Transfer Dates

When I make an international transfer between my accounts, I get the option to enter the foreign amount, e.g. USD 1,000 debit and a AUD 1,345 credit. It becomes difficult to update the transaction later, if changes are required. However, you can work around this by deleting the entry and creating a new one.
I would like to see an option for all transactions, i.e. domestic and international, to allow different dates to be entered on each side of the transaction. It is often the case that the date the transfer is credited into an account, is several days after the date it was debited from the source account. However, currently you have to keep the same date in each account.
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  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited August 2021
    I suggest you consider using a Cash account created for the purpose of receiving and delivering such transfers. 
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Yes you need to setup another holding account to run it through.  Like call it something like Funds in Transit.  
  • BK
    BK Member ✭✭✭✭
    I hear you and assuming I understand your need, this is my personal approach since the foreign account is all manual entry anyway - using your example figures:
    (1) 1,000 debit on Aug 1 from Bank-USA
    (2) 1,000 credit on Aug 1 to Bank-AUD (yes, I enter the matching date on purpose)
    (3)    345 credit on Aug 5 to Bank-AUD (actual credit date with the custom category of 'Transfer Currency Conversion')
    Then use the memo and/or attachments to add appropriate comments for clarity.

    Even better is to use the transfer category of [Bank-AUD] in #1 which will automatically create #2 for you as matching transfers.  You still have to enter #3 manually.

    This approach has worked well for my needs for years since I do not make too many transfers.  Note that in my case, I didn't want to get involved in multi-currency due to Quicken's limitations and therefore I setup my foreign account in Quicken as USD.  In other words, Quicken shows $1,345 USD but I know in reality it is 1,345 AUD.  Clearly there are other approaches as suggested earlier by the expert SuperUsers and perhaps other creative ones.

    - QWin Deluxe user since 2010, US subscription on Win11
    - I don't use Cloud Sync, Mobile & Web, Bill Pay/Mgr

  • Steve42
    Steve42 Member
    For foreign accounts, where the value may change, a cash/transfer account would make sense to a professional accountant.
    For the rest of us mere mortals just trying to reconcile our statements, can we please have the option to split the dates on a transfer?
    When I move money between accounts, my bank will deduct the amount from the source account1 on day 1, but may not deposit to account2 until the next business day.
    I just want the option to decouple the dates.
    Having to create holding accounts just complicates the process and reports.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    This option is not essential for me, but it would certainly be convenient.

    One issue might be how to account for the "missing" cash while the transfer is being completed. That is not a problem with the holding account discussed above.
    QWin Premier subscription
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Steve42 said:
    For foreign accounts, where the value may change, a cash/transfer account would make sense to a professional accountant.
    For the rest of us mere mortals just trying to reconcile our statements, can we please have the option to split the dates on a transfer?
    When I move money between accounts, my bank will deduct the amount from the source account1 on day 1, but may not deposit to account2 until the next business day.
    I just want the option to decouple the dates.
    Having to create holding accounts just complicates the process and reports.
    Mere mortals may want to consider using a withdrawal and a deposit transaction instead of a transfer transaction.