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How can I enter an automatic bank transfer into my savings account?

My CD matured in January, and the funds were transferred by the credit union into my savings account. How can I show that transfer in my Quicken entries?

Best Answer

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Accepted Answer
    Then the category should be [UCCU Go Savings] in square brackets to indicate it is a transfer.

Answers

  • How did you have your CD recorded in Quicken?  Did you show it as a separate account or did you have it listed in a investment portfolio account? 

    If the CD was held as an investment in a Quicken portfolio you record a sell transaction in the portfolio for the face value of the CD (which clears the investment holding), record the interest and then simply do a cash transfer to the bank account.

    If you simply created a separate account for the CD (not in an investment portfolio) you create a transaction to record then interest and then transfer the money between accounts.      
  • PDX
    PDX Member
    Thank you you for our advice, but it didn't work. I set up the CD as a separate account under the Savings, called UCCU Go Savings. I entered UCCU Go Savings as the Payee, and then "Transfer" as the category. The money was withdrawn from the CD, but didn't show up in the Go Savings Account. Do you have another suggestion? Thanks!
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Transfer is not the category.  You enter the other account name as the category.  But I'm confused.  
    What account was the CD in?  
    What account did you transfer it to?  
    In what account are you making this entry?
  • PDX
    PDX Member
    Thank you very much. The CD is in UCCU CD in the Savings section of Accounts (not in investments). I transferred it to UCCU Go Savings, which is where I want it. I'm making the entry in UCCU CD. The balance in the CD is correct, $0.00. But the deposit doesn't seem to show up anywhere. I only do manual transactions. My records with the bank are all accurate.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Accepted Answer
    Then the category should be [UCCU Go Savings] in square brackets to indicate it is a transfer.
  • PDX
    PDX Member
    Thanks a million!
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    I hope it works for you.  I see you are on a Mac and I only know Windows.  You might even be able to add a Transfer column to the register.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    edited February 6
    Actually, in the Category field, you should enter "Transfer:[UCCU Go Savings]". As you type "transfer", all your accounts will show up in the drop-down menu, so you don't have to type all that.

    ("Transfer" by itself is a category on Quicken that I wish didn't exist, because it causes more confusion than it helps with. "Transfer" without an account is a way to indicate money that flowed somewhere which is not tracked in Quicken -- the money disappears from your checking account, but doesn't show up as an expense or income nor drop into another account.)

    The other way to enter and see transfers is to make the Transfers column visible in your registers: click the Columns icon in the bottom toolbar, and check Transfers. In the Transfer column, you can directly select from among your other accounts to transfer to.
    Quicken Mac Subscription • Quicken user since 1993
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