I made a stupid mistake transferring funds, how do I fix it?

I have two checking accounts at the same financial institution. I needed to transfer funds from one (I'll call it Checking1) to the other (I'll call it Checking2). I logged into my account on the financial institution's website, then performed the transfer. That all went fine.

Next I wanted to enter what I'd done online, into Quicken. So, I went to Checking1 in Quicken, entered a transfer to Checking2 for the amount. That went fine.

Then I wanted to pay a bill from Checking2. I paid the bill, then went back to Quicken to enter that transaction into Checking2. However, this is where I made the stupid mistake. I looked right at the transfer in Checking2, from Checking1, then decided to write over the transfer record in Checking2, recording the bill I just paid. Right over the top of the record of the transfer in Checking2.

I'm very angry with myself for having made such a stupid mistake. I thought the only way I could fix it was to delete the transaction from Checking1, but that didn't seem to work. Quicken either didn't record it or something, but it's wrong.

So, now I've messed up the record of this transfer between Checking1 to Checking2. And I've no idea how to fix it. I am asking for help with this, please.
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Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited October 22
    <Edited:  Made some corrections and additional comments in italics.>
    No need to be so hard on yourself.  We all make mistakes in using Quicken and in most cases those mistakes can be fixed.
    If I am understanding your situation correctly:
    • You are manually entering transactions into your accounts in Quicken.
    • You said you set up a transfer transaction from Checking1 to Checking2.
    • You then edited the transfer transaction in Checking2 to make it a bill pay transaction.
    • You then tried to delete the transfer transaction in Checking1 but cannot find it.
    Did I get this right?
    If so, then when you changed the category of the transfer transaction in Checking2 from a transfer category to an expense category it removed the transfer transaction in Checking1 which is why you could not find it there.  To fix the issue, I suggest you do the following:
    • Leave the edited bill pay transaction in Checking2 as is.
    • Enter a new transfer transaction to replace the missing one....transfer cash from Checking1 to Checking2.  You can enter that transfer transaction in Checking2 or in Checking1...it does not make any difference.
    Your checking accounts should now be accurate, again.
    Let me know if this fixed the issue for you or if you have any questions.
    (QW Premier Subscription: R36.45 on Windows 10)