When you transfer money between accounts, one account balance increases and the other account balance decreases—but your net worth remains the same. Quicken records a transfer in your "transfer from" account register and creates a parallel transaction in the "transfer to" account.
The category field in a transfer transaction shows the other account involved (for example, if the current account is the transfer to account, the category field displays the transfer from account).
To transfer money between two non-investment accounts:
- Open the account you want to transfer money from.
- Click (the Account Actions icon), and then choose Transfer Money.
- Enter the date, and the amount of the transaction.
- Verify the account you're transferring money from, the source account.
- Select the account you're transferring money to, the destination account.
- If you want to transfer money to an account that you haven't previously set up in Quicken, click Add New Account in the To Account list.
- Can I categorize or tag the transfer?You can't include a transfer and a category in the same Category field, but you can tag the transfer.
- Can I categorize or tag the transfer?
- Enter a memo for the transfer. (Optional)
- Click OK.
When entering a transaction directly into your register, you can also transfer money by selecting the account you're transferring funds to from the Category drop-down list. The names of accounts you can transfer to are enclosed in square brackets, at the bottom of the list.
To transfer money between an investment account and another account
To go to the other account involved in a transfer
- In the register, the transaction list, or the Write Checks window, select the transaction that contains the transfer information. (For split transactions, click Split to display the category information for the transaction. Then click the line that contains the name of the transfer.)
Use the shortcut CTRL+SHIFT+X.
You can also choose Edit menu > Transaction > Go To matching transfer.
This topic covers ways to record a transfer in Quicken. The process of making this transfer happen in the real world is separate. There is, however, another class of transfers, called online transfers, which integrate the process of making the transfer in your real world accounts and recording it in Quicken.