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Ignoring transactions...

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!

Best Answers

  • John_MJohn_M Member ✭✭✭✭
    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.

Answers

  • John_MJohn_M Member ✭✭✭✭
    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.
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