Why are transfers to credit card reflected in the budget income?

popisteve

I use Quicken Classic for Mac version 8.1.1. I have a Fidelity cash management account. I make credit card payments from this account. These are shown as transfers from the cash account to the credit card account in Quicken. The problem is the transfers are reported as income in the budgeting tool. This reflects income incorrectly.

jacobs

Transfers shouldn't be showing up in your budget unless you expressly set it up to do so.

When you make a transfer from your Fidelity account to the credit card account, in Quicken is this transaction shown as a Transfer? Specifically: a transfer with no category showing other than "Transfer:[account name]"? If you have a transfer which also has a category, that will mess things up in several places. (The developers said several years ago that they were going to block people from doing that, but they haven't gotten around to it yet.)

In your Budget, when you click Edit Budget and Select Categories, type "transfer" in the Search box, and make sure that no boxes are checked under Transfers In and Transfers Out.

(Transfers are neither income nor expense, but certain types of transfers are acting es expenses from a cash flow standpoint, so these Transfers To and Transfers From allow you to force specific account transfer into your budget if you want. For instance, if you want a mortgage payment or other loan payment to be included in your expense budget, even though those payments are truly transfers of an asset (cash) to a liability (the loan), this is how you do it.)

popisteve

Solved. Thanks!

jacobs

Transfers shouldn't be showing up in your budget unless you expressly set it up to do so.

When you make a transfer from your Fidelity account to the credit card account, in Quicken is this transaction shown as a Transfer? Specifically: a transfer with no category showing other than "Transfer:[account name]"? If you have a transfer which also has a category, that will mess things up in several places. (The developers said several years ago that they were going to block people from doing that, but they haven't gotten around to it yet.)

In your Budget, when you click Edit Budget and Select Categories, type "transfer" in the Search box, and make sure that no boxes are checked under Transfers In and Transfers Out.

(Transfers are neither income nor expense, but certain types of transfers are acting es expenses from a cash flow standpoint, so these Transfers To and Transfers From allow you to force specific account transfer into your budget if you want. For instance, if you want a mortgage payment or other loan payment to be included in your expense budget, even though those payments are truly transfers of an asset (cash) to a liability (the loan), this is how you do it.)

popisteve

Solved. Thanks!