Savings account transfer - Money 2005

There seem to be two ways of transferring money from my cheque account to my
savings account. I can create a transfer transaction in my cheque account by
selecting the from and to accounts from the dropdown. Or I can create a debit
in my cheque account and select a category of transfer:savingsAccount.

1. Why are there two ways of doing the same thing?
2. is one better or newer than the other?
3. which one should I use for this type of transfer?

Phil

Dick
Tue Jan 18 07:32:48 CST 2005

If I follow correctly what you are saying, they both end in the same place
and are just different ways of accomplishing it

"marryot5" <marryot5@discussions.microsoft.com> wrote in message
news:FBC16A05-4D5A-4D61-8136-39981830B19A@microsoft.com...
> There seem to be two ways of transferring money from my cheque account to
> my
> savings account. I can create a transfer transaction in my cheque account
> by
> selecting the from and to accounts from the dropdown. Or I can create a
> debit
> in my cheque account and select a category of transfer:savingsAccount.
>
> 1. Why are there two ways of doing the same thing?
> 2. is one better or newer than the other?
> 3. which one should I use for this type of transfer?

Mark
Tue Jan 18 09:49:00 CST 2005

On 2005-01-18, marryot5 <marryot5@discussions.microsoft.com> wrote:
> 1. Why are there two ways of doing the same thing?

Occasionally, you need to withdraw a single amount from your account,
but it needs to be split into different places. Say you need to
make a $10 withdrawal from an investment account. $8 gets transfered
into your savings account, and $2 goes to federal taxes. Using the
trasnfer form, you can't do this. But using the withdrawal form, you
simply create a split. In the first split, you transfer $8 to your
savings account, and mark the other 2 as "Taxes: Federal Income Tax"

> 2. is one better or newer than the other?

If you're only making a simple transfer from one account to another,
use whichever one is more convenient to you. If you need to split
the amount (e.g. like above) then you have to use the withdrawal +
split category.

> 3. which one should I use for this type of transfer?

In your case, it shouldn't matter. Whichever you like.

Cheers,
- Mark