In Planning, in a scheduled transfer appears in both the TO and the FROM lines as positive.
Greetings. I use Quicken Classi Business and Professional as a subscription service. R53.16, Build 27.1.53.16. The program updates automatically, and error-free. Windows 10, and again, up to date.
Problem: in Planning / Budgeting I have scheduled transfers (in Calendar) set up as transfer reminders through the end of 2024. In the Planning for 2024 window, I am showing lines for both the TO account in the Expense portion and FROM account in the Income portion of the budget. The problem is that the same amount of money, as a positive number, appears each time in both the TO and the FROM lines of the budget. This duplication of the positive amount occurs regardless of which way I am transferring the funds. For example, from savings to checking, or from checking to savings.
I just started using Planning and Budgets this week and noticed the problem.
This is NOT an on-line bank or banking issue.
Any thoughts? Suggestions? Thank you. Michael / MRH2
Best Answer
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The Budgets view under the Planning Tab, whether using the Annual view or the Graph view, does not show Actual expense amounts as negative numbers. However, the rollup totals, Total Income - Total Expense, should give a correct positive or negative number.
Assuming your transfer transactions in the registers are correctly categorized, for a transfer from Checking to Savings, if you display "From Checking" and "To Savings", the numbers should be the same positive numbers, and their total should be zero. I mean, this transfer is neither an expense nor an income because it's like you're just moving money from one pocket in your pants to another pocket. Your Net Worth doesn't change.
IMHO, the only time showing a "From account" budget category is when you're making withdrawals from a Retirement account and you need to show that you're filling up your budget with virtual income from the IRA account, to support your expenses.
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Answers
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The Budgets view under the Planning Tab, whether using the Annual view or the Graph view, does not show Actual expense amounts as negative numbers. However, the rollup totals, Total Income - Total Expense, should give a correct positive or negative number.
Assuming your transfer transactions in the registers are correctly categorized, for a transfer from Checking to Savings, if you display "From Checking" and "To Savings", the numbers should be the same positive numbers, and their total should be zero. I mean, this transfer is neither an expense nor an income because it's like you're just moving money from one pocket in your pants to another pocket. Your Net Worth doesn't change.
IMHO, the only time showing a "From account" budget category is when you're making withdrawals from a Retirement account and you need to show that you're filling up your budget with virtual income from the IRA account, to support your expenses.
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I concur this issue has appeared in Quicken. The amount that has been recorded as a future transfer (in my case from a bank account to a savings goal) in the Bill and Income Reminders window appears as a future "actual" not only as an expense (such as "TO Vacation Savings Goal") but also as income ("FROM Vacation Savings Goal"). There should not be an income entry recorded as an "actual," and of course there is not a budgeted amount as income, only as an expense. The problem is that it messes up the total actual amount for the month, making it larger than it really is. And this is replicated for every month in the future, so it appears as if there is much more money to be spent than there really is. Clicking the "actual" amount that is showing as an expense to open the transactions window, one sees the name of the transfer and the amount, but that amount should not appear as income, only as an expense.
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Future Scheduled Reminders appear in the budget views as if they were real transactions only if this is enabled: Include reminders in Budget Actions / View options
I can't speak to the use of Transfer From / To Savings Goals in a budget as I don't use this feature.
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Thank you, UKR and KHG for your help. Your comments led me to a solution that works for me. Again, thank you. Regards, MRH2.
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@UKR Thanks; I didn't know about that feature. Unfortunately, this isn't what I want. I DO want the reminders to be included in my budget.
The problem here is that reminders involving Savings Goals are getting recorded in two places, one of which doesn't make sense depending on the direction of the transfer. If I enter a reminder to transfer FROM a savings goal, this amount not only shows as an actual in the Income section (ex: "FROM Vacation Savings Goal") but also as an actual in the Expenses section ("TO Vacation Savings Goal"). That second entry is nonsensical: I'm not putting that money INTO the savings goal, rather, I'm taking it out. Conversely (apologies for beating this point), if I create a reminder to transfer TO a savings goal, this amount should only show as an actual in the Expenses section, but it's also showing as an actual in the Income section.
This is a new occurrence. I've been creating reminders for savings goals for a few years now, and this has not been the behavior before. What update to the budgeting feature caused this to start happening?
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