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Transfers in quicken

Rap2027

Transfers is a zero effect on net worth with transfers. My question is my Mortgages, Vehicle Payments, Loans and Credit Cards. All are expenses. When I pay them one account goes up and the other account goes down. Should I call all of these transfers? Or why Not?

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Comments

bmciance

Yes, PRINCIPAL payments on loans are transfers. However, interest and other charges are expenses so you may have to do a split transaction to record all parts

NotACPA

Using your credit card as an example. The EXPENSE is when you use the card to make a purchase. If you return the item for a refund, it's a negative expense (use the same category so the 2 offset each other).

Paying your credit card bill as you note is a transfer and neither Income nor an expense. You're neither richer nor poorer after making this payment.

You mortgage and auto principal payments are also transfers ... but the interest components are expenses and any escrow in your mortgage is a transfer to the escrow account.