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

peter.lang
peter.lang Member Posts: 87
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?

Comments

  • Chris Appleby
    Chris Appleby Member Posts: 28
    edited September 2019
    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.
  • Peter Jenke
    Peter Jenke Member Posts: 37 ✭✭
    edited March 2017
    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.
  • Andrew Christie
    Andrew Christie Member Posts: 149
    edited June 2019
    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?
  • peter.lang
    peter.lang Member Posts: 87
    edited June 2019
    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).
  • Peter Jenke
    Peter Jenke Member Posts: 37 ✭✭
    edited September 2018
    Peter, you've lost me. The process I desrcribed achieves exactly what you're after - or at least is does for me.
  • Andrew Christie
    Andrew Christie Member Posts: 149
    edited March 2017
    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
  • peter.lang
    peter.lang Member Posts: 87
    edited March 2017
    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.)
  • peter.lang
    peter.lang Member Posts: 87
    edited March 2017
    Peter Jenke and Andrew Christie, Thank you for your suggestions. Please see my reply to Diver Dave.
  • Andrew Christie
    Andrew Christie Member Posts: 149
    edited June 2019
    Well, good luck
  • Robyn Kelly (Partner)
    Robyn Kelly (Partner) Accredited Partner Posts: 473 Accredited Partner Accredited Partner
    edited September 2019

    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

  • peter.lang
    peter.lang Member Posts: 87
    edited March 2017
    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.