Matching transfer between 2 checking accounts is showing as income/inflow

JDMQ

I moved money from one checking account to another. They are both categorized with [Other Checking Account Name]. I can right click on the transaction and see option to "Go to matching transaction". Both transactions have been reconciled. Both Accounts are set up as "Checking" accounts. My P&L/Cash FLow Report is showing the transaction as income/inflow "From Checking Account Name". All of my credit card payments are also showing as income too, $36k. This should not be reporting $92k of income that were transfers between accounts.

[Moved to Windows section]

Boatnmaniac

Income and Expenses are a part of Cash Flow. But Cash Flow also includes transfers which are simply movement of cash between accounts so they are not incomes nor expenses. Income and expenses are part of the P&L but Cash Flow is not.

I suspect that the P&L reports you are using have an incorrect setting that is capturing internal transfers as income. At the top right of the P&L report, click on the Gear icon which will open the report customization popup. On the Advanced tab, make sure Transfers is set to Exclude Internal and then click on OK. The transfers between accounts in the P&L report will be excluded. (You will likely want to include this same setting for most of the other income/expense and categories reports, as well.)

In the Cash Flow reports you probably should have that Transfers setting set to Include All.

jacobs

I'm not a Quicken windows user; you accidentally posted this in a Quicken Mac category of the forum. (We'll ask a moderator to move it.)

So while I'm not familiar with Quicken Windows report, you're using P&L and Cash Flow synonymously, and they are not the same thing. For a P&L/Income Statement, you're of course correct that a transfer shouldn't be showing as income. However, if it's a Cash Flow report, then it's correct to show transfers; transfers are an inflow in a cash flow report.

Boatnmaniac

Income and Expenses are a part of Cash Flow. But Cash Flow also includes transfers which are simply movement of cash between accounts so they are not incomes nor expenses. Income and expenses are part of the P&L but Cash Flow is not.

I suspect that the P&L reports you are using have an incorrect setting that is capturing internal transfers as income. At the top right of the P&L report, click on the Gear icon which will open the report customization popup. On the Advanced tab, make sure Transfers is set to Exclude Internal and then click on OK. The transfers between accounts in the P&L report will be excluded. (You will likely want to include this same setting for most of the other income/expense and categories reports, as well.)

In the Cash Flow reports you probably should have that Transfers setting set to Include All.

JDMQ

That worked. Thank you very much. I was able to unselect "Transfers" in the reports settings