Quicken Thinks Deposit is a Transfer
Marvin Gardens
Quicken Windows 2017 Member ✭✭✭
I’m starting to see a rather strange problem. I have a stock trading account with Merrill. I have it set up to automatically transfer dividend payments to my Wells Fargo checking account.
When a dividends is paid, Q downloads 2 transactions. One reports the dividend. The second is MiscExp, with no category where the money is removed from my account. The next day there are 2 more transactions. One is an uncategorized MiscInc where that money comes back, and then a Withdraw where it is removed. Since these 2 Misc transactions show up as uncategorized I created 2 dummy categories - DivOut and DivIn and change them manually.
Then I go to my WF account and download transactions. I see a Deposit for that money. When I Accept it, Q pops up a message that asks if this deposit is the same transaction as that Withdraw from Merrill. I click Yes and the transaction is posted and Q sets the Payee to Merrill and the category to a transfer from my Merrill account. Then it changes the description of that Withdraw in the Merrill register to “Wells Fargo Bank”
Once a month WF pays me a few cents in interest. When I accept that transaction it appears with Payee set to Wells Fargo Bank, and the Category is Interest Inc. But recently something weird has happened. When I accept that interest payment -- usually several days after the latest dividend transfer -- the transaction is recorded as a transfer from Merrill. Of course this screws up the cash balance in my Merrill account. I have to manually change the category to Interest Inc then OK the warning that I am changing the entry in my Merrill register.
I also have a WF Savings account. I have never transferred money into it from Merril, but when I accept the monthly interest payment, it too shows up as a Transfer from Merrill
Any idea what is causing this and how I can fix it?
When a dividends is paid, Q downloads 2 transactions. One reports the dividend. The second is MiscExp, with no category where the money is removed from my account. The next day there are 2 more transactions. One is an uncategorized MiscInc where that money comes back, and then a Withdraw where it is removed. Since these 2 Misc transactions show up as uncategorized I created 2 dummy categories - DivOut and DivIn and change them manually.
Then I go to my WF account and download transactions. I see a Deposit for that money. When I Accept it, Q pops up a message that asks if this deposit is the same transaction as that Withdraw from Merrill. I click Yes and the transaction is posted and Q sets the Payee to Merrill and the category to a transfer from my Merrill account. Then it changes the description of that Withdraw in the Merrill register to “Wells Fargo Bank”
Once a month WF pays me a few cents in interest. When I accept that transaction it appears with Payee set to Wells Fargo Bank, and the Category is Interest Inc. But recently something weird has happened. When I accept that interest payment -- usually several days after the latest dividend transfer -- the transaction is recorded as a transfer from Merrill. Of course this screws up the cash balance in my Merrill account. I have to manually change the category to Interest Inc then OK the warning that I am changing the entry in my Merrill register.
I also have a WF Savings account. I have never transferred money into it from Merril, but when I accept the monthly interest payment, it too shows up as a Transfer from Merrill
Any idea what is causing this and how I can fix it?
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Answers
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@Marvin Gardens - go to Edit->Preferences->Transfer detection - and check this setting. If it causes you issues, I would uncheck it. If you want to continue to use this setting, ensure that "Confirm" is checked. Sometimes once a transfer is established, even in error, Quicken remembers it and the only way to fix it is to uncheck this option.
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Hmmm. Somehow the "Automatic" box was checked. It put it back to "Confirm". Let's see if this fixes it. Thanks0
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