Transfers between registers

Back in 2019, I could transfer money from my IRA to checking register by putting [checking] as the Payee and IRA Distribution as Category. With current version of Quicken, I can enter anything as the Payee, and [checking] must be in the Category field, so I have no Category for the transaction.

Can this be fixed, or am I doing something wrong??

Comments

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Transactions in Quicken should not be both a Transfer (a cash flow movement of funds between asset and/or liability accounts) and a Category (an income or an expense). Quicken Mac prevents this in some cases but currently allows it in others; the product manager has stated that Quicken's top management has agreed that allowing a transfer to have a category violates the rules of accounting, and it some point in the future, they will close the loophole which allows it now. (The loophole only exists because of Quicken Mac's roots as the 2010 Quicken Essentials, which did not track investments and had limited report capabilities.)

    Requiring Transfers and Categories to be their own distinct transactions is generally not a problem, although it might require two transactions instead of one. But the example you cited above -- taxable IRA withdrawals -- is the one instance I'm aware of where Quicken Mac doesn't have a particularly elegant solution currently. The "how to" answer is spelled out in this thread about that exact issue. I'd encourage you to first add your vote for the feature request (in the yellow box, click the little black arrow under the vote counter). Then read the longer post below the top one which explains the work-around necessary to get your money in the right place and properly documented for the tax report.

    If you have any questions on how to create the two transactions you'll need, and the dummy "adjustment" to record the RMD as taxable income, just post back here, or in that thread.
    Quicken Mac Subscription • Quicken user since 1993
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