Transfers are showing as business income

Heather118

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.

Quicken_Tyka

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

NotACPA

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.

Heather118

None.

NotACPA

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?

Heather118

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

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