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Transferring money from one Account to another:

Harry Tallacksen

Windows 10; Quicken Version R52.33; Build 27.1.52.33

When I Transfer money from one Account to another, it arrives as a "generic" deposit in the targeted Account. Is there a way to get the arriving money to Transfer into a specific Chart of Accounts Line Item of my choosing?

-Harry Tallacksen

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volvogirl

Like what? A transfer is not income or expense. You can put the reason in the memo line.

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volvogirl

Like what? A transfer is not income or expense. You can put the reason in the memo line.

Harry Tallacksen

Thank you, Volvogirl. I guess the problem is with me and my thinking. I'm bookkeeping for a fire department and periodically receive a rather large total property taxes check from the county that is comprised of seven pieces that I need to show spread among our various Accounts. For ease I do a mobile deposit of the entire amount into one of our Accounts and then want to Transfer the pieces to where other funds while reflecting the piece(s) to be Property Tax chart of accounts line item income in the receiving Account. Everything appears just fine when I got to the bank and use individual deposit slips for each piece in the various Accounts. It's doing the mobile deposit that seems to be my "problem".

volvogirl

Oh, are these actual bank accounts? First you are depositing it into Account #1. So far good. Then when you do the deposits to the other accounts you either enter a withdrawal from the first account and split it to the other accounts or enter each deposit in the other accounts as a transfer from Account #1.

How are you entering into the other accounts? What category are you using? What category is on the mobile deposit? Somewhere you need to categorize each payment to an Accounts Receivable, right? Ok, I'll have to think about it some more. But I think you need to use an intermediate holding account to run it through.

volvogirl

Ok I have 2 ways using a new Accounts Receivable A/R account. You have 7 bank accounts? I assume you have income categories set up for all the pieces?

1st Way
Deposit the total mobile deposit to Account 1 as a split to it's Income Category and rest to new Accounts Receivable
Then make Deposits to other Accounts 2-7 to the right Income Categories
Then make an entry to clear Accounts Receivable back to Account 1

2nd Way
Deposit the total mobile deposit to Account 1 as a split to it's Income Category and rest to Accounts Receivable

Then make the Deposits to other Accounts 2-7 as Transfers from Account 1

Then make an entry to clear Accounts Receivable to the other Income Categories

I'm leaning towards doing it the 2nd way. Hope that helps and makes sense.

volvogirl

Actually another way with only 2 transactions is to enter the big deposit and split it to all the separate Income Categories and not to the other accounts. Then just enter a split transaction for the transfers from the first account to the other 6 accounts.