Why do I get a blue "Transfer" in the cash amount column of an IRA when using WithdrwX

GeorgeM
GeorgeM Member
edited May 18 in Investing (Windows)
I am aware of the many discussions regarding how best to record an IRA distribution. The WithdrwX ("cash transferred out of an account") seems to be the most logical approach, but when I use that method the word "Transfer" (colored blue) appears in the cash amount column. Clicking on that "Transfer" takes me to an unrelated Quicken troubleshooting site. (Nothing on the troubleshooting site appears related to WithdrwX.) Nonetheless, the transfer executes correctly on both sides, i.e., in both the transferring and receiving accounts. Choosing "Withdraw" rather than "Withdrwx" also works but is buggy in my version of Quicken Premier. For example, using "Withdraw" I accidently created two $5000 deposits in a receiving account from a single $5000 transfer. Thus, $5000 was removed from the donor account but $10,000 (two $5000 transactions) appeared in the recipient account. However, my purpose for posting here is not to discuss these things, but to simply ask experienced users: Which approach do you recommend, Withdraw or WithdrwX? Is there a third method that I am not aware of?

[Note: I am moving to Quicken from simple double entry accounting software because Chas. Schwab blocked that software from using their OFX server. So I am experienced with this type of bookkeeping, just not familiar with the proper pathway in Quicken.]

Best Answer

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited March 17 Accepted Answer
    I see this also. The "troubleshooting site" is actually Quicken's new online help, which really is online somewhere on the Internet. I find it terribly slow and unhelpful. As you say, clicking on Transfer gets you no useful information. I don't know why it is there.
    If you've read the various threads on IRA distributions, you should have come across the recommended method: use a Deposit in the receiving account with the bracketed [IRA Account Name] as the Category. This will result in a WithdrwX in the IRA.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.

Answers

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited March 17 Accepted Answer
    I see this also. The "troubleshooting site" is actually Quicken's new online help, which really is online somewhere on the Internet. I find it terribly slow and unhelpful. As you say, clicking on Transfer gets you no useful information. I don't know why it is there.
    If you've read the various threads on IRA distributions, you should have come across the recommended method: use a Deposit in the receiving account with the bracketed [IRA Account Name] as the Category. This will result in a WithdrwX in the IRA.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • GeorgeM
    GeorgeM Member
    Thanks Rocket. Makes sense; will do.
  • GeorgeM
    GeorgeM Member
    RJS, Just wanted to comment on a couple of things since you keep an eye on the Quicken message boards. First, the "This account no longer exists in Quicken" (can't remember the exact wording) message, when the account clearly does exist, bug is NOT fixed. I'm still getting it periodically. Second, regarding my mention of two transactions linked to a single transaction on the other side exists and behaves as follows: starting on the side with the duplicate accounts (we'll call it side A), if I ctrl-shift-x I am taken to the side with the single linked account (side B). If I then ctrl-shift-x I am taken back to side A, but to the OTHER of the duplicate accounts on that side.

    I don't want to try to solve that right now. I'm buried just trying to get all of these accounts working. But I did want to document it lest you see someone else mention this phenomenon. I appreciated your help with my other problem.

    Geo. M
  • GeorgeM
    GeorgeM Member
    Sorry, I meant transactions rather than accounts
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