Why does Quicken add an extra step when it downloads a transfer?
hprather1
Member ✭✭
I've had this problem for quite a while now. When I download my bank transactions, Quicken will create transfers as a transaction from [Checking account] -> [Cash Account***???] -> [Credit Card].
There's no reason whatsoever for the transfer to go through the cash account. The cash account is manual and has no tie-in to either of the other accounts. Why does Quicken do this? This should never ever happen as I have never performed a transfer in any way from my bank accounts to or from my cash account. But every single time I download my transactions, the transfers appear like so. How can this be fixed?
There's no reason whatsoever for the transfer to go through the cash account. The cash account is manual and has no tie-in to either of the other accounts. Why does Quicken do this? This should never ever happen as I have never performed a transfer in any way from my bank accounts to or from my cash account. But every single time I download my transactions, the transfers appear like so. How can this be fixed?
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Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Once again, I'm at a loss as to how the Quicken software could be so stupid.....
I just went through memorized payee list and deleted every single instance of a memorized payee that had the category set to an account. I'll make another transfer in a few days and see how it goes.
Another section I would recommend checking is the Edit > Preferences menu.
In the Preference window, select "Transfer detection" from the list on the left. On the right side of the window -what option is selected for transfer detection?
If the box is checked to scan and automatically create transfers, I would recommend either unchecking the Scan downloaded transactions option or selecting the second bubble for "confirm possible transfers before entering in register".
These settings should give you more control over what happens with transfer transactions when downloaded.
I hope this is helpful and please let the Community know if there are any further questions/concerns.
Thank you,
Sarah
Are you automatically accepting downloaded transactions into your registers?
If you are relying on Quicken to "automagically" fill your account registers from downloaded transactions, you may run into problems. Despite all efforts by the Quicken programmers, the "Autopilot" (that's my name for the part of the Quicken program which processes downloaded transactions and converts them into new register transactions) is not infallible. For that process to work 100% of the time one would need a crystal ball because the information downloaded from the banks often is just too terse and cryptic.
You should, at least for a while, turn off the "automatically accept downloaded transactions into registers" setting to gain better control over what is downloaded and what to do with it. Review each downloaded transaction, make changes if necessary (e.g., to get a payee name = "Starbucks" instead of "POS TRANS 070116 STARBU" or to assign a category) before you click to accept each transaction.
Any changes you make to downloaded Payee Names are remembered in Renaming Rules.
Any other changes you make (add/change Category or Memo text) are remembered in the Memorized Payee List.
Next time the same transaction for this Payee comes along, Quicken should remember and give you a better new register transaction.
In case you have issues with transfer transactions not being generated correctly:
For best results manually enter transfer transactions into your register before you download transactions from the bank which contain the transfer confirmations. For recurring transfers use scheduled reminders and enter them a day or two before the due date. Be sure to use distinct Payee Names for each transfer / credit card payment to avoid confusing Quicken - memorized payee entries.
That takes the guesswork out of the Autopilot's process. Because a correctly entered transfer transaction already exists in your account registers, the Autopilot should just match the downloaded transfer transaction to the existing one in both accounts.
Where are the "Auto-accept downloaded transaction" settings?
There are two places where this is controlled in Quicken for Windows:
- Globally, for all accounts, in Edit / Preferences / Downloaded Transactions
- For each account individually, the global setting can be overridden from the Edit Account Details screen, Online Services Tab. Look for blue text "Automatic Entry is: ON / OFF". Click the text to change the setting.