Internal Transfers, Destination Account Non-Existent so Debits Removed from Origin Account

Windows 10
Quicken Premier, USA, Version R32.12, Build 27.1.32.12

I have a checking account whose Ending Balance is $168,311.75 too high. The account should have $26,525.31, but the ending balance says it's $194,837.06.

I think I see the issue, but I don't know how the issue occurred and I'm not certain how to resolve it.

For the past ten years, the checking account has only received money from outside sources. I pay nothing (almost next to nothing, very few exceptions) out of this account directly. So the checking account has many deposits. I'll call this the "Income Account".

Then every week, I transfer money from my this Income Account to an "Expense Account" from which I pay all bills. So the Expense Account has deposits only from the "Income Account". (Both accounts are held at E*Trade)

The Income Account ledger has transactions all the way back to April 2011. However, the Expense Account only has transactions back to January 2015. So, all the transfers from Income to Expense during the four years between 2011 and 2015 are ABSENT from the Income Account, presumably because they have nowhere to go because the destination Expense Account's ledger doesn't exist for that time period. Without all the transfers out of the Income Account, the running balance ballooned steadily from 2011-2015.

Can I resolve this by deleting from the Income Account all transactions preceding January 2015, at which time the Expense Account's record's begin?

Answers

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Hello @James J

    Thank you for taking the time to visit the Community to ask your question, although I apologize that you have not received a response.

    As you seem to have accurately located the discrepancy I would recommend adding an adjustment to correct the difference for the missing transactions.

    The adjustment will take less time and preserve transaction history.

    To learn about adding an adjustment, please see the information available here.

    -Quicken Tyka
    ~~~***~~~
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