Category field

Hello, I have a checking account and 3 savings accounts. The 3 savings accounts are named "Mark", "Jordan", and "Kayla". I am tracking all 4 of these accounts in Quicken. I'm confused about how to categorize transfers between these accounts. Here are the details and my questions:
Every month Wells Fargo transfers $75 from my checking directly to "Kayla" savings. In this case, what would you enter as the category for the withdrawal from checking and what would you enter as the category for the deposit into "Kayla" savings?
Every month Wells Fargo transfers $75 from my checking into "Mark" savings and THEN it transfers from "Mark" savings to "Jordan" savings. In this case, what would you enter as the category for the withdrawal from checking, the deposit into "Mark" savings, the withdrawal from "Mark savings, and the deposit to "Jordan" savings.
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Best Answer

  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    Answer ✓
    Yes, that is correct.   Note that when you use the account as the category the entry is automatically done in the other (transfer to) account.  This is called a transfer entry as you are referencing another account rather than a category.  

    Another thing to be aware of is that you can pick the transfer to account when you click the category field and click transfers rather than personal expenses

Answers

  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    The category is a transfer which is represented as the transfer to account in brackets.  For example [Mark] for the transfer to Mark Savings or [Jordan] for the transfer to Jordan Savings etc.  
  • Linda Marie
    Linda Marie Member ✭✭
    @bmciance, thank you for your quick reply! If we could delve a bit deeper, I would appreciate it. For the transfer from checking to Kayla savings, the category within the checking account (for the withdrawal) would be [Kayla] and the category within Kayla's savings account (for the deposit) would be [Checking]. Then, for the transfer from checking to Mark savings, the category within the checking account (for the withdrawal) would be [Mark] and the category within Mark's savings account (for the deposit) would be [Checking]. THEN, for the transfer from Mark's savings to Jordan's savings, the category within Mark's savings account (for the withdrawal) would be [Jordan] and the category within Jordan's savings account (for the deposit) would be [Mark]. Is that right?
  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    Answer ✓
    Yes, that is correct.   Note that when you use the account as the category the entry is automatically done in the other (transfer to) account.  This is called a transfer entry as you are referencing another account rather than a category.  

    Another thing to be aware of is that you can pick the transfer to account when you click the category field and click transfers rather than personal expenses
  • Linda Marie
    Linda Marie Member ✭✭
    Ok, that is making more sense. My concern is that I want to be able to see (on reports), how much we "spent" on "Jordan savings" and "Kayla savings". With categorizing as you are suggesting, would we be able to see these things on a report?
  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    Yes, if you select to show transfers in the report options.

    sorry, I would show you an example but I am. It near my computer at the moment.  
  • Linda Marie
    Linda Marie Member ✭✭
    @bmciance, do you provide paid training for folks by chance?
  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    No, sorry.  I am just another user. 
  • Linda Marie
    Linda Marie Member ✭✭
    No problem..... I'll categorize as you say and then see how things look on reports. Thanks!
  • Smatties
    Smatties Member
    Is there a way for Quicken to not use my Category Field with Transfer Accounts? I need to be able to use that field to categorize what the transfer is actually for. Its bad design.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Smatties said:
    Is there a way for Quicken to not use my Category Field with Transfer Accounts? I need to be able to use that field to categorize what the transfer is actually for. Its bad design.
    You can't categorize a transfer, it would be double counting the transaction in reports and budgets and such.  That is one of the main reasons they reused the category field for transfers it forced it to be one or the other, the other reason is saving horizontal space in the register.

    I suggest that you submit your own question, and explain exactly what you are trying to do so people can help you with that.
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  • Smatties
    Smatties Member
    edited November 2021
    Around 2020 Quicken changed the design and use of the category field for transfers We can no longer use 'real' categories for transfers without affecting other accounts. Anything EFT also shows up as a transfer as well. Now we are unable able to categorize transfers between different spousal and family accounts which is making a mess of our book keeping for end of year accounting. [Removed - Rant]  Transfers - should not be considered a 'category', it is truly a 'transaction type' so instead of Quicken creating a new field for transaction type (which would have most likely required a significant software redesign/update), they reused the category field. We are very unhappy with this change to the software. Please note.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Smatties said:
    Around 2020 Quicken changed the design and use of the category field for transfers We can no longer use 'real' categories for transfers without affecting other accounts. Anything EFT also shows up as a transfer as well. Now we are unable able to categorize transfers between different spousal and family accounts which is making a mess of our book keeping for end of year accounting. [Removed - Rant]  Transfers - should not be considered a 'category', it is truly a 'transaction type' so instead of Quicken creating a new field for transaction type (which would have most likely required a significant software redesign/update), they reused the category field. We are very unhappy with this change to the software. Please note.
    The category field has been used for transfers (the [Other Account] syntax) from as far back as I have ever used Quicken with is to say since 1992.  This isn't a new change.


    You mention EFT, which would be an entry in the check number/reference field.  If TXFR is put into that field then the "category" has to be a transfer, it can't be a normal category, because you have told Quicken that it is a transfer.  I tried EFT and it didn't lock it, but TXFR does, and always has.


    And a transfer shouldn't have a category for the simple fact that it moving money from one account to another, it is neither income or expense.  Categories are either income of expense:


    If one wants you can put a normal category in the two different accounts they can, but they will not be a "linked transfer".
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    (I'm always using the latest Quicken Windows Premier subscription version)
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