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Transfers and Overdrafts in Quicken 2006

I'm confused about how to handle overdrafts in Quicken 2006. Bank of America treats overdrafts as transfers from one account to another... it's not a loan, it's simply a transfer. I use online banking, have two accounts, and import my data for both.

Quicken sees these overdrafts as withdrawals from Account A and deposits in Account B. However, this is screwing up my "income" reporting in Quicken, as each overdraft deposit in Account B is treated as income.

BUT, if I change the category to a [transfer] under the Deposit in Account B, that essentially tells Quicken to make a new transfer and now each overdraft withdrawal is doubled in Account A (once as the initial imported withdrawal and a second time as the new [transfer])!

How should I handle overdrafts when my bank treats them as separate withdrawals and deposits?

Thanks!

Reply to
robobo1
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I treat mine as transfers to/from an account. When I run reports the credits and debits net to zero so it does not matter that they are in the income category. Or customize your report to omit the transfer category if you are running reports for each account separately.

Reply to
Laura

What you can do is setup a "credit card" [type of] account - no Financial Institution/ no Downloads. When a "transfer" shows up in your checking account downloads make the Category a transfer from this "credit card". When the download that has a payment to the overdraft appears make the Category a transfer to the "credit card". It all should wash.

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What you can do is setup a "credit card" [type of] account - no Financial Institution/ no Downloads. When a "transfer" shows up in your checking account downloads make the Category a transfer from this "credit card". When the download that has a payment to the overdraft appears make the Category a transfer to the "credit card". It all should wash.

Reply to
GSalisbury

When you Accept the first downloaded transaction (Account A) change it to a transfer to Account B; when you process transactions for Account B, the downloaded transaction will "Match" the transfer already in your Quicken Account B register; no duplicate transactions will occur. (It does not matter which account you process first.)

Reply to
John Pollard

Thanks all!

I'm going to give John's idea a shot first and then go from there...

Setting this up has been a pain, this is probably the third time I've deleted an account and "started over"...

But THANK YOU!

Rob

John Pollard wrote:

Reply to
robobo1

I've never had a problem with this. Then again I don't use downloading of transactions as a lazy way for the FI to input my transactions. IOW I enter the transactions myself and rely on downloads as verifying my work. But with overdraft transactions these often come in as unexpected. Still they've always came in as transfers between accounts. Maybe that's just my bank (Union Bank of California).

Reply to
Andrew DeFaria

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