How to record transfer from one checking account into another account

Steph772001

We have Checking Account "A" that is income and we frequently transfer money into Checking Account "B" to use for expenses. How do I record these transfers to get the balances to show correctly?

Ps56k2

what version of Quicken ….. Help —> About Quicken

Need some details on the 2 accts….
For example - to pay a credit card balance from a checking account -
1 - the FROM acct is our checking account - and the Category is then… "[Visa acct]" and the amount in the Payment column
2 - the TO acct is our Visa account - and the Category is then…. "[Checking acct]" and the amount in the Payment column

Depending on the TYPE of the account - the transferred amount will appear in the appropriate column - Deposit or Payment

Quicken should also detect that these downloaded transactions are the same - and prompt you asking if they are a Transfer.
— Edit —> Preferences —> Transfer Detection

bmciance

Just create a transfer entry. You do this by creating an entry in the account you are transferring FROM and using the account you are transferring TO as the "category". When you do the entry you can click in the category and then select "transfers" from the pop-up menu. Then you can just pick the other account and it will show as the category.

Steph772001

Ok so then I need to make a double entry? From Account B to Account A as a payment and then Account A to account be as A deposit?

bmciance

Sort of, but Quicken does not work like double entry accounting although a transfer entry is the closest thing to it. By creating the transfer entry you are making an entry in both accounts with one entry. It is not a "payment" in account B so to speak but in your register it will show in the "Payment" column. It will also show in account A in the "Deposit" column.

Steph772001

Ok, thank you. I will try to figure out how to fix it

Steph772001

Ok, the transfers were being downloaded into both accounts by way of bank downloads. Now, the transfers are not downloading into Checking A (main account) But the transfers are listed in Acct B (where they are coming out of).

I have gotten myself as confused as can be. This is as clear as mud.

This is Account B- the money is coming from this acct to acct A. What should be put in the category field ? (Acct A name?) The 1st amount is listed under "Deposit" then "Amount" then "Balance"

This was downloaded directly from the bank site. If it is a tranfer, should't it be a payment instead of a deposit?

bmciance

"What should be put in the category field ? (Acct A name?)" Yes

"This was downloaded directly from the bank site. If it is a tranfer, should't it be a payment instead of a deposit?" If it is coming out of this account, then yes it should be in the "payment" column.

Ps56k2

what version of Quicken ….. Help —> About Quicken

Need some details on the 2 accts….
For example - to pay a credit card balance from a checking account -
1 - the FROM acct is our checking account - and the Category is then… "[Visa acct]" and the amount in the Payment column
2 - the TO acct is our Visa account - and the Category is then…. "[Checking acct]" and the amount in the Payment column

Depending on the TYPE of the account - the transferred amount will appear in the appropriate column - Deposit or Payment

Quicken should also detect that these downloaded transactions are the same - and prompt you asking if they are a Transfer.
— Edit —> Preferences —> Transfer Detection