Personal Plus, how should I attach categories to a transfer transaction in both 'from' and and 'to' accounts?

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  • Updated 3 years ago
I want to transfer funds from a Superannuation fund to a personal account. I want to attach categories to the transfer in both accounts. The categories are not the same in each account: one category is "pension paid", the other is "Pension Income". How can I add the categories to the account so the correct amounts appear in each account and the amounts total in the correct account? For example, in the receiving account I enter two transactions:

Transfer $100
Pension Income $100
I need another category to balance out -$100.

How do I do this so all totals in each account and each category are correct?
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Peter Lang

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  • unclear on what to do

Posted 3 years ago

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Chris Appleby

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My Guess is you can't do it as a transfer but you could just enter two transactions with the desired categories in each account - and add a memo to say where it's gone. Alternatively just use pension payment as your category and let the payment or deposit column clarify what it means in each account listing.
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Peter Jenke

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Hi. I simply show the transaction as a cash transfer out of the SF account with the memo "Pension Payment" to my cheque account where it appears as a Transfer in from my SF account with the same "Pension Payment" memo. It then becomes simply a reporting issue. In the SF, it's a payment out to the cheque account and the reverse in the cheque account. Depending on how you're reporting, if I'm reporting (say) out of my cheque account for income and expenses, I un-tick the SF account and then under the "Advance" option customise tag I select "exclude internal" transfers and the pension transfer in reports as income. Works a treat and I've done so for many years.
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Andrew Christie

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Dear Peter
From the 'Help'
Record a transfer
  1. Select the account you're transferring money to, the destination account.
  2. If you want to transfer money to an account that you haven't previously set up in Reckon Accounts, click Add New Account in the To Account list. (Optional)
  3. Enter a memo (description), the date, and the amount of the transaction.
  4. Click OK. 
Would this work for you?
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Peter Lang

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Chris, Peter and Andy,

Thank you for your suggestions. However, none of them address my question. I want to add categories to the transfer so I can report on Pension Income in the the receiving account and Pension Expense in the Retirement Income Account. Multiple categories can be added in the split field. I recall from long ago there is a way to do what I want, but I've forgotten how. The question could be answered by an accountant (I think). It is not a Reckon PP issue, but rather how to add the categories so the transaction amount in each account is correct (in my example $100).
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Diver Dave

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Hi Peter.  As someone said above, the transfer itself can't be categorised, but you can address your issue in two ways, depending on how you want to set up your Reports.

In the Super account you can use a split transaction, categorise the amount as Pension, have a reversal of that amount, without a category, and then have the amount transferred.  For a $ 100 Pension withdrawal the split transaction would be :

Pension                       100
                                   -100
[Account for Transfer]  100

In a Report, the Pension Payment would be reported as a withdrawal.

The alternative to only transfer the money out of Pension, with a Memo, and then in the receiving account create an additional split transaction worth 0.

The entries for that transaction would be :

 Pension  100
               -100
 
That way your Pension would be reported in the receiving account.

I hope I've correctly understood what you're after, but if not come back to me.
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Andrew Christie

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Dear Peter
You cannot categorise a transfer (9/2/17
https://www.quicken.com/support/what-if-i-need-categorize-transfer) however, by using a third account you can achieve what you want. Create an account called e.g. [Suspense]. 1) expense your regular drawing from the pension fund to the credit of the [Suspense] account. 2) record the pension income in your ultimate receiving account to the debit of the [Suspense] account.

Andrew
(Edited)
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Peter Jenke

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Peter, you've lost me. The process I desrcribed achieves exactly what you're after - or at least is does for me.
(Edited)
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Peter Lang

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Peter Jenke and Andrew Christie,

Thank you for your suggestions. Please see my reply to Diver Dave.
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Peter Lang

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Diver Dave,

Thank you for your suggestion. However,does not my question. To provide more information, my Quicken file has been running continuously since 1991, and includes all our financial data since October 1989. It is very important I continue to use the same categories, and not tags or memo fields. So suggestions regarding work-arounds with tags and memo fields do not meet requirements. I also do not want to add new accounts.

I want to categorise the funds transferred out of Super as Pension Expense and funds transferred to Personal Bank Account as Pension Income. But no new accounts and no new categories or tags. How can I do it? I would also like to schedule the transactions (although I think this is not possible in a Brokerage type account.)
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Andrew Christie

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Well, good luck
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Robyn Kelly (Partner), Accredited Partner

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Hi Peter, instead of doing a "transfer" transaction, can you just do a deposit in to the income category in one account and a withdrawal out of the other account to the expense category?

Hope that works for you?

Regards, Robyn Kelly

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Peter Lang

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Robyn,

Thank you. Yes, I can do that. In fact, that is what I've been doing for the last 12 years from our SMSF. But I've moved all or funds from SMSF to Industry Funds. I want to simplify the amount of maintenance I have to do each month. Ideally I'd have a Schedule Transaction with a split field with say $100 transfer from The Industry Pension Fund to our bank account. The split field would have three transactions:
Transfer: $100
Pension Expense: -$100 (In the pension fund account)
Pension Income: $100 (in the personal bank account)

Or, alternatively, a split field transaction in the ‘from’ and in the ‘to’, accounts such as:

Brokerage Account:
• Transfer to [bank account] = $100
• Category: ‘Pension Expense’ = -$100
• Category: = $100
Bank Account
• Transfer From [Brokerage account] = $100
• Category: ‘Pension Income’ = $100
• Category: = -$100

I am getting older and cannot continue to do all the maintenance I've been doing in the past. I want to the simplify the maintenance as much as possible.