changing account type

shoopes

how do i change a checking account to savings? for some reason my savings account ended up also being a checking account and is playing havoc with my downloads, the only difference between them is one is a is a -S1 (savings) and the other is a -S2 (checking)
HELP
Sid

Sherlock

I suggest you recreate the account: create an offline savings account, move the transactions from the checking account to the savings account, reset any impacted memorized payees and reminders, and delete the checking account.

shoopes

Thanks for the reply however that's not going to solve my problem. my checking account (-S2) works fine, it's just my savings account had been IDed as a checking account in Quicken and gets all the checking transactions downloaded too I I need to know how do I get Quicken to change the account to savings instead of checking
Sid

Sherlock

shoopes said:

Thanks for the reply however that's not going to solve my problem. my checking account (-S2) works fine, it's just my savings account had been IDed as a checking account in Quicken and gets all the checking transactions downloaded too I I need to know how do I get Quicken to change the account to savings instead of checking
Sid

After you have recreated the account as an offline savings account, you may enable the online services.  

Boatnmaniac

@shoopes - The short answer to your question is that once an account has been set up in Quicken the account type for it cannot be changed (there are a couple of 1X exceptions like being able to change a taxable brokerage account to an IRA account and changing an asset account to a lender loan account).

What @Sherlock has suggested should help to correct the situation you are dealing with.  One thing to make sure to do after moving the transactions from the -1S account into the new manual (offline) savings account is to delete that -1S account before you try to set up online services for the new manual savings account.

shoopes

@Sherlock , I did what I think I was supposed to do, up to a point. I am trying to establish the new savings acct in quicken (I have two accts with the same bank, ckng & savngs) I am not sure which account to change. I show checking 1, savings 1 and checking 0 and savings 0. I don't want to select the wrong one and really screw things up. how do I know which one to choose

Sherlock

shoopes said:

Sherlock, I did what I think I was supposed to do, up to a point. I am trying to establish the new savings acct in quicken (I have two accts with the same bank, ckng & savngs) I am not sure which account to change. I show checking 1, savings 1 and checking 0 and savings 0. I don't want to select the wrong one and really screw things up. how do I know which one to choose

Before making any significant changes to your Quicken file, you should always save a backup: press Ctrl + B

You have a checking account and a savings account at the bank.  You had two checking registers in Quicken.  One of the checking registers has your savings account transactions.  You want to move the transactions from that checking register to an offline savings register you created.

To create an offline savings register, select Tools > Add Account...





If you haven't already, you may want to review FAQ: How Do I Move Transactions Between Quicken Accounts?

shoopes

Been there done that and don't care to go back again, just gave me a whopping headache. I'll just live with the problem. I only have $5 in it anyway and I think I just had to have it in order to get the checking account and not paying any fees.
Thank You for your time
Sid

rogdsand

OK, Minus 2 points for the software engineers. Why can't the account type change with the display options tab selection of account intent. The account type should follow this selection. Quicken's one step update is full of problems. The cloud update hiccups frequently.

Boatnmaniac

rogdsand said:

OK, Minus 2 points for the software engineers. Why can't the account type change with the display options tab selection of account intent. The account type should follow this selection.

Account Type and Account Intent are very different things.

With Account Type there are often tax implications when making account type changes.  And legal codes are different for each type of account.  These are some of the key reasons why, when customers want to change the type of account at a bank, credit union or investment company, every single one of those financial institutions will not simply recode the account type but will instead close out the existing account and open up a new account.   Quicken also follows the same rationale.

Account Intent (Display tab) has no bearing on taxes and there are no legal codes related to it.   All AI does is to change where an account is displayed in Quicken.  This can be important to some users, like me, where I have both Retirement accounts (think tax deferred and tax exempt IRA, Roth, etc.) and Taxable accounts (think taxable brokerage) but where one of my Taxable brokerage accounts is also intended to support my retirement.  By changing the AI of that Taxable brokerage account to Retirement it is then displayed/grouped with my actual IRA and Roth IRA Retirement Accounts because that is how I intend to use that account.  But the Account Type is not changed to a tax deferred/tax exempt account because that would be all kinds of wrong and it would really mess up the tax planning and reporting features of Quicken and would also make the Lifetime Planner tool less accurate.  I also have an interest bearing checking account that I have the AI set to Savings so it displays with my actual Savings Accounts because I intend for that checking account to be used as a savings account which is set aside for only major special and unplanned expenses.   In both of these examples, the AI only affects where the account is displayed in Quicken....there are no tax or legal impacts.