Chase credit card categories
I have (2) chase credit card accounts and (2) Wells Fargo checking accounts which we pay other bills. Our payments go from Chase to WF to pay. I cannot get an accurate accounting of our monthly payments through Quicken. We also transfer money back and forth into WF savings accounts. It appears that Quicken mixes up the CC payments and the transfer from savings account or payments to Chase.
Best Answer
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People seem to think that Quicken has information that it doesn't.
When you are transferring amounts around all Quicken sees is a withdraw in one account and a deposit in another. There isn't really anything that connects the two in the downloaded information.
Quicken has what they call "automatic transfer detection", but all that is a guess that maybe a withdraw in one account is one side of a transfer to another account where there is a deposit for the same amount. It is just a guess, and one that it will get wrong when more and more transactions are of the same amount.
By pre-entering the transaction as a transfer either manually or using a reminder, then Quicken can instead just match the downloaded transactions to the two sides of that transfer that is already in the register.
BTW a side note, I was sort curious of how this might be handled in Mint (and others), and what they do is they don't have linked transfers at all. They just have Withdraw for the category in one account and Deposit in the other. Accounting wise this is perfectly correct, and could even be done in Quicken, but having it as a true linked transfer means that Quicken can group income, expenses and transfers separately, and you can jump between the two sides of the transfer easily.
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Answers
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How, in Q, are you recording these transactions? Can you show us screenshots (JPG, please) of these transactions in your account registers?
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
I have found it less time consuming to enter the transfer manually when I actually do it and allow Q to use that transaction to properly match the transaction when the bank posts the transaction.
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Which is the OFT advised manner of using Q.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
People seem to think that Quicken has information that it doesn't.
When you are transferring amounts around all Quicken sees is a withdraw in one account and a deposit in another. There isn't really anything that connects the two in the downloaded information.
Quicken has what they call "automatic transfer detection", but all that is a guess that maybe a withdraw in one account is one side of a transfer to another account where there is a deposit for the same amount. It is just a guess, and one that it will get wrong when more and more transactions are of the same amount.
By pre-entering the transaction as a transfer either manually or using a reminder, then Quicken can instead just match the downloaded transactions to the two sides of that transfer that is already in the register.
BTW a side note, I was sort curious of how this might be handled in Mint (and others), and what they do is they don't have linked transfers at all. They just have Withdraw for the category in one account and Deposit in the other. Accounting wise this is perfectly correct, and could even be done in Quicken, but having it as a true linked transfer means that Quicken can group income, expenses and transfers separately, and you can jump between the two sides of the transfer easily.
Signature:
This is my website: http://www.quicknperlwiz.com/0
