Ignoring transactions...

Question

Have 2 bank accounts tied into Quicken

#1. Investment account where all payroll deposits are directed

#2. Checking account where all expenses are paid

Here is the rub... if I write a check for $100 for groceries out of account #2 above - I can categorize that transaction perfectly... but the way my bank is set up there is an automatic overdraft transfer from account #1 above into account #2 above to cover that check

So inside of quicken there appears to be 2 $500 negative transactions... when in essence there is only 1 $500 transaction

Please help!

jrich75 · Accepted Answer

I assume there is a typo between $100 & $500.  There should be two transactions appearing in the checking account.  The first for the check written to the grocer and categorized as groceries.  The second for the overdraft transfer of funds from savings to checking.  The second would be categorized as a credit transfer from [Account #1].  That transaction will appear as a debit in the investment account.  The brackets indicate it is a transfer and the Quicken investment account name should be within the brackets.

John_M · Accepted Answer

The above explanation from @jrich75 is correct. I have one additional thing to add. While you do have two $500 negative transactions, you also have one positive $500 (into your checking account).

-$500 - $500 + $500 = -$500

Only the -$500 transaction from your checking account to pay for groceries is an expense. As stated above, the other two offsetting transactions are transfers.