How do I classify a deposit

wisetexan
wisetexan Unconfirmed, Member
I sometimes transfer money into a manual account using an ACH transfer. I don't want to track the other accounts, as I will be closing them soon. I can't classify the funds as income, because they are more like equity. What category would they belong to?
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  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    I just entered a deposit I got from an inheritance.  I entered the same account as the category.  In my Savings account I typed [Saving].  That makes it a one sided entry and doesn't go anywhere.  

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited December 2022
    Can you give an example of these transfers and where the money in the other accounts goes? Does the money get spent from the other account, or does it accumulate there?

    If you record it as a transfer in Quicken, setting the Category to the name of the other account in [brackets], it is neither income nor expense, it is like moving money from one pocket to another. But if the other account is like petty cash, and you move more money there the next week because it was spent, then I think you would want to track it as an expense. You could record the transfer and then record the spending from the second account using a general a general Category like Household.

    [update] Or as @volvogirl notes below, you can put the name of the current account in [brackets] where you would normally enter a Category and the money will appear or disappear without showing as an income or expense. You can also use this trick uses this trick to enter balance adjustments and opening balances of accounts. 
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  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    Answer ✓
    I just entered a deposit I got from an inheritance.  I entered the same account as the category.  In my Savings account I typed [Saving].  That makes it a one sided entry and doesn't go anywhere.  
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