Home Quicken for Mac Product Ideas - Quicken for Mac Manage Accounts and Transactions (Mac)

Categorized Transfers

Allow an expenditure category to be set for transfers. It's possible to enter data this way, but the transfer function overrides the category. This is important for budgeting. My use case is an IRA contribution. That is both a transfer (checking to brokerage) and a budget category (IRA Contribution), since it's going from liquid to illiquid. Also important for tracking physical assets, e.g., transferring X dollars from checking into the asset value of a car on purchase, but also tracking the payment (and loss of liquid cash) in the budget.
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  • Chris_QPWChris_QPW Member ✭✭✭✭
    Categorizing transfers is not needed (or correct, it will lead to double count in various places like reports), what is needed is the ability to budget transfers, which at the moment Quicken Mac doesn't have but they say they are working on it and will be released in the future.
    (I'm using the latest Quicken subscription version)
  • jacobsjacobs SuperUser ✭✭✭✭✭
    Exactly as Chris says. It's just not consistent accounting-wise to allow transactions to be both transfer and categorized expenses. Earlier versions of Quicken Mac actually allowed this to some extent, but Quicken now limits it in most cases, and will eventually change old transactions set up that way. The Quicken Mac product manager said it was decided at the upper levels of the company to not allow transfers to have categories to prevent unintended accounting problems in other areas. 

    So there needs to be a way to budget for transfers, selectively. If you've been using Quicken Mac for a while, you may be aware that a similar need existed with reports, and over the past year, they have added the ability to selectively include or exclude transfers from reports. The product manager indicated that was a necessary first step to allowing budgets to similarly include or exclude certain transfers. The developers understand that users want this functionality and why, and we've been told it's under development was they tackle a number of significant feature requests for the budget area of the program.

    Unfortunately, we don't yet know when this functionality will appear, just that they are working on it.

    (This is one of the longest-running, and most highly voted, feature requests. If you care to read it, the existing feature request is here; you can note that it is one of the rare Idea topics marked as "Planned" in the blue box under the initial post.)
    QMac 2007 & QMac Subscription • Quicken user since 1993
  • Philip SaulnierPhilip Saulnier Member ✭✭
    Thanks for the feedback and link. My 30 second KB search didn't turn up the existing request, but I figured I wasn't the first to ask.
  • UKRUKR SuperUser ✭✭✭✭✭
    In Quicken for Windows, there's a special feature regarding contributions to IRA / retirement accounts.
    This allows you to correctly categorize contributions and withdrawals under the covers, even though the transaction is only recorded as a transfer to/from the IRA.
    Tax - related reports will correctly show these transactions based on tax line items.
    If you want to see these transactions in Budget views, you only have to add "Transfer to [IRA acct name]" and "Transfer from [IRA acct name]" to the selected budget categories.
    I would hope that similar features exist in Q Mac, and, if you need help, that a Q Mac expert user will help explain how to do set this up in Q Mac.


  • J_MikeJ_Mike SuperUser ✭✭✭✭✭
    UKR said:
    I would hope that similar features exist in Q Mac, and, if you need help, that a Q Mac expert user will help explain how to do set this up in Q Mac.

    FYI - in QMac, contributions/distributions to/from retirement accounts are recorded by assigning a category to the transfer. The categories carry the appropriate tax line assignments.

    The QMac system has an advantage over the QWin system in that one can make both pre-tax and after-tax contributions via transfers to a given retirement account - just set the appropriate category for the transfer. 

    Am curious as to what modifications they (Quicken) have in mind to handle these transactions as they move away from the ability to assign categories to transfers in QMac.


    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

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