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 ✭✭✭✭✭
    Accepted 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 ✭✭✭✭✭
    Accepted 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!
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