How do I reconcile transfers to other accounts?

Question

Hi,I'd like to know the right way to do something in Quicken XG 2005.Here is the scneario:1. I go online and download my bank transactions.  My bank account hasa payment for 2500.2. I go online and download my credit card transactions.  My creditcard has a deposit for 2500.3. I accept both transactions.4. I go to my bank account transaction and assign the category as:transfer to credit card5. I go to my credit card transaction and assign the category as:transfer from bank account.This creates a problem:Step 5 creates a new deposit transaction in my credit card for 2500,when I have already got one.Step 6 creates a new payment transaction in my bank account for 2500,when I have already got one.As a result, my payments are not reflected.One way I've remedied this is assign the category as I mentioned inStep 5, but then I go and delete transaction I had in Step 2.I am assuming that there is a better way to do this though, some wayto associate the transaction in the bank account with the transactionin the credit card?If anyone can help, I'd appreciate it.Thanks,Steve

John Pollard · Accepted Answer

It's all in the timing.You can not link transactions that are already in your Quicken registers.Make sure any Quicken transaction you want to be Matched with a downloaded transaction is in your Quicken register before you "Accept" the downloaded transaction.Think about what happens when you create a new transfer transaction in Quicken, or when you change an existing Quicken non-transfer transaction to be a transfer transaction.Your problem occurred in Step #3.  You can not Accept both halves of a downloaded transfer transaction before creating the transfer in Quicken.  You can accept one of those downloaded transactions before, but not both.  After you accept the first transaction, you must modify that transaction to be a transfer. Then when you open the TO account, the downloaded transaction in the TO account will "Match" the (now) existing register transaction.

John Pollard · Answer

I forgot to add that: under any conditions, step #6 is uncalled for. Even if there were no downloaded transactions involved, you do not need to, and you can not, do step #5 *and* step #6. You always need just one transaction to be designated as the "transfer" transaction ... that always creates a transaction in the TO account.

gismony · Answer

Steve,What you do is to link the two together. In banking use the account"the credit card" and it will be out of your bank like a payment andinto the credit card account as a payment to the card.SusanQB Certified Consultant

How do I reconcile transfers to other accounts?

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