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Making journal entries or an alternative

Looking for more savvy accounting and Quicken help than I have to solve the following: I have an investment account that periodically sends cash (an IRA distribution) to my checking account using a "Withdrawx" transaction that debits the investment account and credits my checking account. What I'm struggling with is that I want to categorize the inflow as "IRA income". I haven't been able to manufacture that. Can anyone walk me through the way to do that?

Bob Sroka


  • NotACPANotACPA SuperUser, Windows Beta Beta
    Do TOOLS, Account List and click EDIT adjacent to your account name. In the "Account Details" dialog that opens, click on the "Tax Schedule" button at the bottom of the window and set the "Transfers Out" option  to the tax line that you want.
    And, actually, except for tax purposes, this isn't "Income".  It's a transfer  from one account (the IRA) to another (checking) and that  doesn't make you any richer ... thus it's not truly income
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • SherlockSherlock SuperUser ✭✭✭✭✭
    edited January 3
    In Quicken on Windows, transfer transactions use the category field to identify the other account.   For example, in the default Income and Expense by Category report (select Reports > Spending > Income and Expense by Category) under Income you should see a FROM for the IRA account for the WithdrwX.

    If you're using a Cash Flow report, you may press Alt + C, select the Advanced tab, select Exclude internal in the Transfers: pull-down menu, to include the transfers from excluded accounts into the included accounts. 
    Quicken user since 1997
    Premier on Windows 10
  • splashersplasher SuperUser ✭✭✭✭
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list

  • bobsrokabobsroka Member
    Thanks, all, for your answers. Very helpful.
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