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Scheduling a transfer between accounts

epsteve

According to Help, in order to Transfer money between accounts at the same institution:
To transfer money between two non-investment accounts
Open the account you want to transfer money from.
Click Account Actions icon (the Account Actions icon), and then choose Transfer Money.
BUT, there is no choice called Transfer Money in the Actions

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Accepted answers

Boatnmaniac

@epsteve - You do not see this?

Image: https://us.v-cdn.net/6031128/uploads/editor/c5/lwnchgnsslzl.jpg

You can also go into the register of one of the accounts and enter the transfer transaction manually. For the Payee you could simply call it "Transfer Money" and for the category type in the name of the other account in brackets...ex, [Savings Account].

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epsteve

In most months I need to transfer money from my Personal Checking to my Business Checking (or vice versa) to cover online payments. I use the Online Transfer function in the Source account and the Category is the account to transfer to. I seem to remember that, in the past, I've been able to schedule these transfers at some date in the future when the funds will be needed. Now when I try to do that, I get an error message saying that I must use Today's Date. WHY?

Boatnmaniac

@epsteve - You do not see this?

volvogirl

Do you want to make the transfer actually happen at your bank or just record the transfer in Quicken?

GeoffG

Since your title states scheduling a transfer, I'll infer you want this to happen in the future. If so, you would use an transfer reminder to enter the transfers into the registers.

epsteve

Yes I do want the transfer to occur in the future. I want it to occur between 2 accounts at the same bank.
Boatnmaniac: thanks for the image. I was pressing the gear on the register entry line not the one at the top

image.png

GeoffG

epsteve said:

Yes I do want the transfer to occur in the future. I want it to occur between 2 accounts at the same bank.

In that case, you don't use the register. Under Bills & Income you would select Add Transfer Reminder.
Once the date triggers and the entries are in the register, you can change TXFR to OXfr and submit online if you have a bank with Direct Connect.

Boatnmaniac

epsteve said:

Yes I do want the transfer to occur in the future. I want it to occur between 2 accounts at the same bank.
Boatnmaniac: thanks for the image. I was pressing the gear on the register entry line not the one at the top

Ah. Those Gear icons can be confusing sometimes because they show up in so many different areas and in each area they serve different purposes.

My bank (BBVA USA) does not allow for scheduling individual online transfers (via Direct Connect) between internal accounts for future dates...only allows for online transfers for the current date. If you are trying to set up an online transfer with your bank (must have Direct Connect set up with your bank) and if your bank has the same restriction you have the following options:

Wait until the date you want the transfer to occur to schedule it from within Quicken then.
Set up a Transfer Reminder as suggested by @GeoffG and then enter it into the registers and send it on the date you want it to occur. (This is a really handy tool for scheduling repeating transfers.)
Use Transfer Money to enter it into your register immediately as a TXFR (as opposed to setting up a Transfer Reminder for entry into your register later). Then on the date you want it to occur, change the TXFR to OXFR and then run OSU to send the command to your bank.
Enter the TXFR transaction directly into your register for the date you want it to be sent. Then on the date the transfer is to occur, you change TXFR to OXFR and run OSU to send the command.

It is simply a matter of preference as to which method you use.

If you do not have Direct Connect set up with your bank, you will not be able to send the transfer command to the bank. But you can still use one of these same options to enter the transaction as TXFR only and when the banks downloads the transactions into Quicken they will be matched with the TXFR transactions you previously manually entered there.

Eagle

I know this is dated post, but I do have a question.
I understand most of this process.
What I want to know is if you have to change txfr to oxfr?
What happens if your reminder puts the transfer in the register, but you forget to change txfr to oxfr?
Will it just sit there until you change is?
I'm wondering if there is something that can be done to just put oxfr on that transaction automatically.
Can something be done in the setup of the reminder?
I mean, that is what I want it to do anyway.
Just checking ...

GeoffG

Yes, it does seem odd, but you cannot schedule an online transfer, only a TXFR. So after it's posted, change TXFR to OXFR and send.
I believe this is intentional as you could schedule transferring more funds than available and cause all sorts of bank related issues.

Boatnmaniac

Eagle said:

What happens if your reminder puts the transfer in the register, but you forget to change txfr to oxfr?
Will it just sit there until you change is?

Yes, it will just sit there in the register as a txfr transaction unless and until you change it to oxfr. Only oxfr will tell Quicken to send the transfer command to the bank.

Eagle

OK thanks.
Just wanted to make sure. Easy to miss stuff!

Eagle

Hello.
Back to my problem.
I have the transfer in my Scheduled Bills and Reminder as a transfer (From checking to savings).
When I sent it across to the register, I changed to to Oxfr. It also put the little lightning bolt there.
I made sure it was today's date.
I ran my update a little later.
The transfer never showed up in my bank.
And of course it never showed up cleared on my register.
The transfer transaction created the corresponding register entry in the savings account register. Again, not with the bank.
If I try to change the date to the next day, I get a message that the online transfer has already been processed. Changing or deleting it will only affect the register.
So, what to do?
I think I followed the instructions outline above in the forum post.
Any questions for me?

GeoffG

Eagle said:

I ran my update a little later.

If you run Update, you should have seen the transfer instructions in the Update listing. If not, you can send manually without updating. First you should see the symbol below...

When you click the symbol, it will display you have an instruction to send. Click on "You have 1 online transfer to send"

Image: https://us.v-cdn.net/6031128/uploads/editor/5r/nup8rln0w4k6.jpg

You will see the Online Center open. Select the bank account from the Financial institution dropdown for the sending transfer account, then select Update/Send.

For the online transfer instructions to work, you must have a Direct Connect bank account.

GeoffG

As a test, send a small amount say $100 from checking to savings. You should see the entry in your bank savings account (not Quicken) the following day to prove out it worked. Then send the amount back from savings to checking that day.

Boatnmaniac

Eagle said:

Hello.
Back to my problem.
I have the transfer in my Scheduled Bills and Reminder as a transfer (From checking to savings).
When I sent it across to the register, I changed to to Oxfr. It also put the little lightning bolt there.
I made sure it was today's date.
I ran my update a little later.
The transfer never showed up in my bank.
And of course it never showed up cleared on my register.
The transfer transaction created the corresponding register entry in the savings account register. Again, not with the bank.
If I try to change the date to the next day, I get a message that the online transfer has already been processed. Changing or deleting it will only affect the register.
So, what to do?
I think I followed the instructions outline above in the forum post.
Any questions for me?

When I send transfers between accounts to my bank the following happens:

Lightning Bolt: That confirms that the transfer command was successfully sent to the bank.
My accounts in Quicken showing the transfer is cleared (i.e., posted at the bank) will not be updated until the next day. (Even though I have DC set up with my bank it acts more like EWC by downloading a snapshot of posted transactions only 1X per day. It used to be that it was more real-time but they updated their entire banking system about 1-1/2 yrs ago and since them it has been only 1X per day).
If I want to see the transaction in my online account before the next day, I need to review the pending transfers because it will not show up in my online account registers there until the next day. (Yes, this is kind of goofy since the transaction actually is completed immediately. It just takes a little time for the online account registers to be updated with that information.)

Maybe your bank processes the transfer (#2 and #3) similar to mine?