Transferring Funds between Accounts within Quicken

When transferring within Quicken between accounts, the amount I transfer as a payment shows up in the destination account as a negative and the balance in the receiving account is showing this and all previous transfers as negative (red) whereas the receiving account balance should be increasing (Black). IE - from checking to savings.

Best Answer

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    OK, using your checking/Savings example (a credit card, or any other liability, works differently), you should have
    • In your checking account, a BLACK number in the Balance column
    • The amount to be transferred in that Payment column
    • The category field should be the name of your Savings account enclosed in square brackets (e.g., [Savings])
    • The value in the checking account grows smaller (closer to $0)
    Meanwhile,
    • In your Savings account, the balance column should normally be BLACK, unless you're transferring funds to cover a possible overdraft (RED number in the balance column
    • The amount that was transferred (received in Savings) would be in the Deposit column
    • The category field should be the name of your checking account in square brackets.
    • The value in the savings account grows larger.
    Is all of the above true in your accounts?  If not so, what's different?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    OK, using your checking/Savings example (a credit card, or any other liability, works differently), you should have
    • In your checking account, a BLACK number in the Balance column
    • The amount to be transferred in that Payment column
    • The category field should be the name of your Savings account enclosed in square brackets (e.g., [Savings])
    • The value in the checking account grows smaller (closer to $0)
    Meanwhile,
    • In your Savings account, the balance column should normally be BLACK, unless you're transferring funds to cover a possible overdraft (RED number in the balance column
    • The amount that was transferred (received in Savings) would be in the Deposit column
    • The category field should be the name of your checking account in square brackets.
    • The value in the savings account grows larger.
    Is all of the above true in your accounts?  If not so, what's different?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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