How to split a downloaded transfer?

MikeD331

I have 2 accounts that both download from the bank.

Account one is a checking account that the second account draws a payment from each month for a mortgage payment.

The withdrawal/transfered amount downloaded is $2000 and shows as a [transfer to XXX]. The download from the receiving account is split into two deposits one for principal and the other for interest. The Transferred amount also posts to the account hence doubling my balance each month.

How can I split the transfer to apply correctly? Should the Transfer of $2000 be recategorized as a payment so it does not show in the receiving account since the amount is automatically downloaded anyway? If so how what category should I track the payment under as a rental property?

TIA

Mike

Quicken Kristina

Hello @MikeD331,

To assist you with this issue, could you please provide more information? What kind of accounts are these? From what you describe, it sounds like you have a banking account and a mortgage account through the same financial institution, and payments to the mortgage account are downloading as a transfer. Is that what's happening?

You mentioned that the amount is showing in the receiving account twice: once as a transfer and again as 2 deposits. Is it also coming out of the payment account twice, or is that part reflecting only once? Do you have any bill reminders set up for this particular transaction? Is the receiving account set up for automatic downloads from the financial institution, or do you have it set up as a manual account? I ask because I suspect that you have a bill reminder that isn't matching to the downloaded transaction (since it's coming from the financial institution as a transfer), causing the transfer to reflect in the receiving account separate from the bill reminder.

I look forward to your reply!

MikeD331

Thanks Kristina

You are correct. The bank accounts are a savings and mortgage account. They are both downloaded and reviewed before I accept the match. There are no bill reminders set up.

When I categorize the downloaded withdrawal from the savings account as a [Transfer] It shows in the mortgage account as it should however the payment has already been downloaded in the mortgage account as principal and interest payments equaling the correct amount. Since the [transfer] also shows once categorized in the savings account it doubles the payment to the account.

Receiving account:

The downloaded payment in the savings is only coming out once in the full amount as it should. The receiving account shows a split payment matching the withdrawal amount but it is not connected to the other account.

I would like to split the [transfer] and apply it to the correct amounts in the receiving mortgage account. When I try and match the transfer in the mortgage account there are no matching transfers.

My split [transfer]:

No matching transfers:

Should I just change the category to something else so it is not a [transfer]just an expense? If so what category? If I track it as a mortgage payment it doubles my tax reporting since it already reports in the tax schedule from the mortgage account.

Quicken Kristina

Thank you for your reply,

If everything is downloading from your financial institution that way, then the simplest solution would be to change the transfer category to a regular expense category. To keep it from messing with your tax info, you'd want to select a category that is not tax related (or create a custom category to fill that need). For example, you could create a M Payment category so that it would be easy for you to identify what the payment is for, while not having it reflect in tax reports (so long as you don't add any tax line items to that new category).

I hope this helps!