external tranfers

jwiersum

How do you make an external transfer without making two entries

Boatnmaniac

@jwiersum - Please provide more detail on exactly what you are trying to accomplish?

Tom Young

I don't know what you mean by "external transfer"  (that's not a term that's explicitly used within Quicken), nor what you mean by "two entries."

Quicken is an accounting program that follows the double-entry concept such that every entry you make in any Account has an offsetting entry in another Account, or a Category.  Is that what you're referring to by "two entries?"

Maybe you could explain your situation with more detail and what you're trying to achieve?

Sherlock

It depends on your definition of external transfers.

If you're referring to a transfer between account registers maintained in separate Quicken files, you will have a withdrawal transaction in one Quicken file and a deposit transaction in the other Quicken file.

If you're referring to a transfer between accounts maintained in the same Quicken file, you may use a transfer transaction.  In Quicken for Windows, the category field of a transfer transaction in an account register is used to identify the other account register.

Quicken does make a distinction between internal and external transfers in reports and cash flow views but this is in reference to the whether the other account register in an included transfer transaction identifies an included account (internal) or not (external).

jwiersum

I am transferring money from providence bank to BOA. the register in BOA shows the transfer but the money is not deducted from providence register.

Sherlock

jwiersum said:

I am transferring money from providence bank to BOA. the register in BOA shows the transfer but the money is not deducted from providence register.

You should set the category of the transaction in the BOA register to be a transfer from the providence register. 

Tom Young

If you originated the entry in the BOA Account - which seems to be the case - then in the entry in the Category box of the register should read [Account name associated with Providence Bank].  Notice the square brackets that signal to Quicken that the offset is actually going to an Account, not a Category.

jwiersum

I show it in the providence as a txfr and payee as providence an in category with a bracket act( for the BOA account. In the BOA register shows as payee providence and category as BOA.Both accounts are in Quicken data file.

jwiersum

Quicken support said I should also make a dummy entry in the providence acct. That should have to be done.

volvogirl

I didn't follow that.  You only need to make one entry in either account.  Like in your BOA account you would enter [providence acct] using square brackets for the category.  The category in the BOA account should not be BOA.  

Or in the Providence account enter [BOA] for the category.  

Sherlock

jwiersum said:

I show it in the providence as a txfr and payee as providence an in category with a bracket act( for the BOA account. In the BOA register shows as payee providence and category as BOA.Both accounts are in Quicken data file.

In the BOA register, the transfer transaction should have the providence register identified in the category within square brackets.

In the providence register, the transfer transaction should have the BOA register identified in the category within square brackets.

jwiersum

Volvogirl
Are you saying in providence acct I use square bracket [BOA] i and no entry in the BOA register. I am making the transfer thru online banking from providence to BOA. Will that make a difference?

volvogirl

Yes exactly.  Square brackets around the other account name will make it a transfer to the other account.  I don't know how online banking will affect that.  When you download transactions from both accounts they should match to the one you entered. 

So try it,  make an entry in providence acct with [BOA] on it.  Then go to the BOA account and see it show up there. You can make a fake entry and then delete it.  

jwiersum

Volvogirl
The prov acct showed txfr to BOA (good), but the Boa acct show Payee as providence and category as prov(going back to prov. I'll use the gear action and use the transfer money tab

volvogirl

Right, the BOA account will show it back to the providence account.  That's how they are linked.  It's not important what the payee or description or memo is.  It will be the same in both accts.   So just type a better payee/description.  Like enter "Transfer from Providence to BOA"

jwiersum

When I use The gear action I have no problem. Thanks for all the help