Bug when downloading a transaction than involves a funds transfer between 2 accounts

KPT

As a long-time Quicken user, I'd like to report a bug that I've noticed for many years that still seems to be occuring. I've gotten around it - but's its a PITA.

Here's how it plays out:

1. I begin with two accounts - a checking account and a credit card account.
2. I set up a transfer at a "future date" between the two accounts, representing a payment from my checking account to my credit card to pay off a balance (for example).
3. The bug occurs when the "future date" arrives - and I download transactions from from bank for my checking account that shows this transfer has now been executed (for example).
4. Quicken matches the transaction in the checking account - no problem.
5. BUT — Quicken DOES NOT match the corresponding transaction in the credit card register - and INSTEAD creates another entry in the credit card register, essentially creating a "repeated entry" in the credit card registry.
6. I am now left with a correct match in the checking account - and a double entry in the credit card registry - which essentially screws up its balance.
7. The question now is - what to do next?
8. I've found that if I delete the now original "unmatched" repeated entry in the credit card registry (my original planned entry) - Quicken deletes the original "now matched" entry in the checking account — causing the checking account balance to be off because the "new entry" in the credit card registry has no match entry in the checking account.
9. If I delete the new entry made by Quicken in the credit card account - it also deletes the "matched entry" in the checking account - causing the checking account balance to be off (as above).
10. It appears that Quicken allows multiple transactions from the credit card registry to be attached to a single transaction in the checking account registry.

The only way I've able to correct this situation is to delete both entries in the credit card registry (which by default deletes the matched checking account registry entry). I then recreate the transfer transaction from the checking account to the credit card account.

I've worked around this issue for years — but when it occurs (monthly for me) - it's takes a bit of sleuthing to resolve.

Best,

KPT

Snowman

This is not a bug. When the transfer is completed as evidenced by the download from the bank, that transaction may not have taken place with the credit card company. What I would suggest you do is something that I have done for many years. To make this work you have to have automatic payments for the credit card(s) set up with the credit card company and have email notifications turned on.

First when you reconcile the credit card with the paper (or pdf) statement you complete the reconciliation. On the statement it will say the date and amount the automatic transfer will occur. In Quicken you create this transfer for the payment date indicated. When the payment date arrives you should get an email from the credit card company saying the payment occured. Note: the payment amount may be less than that on the statement if there had been refunds etc to the account, this mostly happens with American Express. You just edit the transfer transaction in Quicken.

When you download the transactions the bank (payment) transaction will be cleared with the bank end is done and the credit card payment will be cleared when the transaction occurs at the credit card end. This may be on the same date but many times there is a day or so between. In any case you should not have the issues you have been having if you do it this way. As noted the only thing to double check is when the credit card notifies you that the payment has been completed you just double check the amount and edit the transfer if needed.

KPT

Snowman:

Thanks for the info - I'll look into this.

I do fully utilize auto payment with the CC companies on these accounts - and the $ numbers I have put into Quicken (ahead of time) do generally match per last month's statement. I get email notifications as well that confirm the $ numbers matching. I'm getting double entries.

Generally I don't reconcile the CC registers until after all these electronic gymnastics have occured — maybe that's the issue.

Best,

KPT

Snowman

@KPT I think if you go ahead and reconcile the Credit Card statements when the statement comes out you issues will be resolved.

Tom Young

How very, very odd. For decades I've set up "future" Transfer transactions for credit card payments in Quicken, as you've described, and I don't remember EVER having a downloaded bank payment - a "Match" to the previously set up Transfer - create a new entry over in the credit card Account. The typical routine for payments of credit card bills has been thet each part of the transaction would be "Matched" as each institution processed their half of the the transaction.

Frankly I've never understood the "Transfer Detection" option under Preferences and the Help write up for this function DOESN'T help. My Transfer Detection pane has no checkmark in the "Scan downloaded transactions for possible transfers", a dot in a greyed out radio button next to "Automatically create transfer when detected", and an empty radio button next to "Confirm possible transfers…" I'm sure that whatever's reflects something that I did back in the days of DOS.

How is your Transfer Detection set up?