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Transfers between Savings accounts appearing as Expenses

PCWizard
PCWizard Member ✭✭
edited February 25 in Reports (Windows)
I'm using Quicken Deluxe for Windows, Version R45.21, Build 27.1.4.5.21. On my Home page I have a Monthly Expenses graph setup and it appears correctly. If I click on Show Full Graph a larger graph appears with different color bands and a list that includes Savings and Checking accounts. If, for example, I have transferred a large amount of money from one savings account to another it appears. I wouldn't think a transfer of this type should show up as an expense.
I'm wondering if in the settings for the Full Graph I should UNcheck the savings accounts under Settings\Accounts. Alternately, under the Advanced settings tab, I'm wondering what the proper setting in the Transfers drop-list should be. The choices are Include All, Exclude All, Exclude Self-Transfers & Exclude Internal. What is the default and what do each of these options do?
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Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited January 7

    Include all: Includes all transfers in the report or graph.

    Exclude all: Excludes all transfers from the report or graph.

    Exclude self-transfers:  I believe, not 100% sure, that these are transfers within an account made to itself.  For example, Opening Balance transactions and account adjustment/balance transactions are generally self-transfers.  So the Opening Balance transaction for your checking account, when the account name is Checking, would show the category for this type of transfer as [Checking].

    Exclude internal: Excludes transfers between accounts that are included in the report or graph and self-transfers.

    For your situation, I suggest you try selecting Exclude internal.  IMO, that selection is perhaps the most appropriate most of the time.  Let me know if this does not produce the results you are looking for.

    (Quicken Classic Premier Subscription: R52.33 on Windows 11)

  • PCWizard
    PCWizard Member ✭✭
    Boatnmaniac, thanks for responding. Exclude internal made sense to me but doesn't seem to help. Neither does unchecking all savings accounts under accounts tab. I'm a retired IT Tech but definitely not an Accountant. I just can't understand why transfers between savings accounts would ever appear as an expense. Makes no sense to me - it's a net zero.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited January 22
    PCWizard said:
    Boatnmaniac, thanks for responding. Exclude internal made sense to me but doesn't seem to help. Neither does unchecking all savings accounts under accounts tab. I'm a retired IT Tech but definitely not an Accountant. I just can't understand why transfers between savings accounts would ever appear as an expense. Makes no sense to me - it's a net zero.
    Sorry for taking so long to get back to you.  Are you still having an issue with this?
    If so, you might want to try the following:
    1. Open the report or graph customization. 
    2. Go to the Categories tab.
    3. Scroll down toward the bottom of the categories that can be selected.  You should see the names of Accounts listed. 
    4. When Account names are used for Categories they are actually Transfers, not really Categories.
    5. Uncheck the Account names that are at issue.
    6. Click OK.
    Did this remove the transfers from the graph?

    BTW, I do agree with you that from an accounting perspective transfers between accounts in Quicken generally should not be captured as expenses or income.  However, there are many people who disagree on this because they use Quicken for managing Cash Flow instead of as an Accounting tool.  In their minds anything that goes into or out of the checking account is an expense or is income.  It's not accurate but it helps them to budget themselves which is their primary concern.

    Which is better?  Using Quicken as an accounting tool?  Or using Quicken as a cash flow tool?  It's a personal choice and it depends upon what one uses Quicken for.

    (Quicken Classic Premier Subscription: R52.33 on Windows 11)

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