Cleaning up category appearing as self-debit/credit when it should be a transfer.

Dave_fin
Dave_fin Quicken Windows Subscription Member
edited 8:15AM in New to Quicken/Getting Started (Windows)

Coming back to quicken after a 15 year absence.

When setting up again, my payments from my WF Checking to my WF Visa and Chase Visa do not show up as transfers, but instead as self-debits/credits in the category. (In other words, on the checking account the category is [WF-Checking], and on the credit card side its [WF-Visa] or [Chase-Visa].

EDIT: TO be clear, this is on initial account import


1) For past payments, is there a good reason to clean this up, beyond I find it very ugly to see [WF-Checking]. Is this just being pedantic?

2) If there is a good reason to clean it up, what would be the most efficient way to do so? Delete one side, then change the category on the other? Is there a way to match them "automagically" or semi-auto?

Since I intend to rely 99% on the ongoing download of transactions, and the checking side should post before the credit card, will they "match" going forward and become a transfer? Or will that only happen if I enter this manually?

Thank you!

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Answers

  • Snorkle
    Snorkle Quicken Windows Subscription Member ✭✭✭✭

    Seems like your transactions are incorrect. In the checking account you should have a transaction which transfers money to the credit card to make a monthly payment. For example,

    image.png

    This then appears in the credit card account:

    image.png

    If you need to edit a number of transactions Quicken has a Find and Replace feature. Make a backup before using it.

  • Dave_fin
    Dave_fin Quicken Windows Subscription Member

    I edited my post to make it clear, I'm particularly talking about this happening on original import/creation of an account.

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    https://community.quicken.com/discussion/comment/20535101#Comment_20535101

    I'm afraid, you're going to have to fix these "original imported" transactions yourself. Quicken has no idea what destination account a transfer transaction goes to, simply based on downloaded data. Therefore, it creates a "transfer back to own account" fake transfer transaction.

    For future transfer transactions, to get correctly categorized linked transfer transactions established in both accounts I recommend you set up and use Scheduled Reminders or Memorized Payee List entries. Record your transfers (as well as any other expense or income reminders) a day or so before their Due Date. This will ensure that you have transactions in your register. When a downloaded confirmation arrives, Quicken will be able to match the downloaded data to the already existing register transaction and not cause any other problems.

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