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Does anybody else have the issue of transfers transferring into the same account?

So I have multiple savings accounts and automatic transfers set up from my checking account to the savings accounts. When I download transactions the transfer shows up in both accounts but it just transfers it into its own account on each. This just recently started happening. It's a real PITA because I have to go through each account and change the transfer to/from account and then go back through each account and match to downloaded transaction. Does anybody have/had this issue before?

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I haven't had this happen. 
    I generally manually enter my transfers between Accounts so a download from either account finds a "match."
    In the instances where I might not enter the transfer manually beforehand, when the transfer transaction shows up in one or the other Accounts - safely tucked away in the "Downloaded Transactions" window - I'll accept the transaction but make sure the transaction is properly accounted for as a transfer to another Account.
    If you're trying to have Quicken "do your accounting for you" - having transactions automatically entered into registers - then you might want to look at your memorized payees list to see if something's gone amiss over there.
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    I do not use it, but you might want to check preferences, transfer detection to see if it is selected.

     Manually accepting downloaded transactions should make life much easier for you.  When one transfer comes down, you can select it in the downloaded tab. Then edit the category directly in the register to the proper transfer account name.  Hit enter and it will accept the downloaded transaction, and when you go to check the downloads in the corresponding transfer account it will show as a match.

    If you haven't already, setting up automatically entered transfer reminders (CTL-J) in Quicken should also help create matches for downloaded transactions.
    Quicken Premier Subscription, Windows 10 Home
  • I am trying to get Quicken set up after many years of not using it.

    I have numerous accounts which I transfer money between. When I download transactions from my financial institutions, "transfer detection" does not work. Any transaction that should show as a transfer between accounts instead shows as a transaction within the same account.

    In other words, if, in real life, if I have transferred $123 from Bank Account A to Bank account B, I would expect the transaction to show in Quicken as $123 "paid" from Back Account A and to have the name of Bank Account B in the "category" field AND to have $123 "deposited" in Bank Account B with the name of Bank Account A in the "category" field.

    INSTEAD, the $123 "paid" from Bank Account A shows the name of Bank Account A in the category field...and the $123 "deposited" in Bank Account B shows the name of Bank Account B in the category field. Each of these have different "Downloaded IDs."

    Even if this transfer doesn't automatically get entered in the correct way, If "transfer detection" was working, I would expect Quicken to see the $123 "paid" and the $123 "deposited" and to ask if this is a transfer between these accounts. That doesn't happen.

    I have looked for a way to "click" on an individual transaction and ask Quicken to "detect" a possible transfer but have not found any way to do that.

    Perhaps, if I had already *manually* entered the transfer, it would recognize it BUT having to enter every transfer manually seems to be in contradiction to a large part of the reason to use Quicken. It also is going to make it practically impossible to get my husband to use.

    From what I have found in my searches on this "community" it seems like the problem *might* have to do with whether your connection is "Direct Connect" or "Express Web Connect" but Direct Connect is not an option with most of my *well-known* financial institutions.

    Years ago, when I used Quicken -- and taught many other people to use it-- this was not a problem. Instead of improving with age, it seems that Quicken has become more difficult to use.

    Can someone please help me understand how to get Quicken to recognize my downloaded transfer transactions?
  • UKR
    UKR SuperUser ✭✭✭✭✭
    The reason why downloaded transfers are a hit-and-miss situation is because most all the time, the information downloaded from the banks is just not meaningful enough for Quicken to detect and create a good Transfer-A-to-B matched transaction pair in your registers.
    And that's why most of us Superusers recommend that you manually record transfer transactions into your registers BEFORE you download bank transaction containing transfer confirmations. Use scheduled reminders for recurring (e.g., monthly) transfers.
    It might also help if you try to avoid transferring multiple transactions on the same day with the same amount. Either spread them over several days or use different amounts (e.g., 150.00 for one, 150.01 for another, 150.02 for a third, etc).
    Using distinct Payee Names might also help figuring out who's who.
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