Transfer from Discover Checking to Savings

I have Discover Checking and Savings account. Each time I transfer funds from my Checking to Savings quicken isn't sure what to do with it. How do I tell it that it isn't a "spend"? Using "transfer" throws the account out of balance. Quicken Deluxe 2018

Comments

  • volvogirlvolvogirl SuperUser ✭✭✭✭
    edited December 2018
    When you run a report you can exclude transfers.
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    edited December 2018
    How are you entering the transaction? You put the savings account name in for the category to transfer it. How is the account out of balance? Which account balance is wrong, checking or savings? Isn’t the transfer reducing the checking balance and increasing the savings account?
  • Rich_MRich_M SuperUser
    edited January 22
    Are you entering the transfer into your register manually first or does it initially come OSU and that's when Quicken doesn't know what to do with it?

    If you're entering the transfer transaction correctly it should not throw your account out of balance.
    Quicken 2017 Premier - Windows 10
  • Tom YoungTom Young SuperUser ✭✭✭✭
    edited December 2018
    "Each time I transfer funds from my Checking to Savings quicken isn't sure what to do with it."

    I assure you that if you are properly entering the transfer then Quicken knows exactly what to do with it: the balance in you checking Account goes down and the balance in your savings Account goes up.  Using a "transfer" should absolutely not throw either Account out of balance.

    If your problem is on the "reporting" side, e.g., a spending report of some sort that shows the one or both of the transfers, (an "in" transfer to the savings Account that's reported as "income" and an "out" transfer from the checking Account that's reported as "expense"), then volvogirl's advice is exactly what's needed.  Customize the report to exclude all transfers (Click Gearwheel > Advanced > select "Exclude all" next to transfers).  That transfer is not income and it's not an expense: it's you moving money from one pocket to the other pocket.
  • SherlockSherlock SuperUser ✭✭✭✭
    edited December 2018
    I suspect you are attempting to adjust the registers entries of the downloaded transactions.  I suggest you manually enter the transfer and match the downloaded transactions to the transfer entry.
    Quicken user since 1997 
    Premier on Windows 7 
  • Scott SandlinScott Sandlin Member
    edited December 2018
    The transaction downloads automatically from Discover. It is tagged as an "Uncategorized Transactions". In the Payee description, it labels it correctly as "Transfer Online Savings". When I select the category of "Transfer>Discover Savings" it shows an error of "You are recording a transfer back into the same account". If you hit yes it is unbalanced, if I hit no it isn't categorized correctly. 

  • SherlockSherlock SuperUser ✭✭✭✭
    edited December 2018

    The transaction downloads automatically from Discover. It is tagged as an "Uncategorized Transactions". In the Payee description, it labels it correctly as "Transfer Online Savings". When I select the category of "Transfer>Discover Savings" it shows an error of "You are recording a transfer back into the same account". If you hit yes it is unbalanced, if I hit no it isn't categorized correctly. 

    When I select the category of "Transfer>Discover Savings" it shows an error of "You are recording a transfer back into the same account"
    It sounds like you're not selecting the appropriate destination account.
    Quicken user since 1997 
    Premier on Windows 7 
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    edited December 2018

    The transaction downloads automatically from Discover. It is tagged as an "Uncategorized Transactions". In the Payee description, it labels it correctly as "Transfer Online Savings". When I select the category of "Transfer>Discover Savings" it shows an error of "You are recording a transfer back into the same account". If you hit yes it is unbalanced, if I hit no it isn't categorized correctly. 

    Ok it downloads from Discover. But into which account are you downloading it into? You should be downloading your checking account entries. Then you categorize that one as a transfer to Savings.


    Then when you download the transactions to the Savings account you need to delete the transfer that downloads because you already did it from the Checking Account side. Hope that makes sense.
  • splashersplasher SuperUser ✭✭✭✭
    edited December 2018
    If your accounts were named "Savings" and "Checking", the transaction in the checking account should have [Savings] in the category, that will generate a transaction in the savings account with [Checking] in the category.

    Then, when you review the downloads in the savings account, the downloaded transaction should be marked to "match" the system generated transaction.

    The message you are getting error of "You are recording a transfer back into the same account" is that you are in the savings account and selecting the Savings account as the recipient of the transfer which is incorrect, in the Savings account the recipient is the Checking account.

    -splasher  using Q since 1996 -  QW2016, 2017 & Subscription  -  Win7/Win10
    -Questions? Check out the  Quicken Windows FAQ list

  • Tom YoungTom Young SuperUser ✭✭✭✭
    edited December 2018

    The transaction downloads automatically from Discover. It is tagged as an "Uncategorized Transactions". In the Payee description, it labels it correctly as "Transfer Online Savings". When I select the category of "Transfer>Discover Savings" it shows an error of "You are recording a transfer back into the same account". If you hit yes it is unbalanced, if I hit no it isn't categorized correctly. 

    Since both accounts are at Discover I'd pretty much expect that a transfer out from checking to savings should show up at the same download.  But if that's not the case then presumably it shows up first in checking and later in savings. 

    Generally the safest and most reliable way to make entries into Quicken is to make them manually, with the manual entries later confirmed by downloads from the financial institution.  So that's what I'd recommend.  Record a payment in the checking Account with the "category" being what ever you've named the savings Account as, enclosed in square brackets: [ Discover savings]

    (If you do your entries this way the each part of the entry - the "out" and the "in" - will "Match" the subsequent download.  You don't delete anything because each half of the transaction is "matched" in its own Account.)

    But if you don't want to do that and instead rely on downloads from Discover then it sounds like what you are entering in the "Category" field is the SAME ACCOUNT where you're seeing the downloaded dollars.  That's exactly what that error message is telling you.  So, assuming the transaction first shows up in the checking Account all you need do is tell Quicken where that money went which, in your case is [ Name of Discover savings account].
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