Just wanted to see if I am handling this right or whether there is an easier way. I have two bank accounts set up in Quicken XG 2007 and when I categorize an entry in my chequing (funds transferred from Chequing to Savings) as a transfer to savings Quicken automatically enters an offsetting entry in my Savings account. Problem is the bank has already recorded this transaction so it is now duplicated throwing my balance out of sync. To get around this I have been deleting the associated bank duplicate entry but is there an easier way or am I handling this in the intended manner?
Handling Transfers
Feb 19, 2007
2 Replies
I enter the transfer from the checking account to the savings account in the checking account register in Quicken and then do a direct connect update to let the bank know about it. I don't know if that works if you are doing web connect instead of direct connect.
That's the right idea; and it doesn't matter if one uses Web Connect or not. In fact, it doesn't matter if one enters the transaction in Quicken before doing a download ... it only matters that the transaction is entered in Quicken before its downloaded equivalent is "Accept"ed into the Quicken account register (so that the downloaded transaction will be given the Status of "Match" before it is Accepted).
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required