Transferring Funds Between Accounts in QUICKEN

I recently did some consulting for a client who uses Quicken for her rental property management business.  Although I favor QuickBooks, the client has her reasons for using Quicken, and it’s her business.

In order to ensure that reconciling her bank account in Quicken to the bank statement goes well, I set up a clearing account (bank type account) for her.  It will function almost like QuickBooks’ Undeposited Funds account would — as a temporary place to hold the funds until she goes to the bank.

When renters’ checks for security deposits and/or monthly rent arrive, she can post them to the clearing account individually.  Let’s say she gets to the bank once per week.  When she goes to the bank, she simply transfers all funds from the clearing account to the operations checking account, and VOILA! the amount transferred should match her bank statement amounts.

Here are the specific instructions:

  1. Open the account from which you want to transfer money.  If you set up your Quicken 2014 Rental Property Manager file with a CLEARING ACCOUNT as explained above,  you’ll use that.
  2. Click the Account Actions icon (the UPPER of the two gear icons, which is highlighted in yellow in the screen shot below), and then choose Transfer Money.

QuickenRPM-trx$ screenshot

3.  The “Transfer Money Within Quicken” window opens.

TRX-$-within_Quicken

4.  Enter the date, and the amount of the transaction

5.  Verify the account from which you’re transferring money, the source account.

6.  Select the account into which you’re transferring money (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.

You can’t include a transfer and a category in the same Category field, but you can tag the transfer.

7.   Enter a memo for the transfer — for example, “January rental income.” (This step is optional.)

8.   Click OK.  When you use this procedure, your checking account in Quicken will be easy to reconcile to your bank account statement.

I hope you’ll find this helpful.

Wishing you a happy and prosperous day.

Patti Killelea-Almonte

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