transfer column vs category column (Q Mac)

pamela77

In the past when I made a payment to a credit card from my checking account I would put the credit card in the category, and create a transfer. I am starting a new Quicken file and looking at the columns I see one labeled transfer. I tried using it for a payment to a credit card from the checking account, and that same account appeared as a transfer in the category column. Can I just continue to put the transfers in the category column? Is there any added benefit to using the transfer column? It seems like a duplication.
Thank you, Pamela

jacobs

You can do the exact same transfer two ways: use the Transfer column with account name, or use the Category column with the syntax "Transfer:[account name]". As you observed, information entered in one shows up in the other. 

There are only two small advantages I can think of for showing the Transfer column:

1. It makes it easy when skimming your registers to spot the transactions which have transfers.
2. When you hover over the Transfer field in an existing transaction with a transfer, a gray round circle with a right-facing arrow (->) appears; clicking this arrow open the the other register in a new window and highlights the same transaction in that register.

In the early days of the modern Quicken Mac, you couldn't specify a transfer in the Category column, so the Transfer field was necessary. Then they added the ability to enter and view transfers in the Category column (which exists in Quicken Windows and the legacy Quicken Mac), so you're correct that it is now redundant for many users. Hiding the Transfer column is an easy way to gain back some horizontal space in your registers. But for some people, one of the differences mentioned above makes it worth leaving the Transfer field visible.

jacobs

For a simple transfer transaction, with no splits, it shouldn't matter which account you create the transaction in. I enter my credit card payments in my checking account, because in my brain, it makes sense to push the money from checking to each credit card account I'm paying. But if I did it in reverse, recording the payment in a credit card account as a transfer from checking, it would work the same. I'm not sure why the Support representative would have said there would be a difference. 

jacobs

You can do the exact same transfer two ways: use the Transfer column with account name, or use the Category column with the syntax "Transfer:[account name]". As you observed, information entered in one shows up in the other. 

There are only two small advantages I can think of for showing the Transfer column:

1. It makes it easy when skimming your registers to spot the transactions which have transfers.
2. When you hover over the Transfer field in an existing transaction with a transfer, a gray round circle with a right-facing arrow (->) appears; clicking this arrow open the the other register in a new window and highlights the same transaction in that register.

In the early days of the modern Quicken Mac, you couldn't specify a transfer in the Category column, so the Transfer field was necessary. Then they added the ability to enter and view transfers in the Category column (which exists in Quicken Windows and the legacy Quicken Mac), so you're correct that it is now redundant for many users. Hiding the Transfer column is an easy way to gain back some horizontal space in your registers. But for some people, one of the differences mentioned above makes it worth leaving the Transfer field visible.

pamela77

Thank you very much. I experimented with both ways end it seemed that if I used the transfer field from the checking account then when I went to the credit card it did not show which bank account was used to pay it in the category column. If I used the category when paying from the checking account then the matched transaction showed which bank account paid the credit card. It didn't seem to happen every time which is strange but it happened sometimes. Thank you very much for your fast response

pamela77

Does it matter which account the transfer originates from? When I was talking to support about my problems with Schwab payments and transfers the person suggested that when I had to use this method and originated it from the credit card that could cause a problem?

jacobs

For a simple transfer transaction, with no splits, it shouldn't matter which account you create the transaction in. I enter my credit card payments in my checking account, because in my brain, it makes sense to push the money from checking to each credit card account I'm paying. But if I did it in reverse, recording the payment in a credit card account as a transfer from checking, it would work the same. I'm not sure why the Support representative would have said there would be a difference. 

pamela77

Thank you. Sometimes the date on one isn't exactly the same as the date in the other account. In that case I choose one and It is ok with me if it is off a little. As I was working with support, and the cloud kept downloading errors in payments from 2 schwab checking accounts to various cards, I wondered if this might have something to do with it. IE if the cloud can't find it's transfer on that exact day it might put a another one in there. Thanks again, Pamela

jacobs

A linked transfer in Quicken can't have different dates in the two accounts; it's a single transaction which exists in both accounts. So yes, if you download transactions in both accounts, it's quite possible for one account to post with a different date — and it's fine to delete a downloaded transaction in one account. 

Sorry, I don't have any Schwab accounts, and after reading all the posts about Schwab problems over the past few months, I won't even venture any guesses about what's going on with Schwab downloads. 

jacobs

@RickO So you are not creating a linked transfer in Quicken, right? You have transfer transactions in each account, so they can be on different days. The special category Transfer:Credit Card is like the Adjustment category: it isn’t income or expense so it isn’t a category on reports, and Quicken just knows the money went (or came from) somewhere it doesn’t know about. As long as the transactions are in both accounts and are the same amount, this accomplishes the same thing as a single linked transfer transaction. So it’s just a matter of preference which approach is easier or seems best for your workflow.

pamela77

Thank you RickO, I just learned about the drag and drop yesterday as I was reading the community forums. Thank you, it is very helpful.I prefer linked transfers - it is a way to double check things.

I don't use bill pay because my checking accounts are in Schwab and they don't support direct connect so I don't think I can do it can I?

pamela77

Thank you RickO - where could I learn about that. I thought I couldn't use quicken for bill pay due to schwab and quicken not playing well together. Is quick pay different?

pamela77

That's ok, I thank you for your comments and ideas. I always learn something and it is valuable.

pamela77

RickO, when you drag and drop the transaction to match it how do you get both accounts open at once? Do you open a window for each of them?