Re: Transfers between accounts by via_newsgroup
via_newsgroup
Sat Jun 19 11:28:16 CDT 2004
In microsoft.public.money, "Matt Markham" <markham AT umr.edu>
wrote:
>I am having a problem with transferring money between accounts at different
>banks, when I transfer money between accounts at my primary bank (BOA) the
>transaction shows up at the same time in each account, money in money out on
>the same day, however when I transfer to accounts at other institutions (or
>pay a credit card) there is a lag between the time the money leaves BOA and
>when it shows up somewhere else, usually about 1-3 days. This causes
>problems when I download statements from both places, if I mark the money
>leaving BOA as a transfer to the other account then the money is added to
>that account register immediately, then when I download the statement from
>the account that I am transferring to it shows up twice in the register...
>this can be a real hassle to track down and fix. Any suggestions?
>
There is more than one way.
1. When you process the first transaction, enter it as a transfer.
When you process the second transaction, be careful to not just
Accept; click Change and match it to the transfer you already made.
2. Make each transfer to an account (could be "Bank" account) called
Could be called "In Transit". This is a about as foolproof as it
gets. The account should have a zero balance except during the
interval between events.
3. Don't handle them as transfers. Instead create two categories
that you name something like "CC Paying" and "CC Paid" or some such.
Customize your reports to ignore these categories when analyzing
spending.
4. Schedule a transaction that gets entered in the account
automatically as an estimated amount. Hope that each end of the
transaction gets automatically matched to the scheduled payment in
the register. The success in matching will vary with Money version,
but it is unlikely to be 100%. I cannot recommend this one,
unfortunately, tho it seems like it would be the natural.