Use of TRANSFER TXFR between checking and mortgage/credit card accounts

Question

Hello,  I am new to Quicken.  I would like to utilize the TRANSFER/TXFR function.  It is my understanding, for example, when I enter a  payment in my checking account to my mortgage lender the payment will also be entered in my Quicken mortgage account.   I cannot find information as to how to make this "link" between the two accounts.  I understand I can also do the same with credit cards as well.  Thank you in advance.

volvogirl · Accepted Answer

Yes.  You can add a Transfer column to the register or just type the name of the other account using square brackets in the Category field.  Like [credit card]

Here is some general info for credit cards.......The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.

When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.