How to Record Account Transfers in Quicken 2012 - dummies

How to Record Account Transfers in Quicken 2012

By Stephen L. Nelson

Quicken 2012 makes quick work of account transfers as long as you already have both accounts set up. Account transfers occur when you move money from one account, such as your savings account, to another account, such as your checking account. If you have one of those combined savings and checking accounts, you probably do this sort of thing all the time.

If you don’t have the second account set up, you need to do that first.

How to enter an account transfer in Quicken 2012

For the most part, you record an account transfer the same way you record a check or deposit. Suppose that you want to record the transfer of $50 from your checking account to your savings account. Say that you’re working with your checking account and want to record a transfer to your account. Here’s what you need to do:

  1. Enter the transfer date.

    Move the cursor to the Date field. Then type the date that you move the money from one account to another.

  2. Flag the transaction as a transfer.

    Move the cursor to the Check Number field. Open the drop-down list box and select the Transfer entry. Quicken abbreviates transfer as TXFR.

  3. (Optional) Enter a description of the transaction.

    You don’t have to do this, but you might want to use the Payee field to describe the transfer — for example, Birthday. You know how this works by now, don’t you? You just move the cursor to the field. Then you pound away at the keyboard. Bang. Bang. Bang.

  4. Enter the transfer amount.

    You enter amounts that you transfer out of an account in the Payment field, and you enter amounts that you transfer into an account in the Deposit field. So move the cursor to the right field (right as in right and wrong, not right and left) and then enter the transfer amount.

  5. (Optional) Enter a memo description.

    Enter more information about the transaction (if you need to) in the Memo field. Perhaps a gift idea for Aunt Enid?

  6. Indicate the other account.

    Move the cursor to the Category field, which has a modified name of Xfer Acct (standing for Transfer Account). When Quicken drops down a list box of accounts, select the other account.

  7. Click the Save button.

    This command tells Quicken that you want to record the transfer transaction into your register.


Here is the Checking register after you transfer money from your checking account to your savings account.

Take a look at the Category field. Notice that Quicken uses brackets — [ ] — to identify the Category field entry as an account and not as an income or expense category.

How to working with the other half of the Quicken 2012 transfer

Here’s the cool thing about transfer transactions: Quicken automatically records the other half of the transfer for you. After the $50 reduction in the checking account occurs because of the transfer, Quicken uses this information to record a $50 increase in the savings account. Automatically. Biddabam. Biddaboom.

To see the other half of a transfer transaction, right-click the transfer transaction and choose the Go To Matching Transfer command on the shortcut menu. Quicken displays the other account in a new register window.


How to change a transfer you’ve already entered in Quicken 2012

Predictably, this activity works just like changing a check or a deposit:

  1. Select the transfer by using the arrow keys or by clicking the mouse.

  2. Use the Tab and Shift+Tab keys to move the cursor to the field that you want to change.

  3. Make your fix, click the Save button, and then go to lunch.