Transfers are showing as business income

I am running Quicken- Home, Business, and Rental Property Version R30.21 build 27.1.30.21 and want to know why are my transfers between my savings/checking/money market business accounts showing as business income? How do I fix this so my business income reflects correctly? It should only be displaying my client payments, not the transfers between accounts.

Best Answer

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Accepted Answer
    Hello @Heather118

    Thank you for the response and the screenshots of the issue.

     To create a transfer, the category should contain the name of the account that is being transferred into. If the category does not contain this, this creates an income/expense transaction.

    This sounds like a recent issue that has been fixed with the current update. If you have not done so already, I would recommend visiting the link below and updating to the current release.

    https://www.quicken.com/support/update-and-patch-20182019-release-quicken-windows-subscription-product

    Once you have updated, you may need to manually correct the transfers or restore a backup from prior to this occurring.

    I hope this helps, please let us know what you find!

    -Quicken Tyka
    ~~~***~~~

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    What tax attribute do you have set for transfers into those business accounts?
    TOOLS, Account List, click EDIT adjacent to the business account and then cllick Tax
    Schedule at the bottom of the account window.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Heather118
    Heather118 Member ✭✭
    None.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited January 20
    How about transfers out of the checking account (but, this isn't likely).  Can you show us the actual transfer transaction, both sides?
    ALSO, exactly where are these transfers showing as income?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Heather118
    Heather118 Member ✭✭
    They are showing as income on the Profit and Loss Statement Report

    This one isn't linked to any account, but as you can see it's showing as the very first income on the P&L statement attacched
  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Accepted Answer
    Hello @Heather118

    Thank you for the response and the screenshots of the issue.

     To create a transfer, the category should contain the name of the account that is being transferred into. If the category does not contain this, this creates an income/expense transaction.

    This sounds like a recent issue that has been fixed with the current update. If you have not done so already, I would recommend visiting the link below and updating to the current release.

    https://www.quicken.com/support/update-and-patch-20182019-release-quicken-windows-subscription-product

    Once you have updated, you may need to manually correct the transfers or restore a backup from prior to this occurring.

    I hope this helps, please let us know what you find!

    -Quicken Tyka
    ~~~***~~~
This discussion has been closed.