"Withdrawal Transfer" and "Deposit Transfer", what is the difference?

deex2

First off I know what a withdrawal and a transfer (of money) is. Here is the situation/example:
I receive an auto deposit once a month in my checking account. I have the money set up to go into various accounts/savings. I have the same amount transferred within the same bank to the same accounts monthly. One account, for example, might get $100 each month. In QUICKEN under "Payee" in both the checking and savings account in question some months is says "Withdrawal Transfer" other times it says "Deposit Transfer" and this happens on all of my accounts.

Why is this happening?

Is there a way to make things/Payee consistent?

Chris_QPW

In theory this what should be happening.

You enter the reminder in the first account, the payee is now the same for all the accounts that have transfer from that reminder/transaction.

Check it at that point, hopefully that is true.

Next you download transactions into each of those accounts, and match the downloaded transactions to the transactions in the accounts.  Again at this point the payee names should all be the same.

If one was to go into one of those accounts and change the payee, it will not change the payee in any other account.

If any of this fails to happen it would be important to note at what point that the names are different.

deex2

> @Chris_QPW said:
> In theory this what should be happening.
>
> You enter the reminder in the first account, the payee is now the same for all the accounts that have transfer from that reminder/transaction.
>
> Check it at that point, hopefully that is true.
>
> Next you download transactions into each of those accounts, and match the downloaded transactions to the transactions in the accounts.  Again at this point the payee names should all be the same.
>
> If one was to go into one of those accounts and change the payee, it will not change the payee in any other account.
>
> If any of this fails to happen it would be important to note at what point that the names are different.

I appreciate your response and I already understand what should be happening, your post didn't answer my question(s). The "payee" should be the same one or the other "withdrawal or transfer deposit" not both. The common denominators are always the same. The Checking where the same amount (amounts) are transferred to the same savings accounts, within the bank monthly.

Chris_QPW

And you didn't answer mine.  At what point is it wrong?

deex2

> @Chris_QPW said:
> And you didn't answer mine.  At what point is it wrong?

Its been going on for quite sometime.

Chris_QPW

deex2 said:

> @Chris_QPW said:
> And you didn't answer mine.  At what point is it wrong?

Its been going on for quite sometime.

That's not what I asked.

There is several steps.

• Enter reminder.
• Match download in each account.

At what point in this process is the payee name changing?

Depending on when the payee names are getting changed it might be possible to figure out what is changing them.

Note if you are using Sync to Mobile/Web that is a possibility too.
Same goes for if the reminder is linked to a Quicken Bill Manager bill.

Also just to be absolutely clear, you are seeing these payees in the registers, right?

deex2

The automatic transfer(s) info/set up was and is set up at my bank. When I update my account/s (checking is linked to my various savings accounts); the transactions the main monthly deposit and the various withdrawals/transfers {already done at my bank} then update/reflect in my Quicken records (provided Quicken doesn't screw them up which happens).

So when you refer to "reminders" i have no idea what you are talking about?

"Payee" on the register for each account within Quicken, yes.

I don't use "mobile", Web or bill pay.

Chris_QPW

OK.

First off I want to mention if you are using Direct Connect, and are able to schedule transfers in Quicken that your financial institution then performs, the following won't apply and might be different.
It doesn't sound like this is the case, but if it is, please say so.

Normally for any kind of transfer it is suggested that transaction be pre entered into the register and then matched the downloaded transactions to it.  This is done usually with a reminder.  If that isn't done then what is happening is that a transaction in each account is first being downloaded, and then the only way that will get to be a transfer is if you either manually change it, or if Quicken's Transfer detection is being used:


Quicken makes a guess that if it sees a downloaded deposit in one account for say $100 and a downloaded withdraw in another account for $100 that this must be a transfer, and changes it from two separate transactions to one linked transfer transaction.  Note since this is only a guess I suggest having the Confirm on.

If this is what is happening to you it is possible that it retains the payee from each of the separate transactions, and as such would depend on what the financial institution sent for that transaction.

And in that case the payee name only reflects what the financial institution believes the "direction" of the transaction is in a given account.  If it is changing from month to month for the very same transaction only your financial institution would really know why that is the case.  If it is bothering you, you might just setup a renaming rule to change them both to something like Transfer.