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Anyone understand accounting? CPA if you're available...

D

djheater

Lifer
I just started using accounting software (Quicken basic).
After going through and setting up categories and editing my imported transactions to correspond to the categories, I'm still left with a bunch of uncategorized transactions, the bulk of which are transfers between two checking and a savings account. The software shows these as expenses and incomes when I just want account transfers to be null. It's just moving money around.
What's the right accounting practice here? Or should I be thinking of it differently?
 
For those transactions, you want to make sure the category shows as a transfer (IOW, the category field contains the name of the other account, in square brackets).
 
Originally posted by: kranky
For those transactions, you want to make sure the category shows as a transfer (IOW, the transfer field contains the name of the other account, in square brackets).
Click to expand...

MS Money allows you to categorize transactions as "credit card payments"

I haven't seen the same option in Quicken except for transfer to/from
 
Originally posted by: kranky
For those transactions, you want to make sure the category shows as a transfer (IOW, the transfer field contains the name of the other account, in square brackets).
Click to expand...


Exactly. I've been using Quicken my whole life.

In the future, every transfer you enter pull down the category list and select the account you transfer to/from. It will be all the way in the bottom.

BTW, you don't need a CPA to answer these types of questions. These are program specific, not financial.
 
sorry, I've never used quicken. If you have the ability to make journal entries, just debit the cash account the money went into and credit the cash account the money came out of.

I used to use MSMoney until the 6th time it gave me a fatal error (MS even admits it happens with no known cause). Now, I just use online statements.
 
Originally posted by: KillyKillall
Originally posted by: kranky
For those transactions, you want to make sure the category shows as a transfer (IOW, the transfer field contains the name of the other account, in square brackets).
Click to expand...


Exactly. I've been using Quicken my whole life.

In the future, every transfer you enter pull down the category list and select the account you transfer to/from. It will be all the way in the bottom.

BTW, you don't need a CPA to answer these types of questions. These are program specific, not financial.
Click to expand...


I'm confused now. I did use the Transfer category and it made a new entry in the account indicated. Perhaps the problem is that I imported accounts and now want to go back and revise the categories. Since it's unaware of the existing reciprocal transaction in the indicated account, it wants to create a new entry.

Bah... I should have just started the accounts manually without imporitng the old transactions.

I wonder if there's an easy way to search for transfer transactions between that have identical amounts. Then I could simnply link those two as transfers...
 
Originally posted by: tikwanleap
Maybe this might help?

http://www.quickenforums.com/thread.jspa?messageID=600033530&tstart=0

Except it looks like it doesn't really answer how to match two transfer transactions after they've been "Accepted"
Click to expand...

Also found this that says you can't undo "Accepting" payment and transfer transactions:

<a target=_blank class=ftalternatingbarlinklarge href="https://quicken.custhelp.com/cgi-bin/quicken.cfg/php/enduser/std_adp.php?p_faqid=3872&p_created=1131642573&p_sid=GCAils-h">https://quicken.custhelp.com/cgi-bin......_created=1131642573&p_sid=GCAils-h</a>

I have similar problems in MS Money to what you're describing. I wish there was an easy way to link two transactions and turn it into one transfer transaction.
 
Originally posted by: tikwanleap
I have similar problems in MS Money to what you're describing. I wish there was an easy way to link two transactions and turn it into one transfer transaction.
Click to expand...

in MS money, I use the Credit Card Payment field, and then when ms money auto downloads the payment, i 'change' it and match the transactions. its worked pretty well for me so far.
 
you have to transfer the funds from one account to another, which will show up twice in your accounts. you will then have to delete the one that shows up as an expense and keep the transfer. if you need more hlp, just holler.
 
Originally posted by: kermalou
you have to transfer the funds from one account to another, which will show up twice in your accounts. you will then have to delete the one that shows up as an expense and keep the transfer. if you need more hlp, just holler.
Click to expand...

Nice, thanks... I'll try that when I get home...
 
Originally posted by: kermalou
you have to transfer the funds from one account to another, which will show up twice in your accounts. you will then have to delete the one that shows up as an expense and keep the transfer. if you need more hlp, just holler.
Click to expand...

Problem is, Quicken categorizes these transfers as "expenses" which doesn't give an accurate picture of what you're really spending on.
 
Originally posted by: xospec1alk
MS Money allows you to categorize transactions as "credit card payments"

I haven't seen the same option in Quicken except for transfer to/from
Click to expand...
It's the same thing. A credit card payment is no different than transferring money from one account (let's say your checking account) to another (your credit card account).

Originally posted by: xospec1alk
Originally posted by: kermalou
you have to transfer the funds from one account to another, which will show up twice in your accounts. you will then have to delete the one that shows up as an expense and keep the transfer. if you need more hlp, just holler.
Click to expand...

Problem is, Quicken categorizes these transfers as "expenses" which doesn't give an accurate picture of what you're really spending on.
Click to expand...

No, not if you do it as described. A transfer does not show up as an expense in any way.
 
Check the settings for the report that you are using. Make sure the reporting is set to use both accounts that you are transfering between (if it excludes one account then all transfers will be income/expenses). There is also an option that has something to do with inter-account transfers, but I don't have Quicken on this computer so I can't tell you exactly. Anyways, you can just click Customize in the report to look at the settings, and then save it as a custom report once you have it working the way you want.
 
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