Hey,
This is the first time I've really used Quicken, so please excuse any obvious mistakes I may have made. I must admit, I have not done a lot of Googleing to find a solution to this problem as I'm having trouble coming up with a search term that returns the answers I need.
Anyway, so I'm having trouble with dealing with TXFR between accounts in Quicken Personal 2010.
As an example, I have Quicken setup something like this:
Account A - Held at bank 1 - Transaction Bank Account - Current Balance $1,000 Account B - Held at bank 2 - Savings Bank Account - Current Balance $5,000 Account C - Held at bank 3 - Credit Card - Current amount owing $500
From all three banks, I download my transactions from the bank's individual website in .QIF format then import it into Quicken. That's fine and all goes well.
After importing all three .QIF files, Quicken correctly shows the balance across all three accounts.
My problem comes up when I attempt to provide more details to each of the transactions (eg. adding in category information and so on)
I pay off my credit card each month in full from my transaction bank account, as such, Account A has an entry like:
ACCOUNT A Date: 01/01/2010 Num: Payee: Bank 3 Credit Card Department Payment: $500
My credit card, similarly has an entry such as:
ACCOUNT C Date: 01/01/2010 Num: Payee: Payment Received - Thankyou Payment: $500
These details have been automatically entered by bank 1 and 3 respectively, as you'd expect. As of right now, Quicken correctly lists the balances for both accounts.
I then attempt to go in and "fix" the entries so that they're more accurate so they now show:
ACCOUNT A: Date: 01/01/2010 Num: TXFR Xfer Account: [Account C] Payment: $500
After modifying the first entry, it doesn't do as I expect and "match" the transaction to the entry that already exists, but instead creates a duplicate entry and as a result, throwing out Quicken's balance. Quicken then has the following recorded:
ACCOUNT A: Date: 01/01/2010 Num: TXFR Xfer Account: [Account C] Payment: $500
ACCOUNT C: Date: 01/01/2010 Num: TXFR Xfer Account: [Account A] Payment: $500
ACCOUNT C: Date: 01/01/2010 Num: Payee: Payment - Thankyou Payment: $500
To fix this I suppose I could go into account C and delete that final transaction, but that seems a little silly (and confusing) -- is there a way for Quicken to identify that these two separate transactions from two different accounts is actually the one transaction?
It creating an entry like this in Account C would be perfectly understandable (and useful) if I were manually entering transactions from my printed bank statement as that final transaction wouldn't yet exist. But well, that's not the case here.
I get the same problem when I transfer money from my Transaction account to my Savings account.
Thanks in advance :)