by itself; ergo, the software kicks out what appears to be a duplicate transaction (thereby calling attention to this situation, and you end up manually adjusting things each month to resolve it).

However, we still need to troubleshoot more deeply to discover exactly where things  went sideways on you, so we can fix the mysterious duplicate transactions once and for all. (What version/build of Quicken are you running? Starter/Deluxe/Premier or Home & Business?)

To get us started troubleshooting, let's look closely at a few things:

Do you have the transfer from your bank account to your IRA set up as bill reminder? If your answer is "Yes, this IRA contribution is set up in Bill Reminder", then please see this article and also this article about setting up the Quicken Bill Manager to double-check the set-up is correct and complete.

Once you've confirmed the set up of the IRA contributions are correct, then double-check Reconciling an Account.

Next, because IRA contributions can impact your taxes, see this article about tracking IRA contributions for tax planning.

Please do post in this thread with additional details about your exact situation, and/or contact support directly.