How do I enter a TRANSFER transaction?

David Zigler

On my bank website I initiate a funds transfer from my checking account to my daughter's checking account.

In Quicken I am documenting a tranfer from my checking account [dad's checking] to [daughter's checking] account.

In Quicken I assume that I would select the destination for the funds [daughter's checking] from the pulldown category list in the category column. Save transaction.

Then if I go the my daughters checking account I would see the completed transfer with [dad's checking] as the source of the transfer in the category column.

Is this correct?

I know that I could wait until I download transactions from my bank via One Step Update but I want immediate notice that I have a transfer since I only download transaction every two weeks.

Ps56k2

yes … the [bracket account name] performs the transfer for both accounts

volvogirl

Yes that's right. In your checking account the category is her account in square brackets [daughter checking] and the the opposite in her account. BUT you probably should not have her accounts in your file. Each person (except spouses) should be in separate data files.

Jim_Harman

You have it correct.

If you enter the transaction in Quicken before downloading, the downloaded transaction should show as Matched to the existing one and it will always get the transfer correct. If you wait for the transactions to download, Quicken may detect the transfer automatically but sometimes it messes up.

splasher

You've got the process correct, BUT, as pointed out by volvogirl, you should not have the financial records of entities that file separate tax returns in the same Quicken data file.

Ps56k2

as mentioned - depending upon how you want to keep records, see reports, and maybe reflect on tax issues or import directly into TurboTax … you might keep her financials in a separate Quicken data file …

BUT - i still have our sons Chase checking account and Schwab account -
but they are marked as - [x] Keep Separate ….
And I don’t rely on Quicken for exact numbers to Import into TTAX.