How Do Transfers Work?
Quick Review
What: Transactions that move money between your accounts
Why: Track money movement without affecting net worth calculations
How: Use account name as category for linked transfers or "Transfer"/"Credit Card Payment" categories
Note: Excluded from Spending Plan and Reports by default but can be included
Overview
Transfers in Quicken represent money moving between accounts. Since transfers don't change your net worth—just shift balances between accounts—they're treated as neutral transactions. By default, Quicken excludes transfers from the Spending Plan and Reports, though you can include them if needed.
Ashley uses transfers when moving money between accounts. Understanding that transfers don't affect net worth helped them avoid counting the same money twice.
Understanding Transfer Types
Linked Transfers
Show both sides of money movement:
Transaction leaving one account (negative)
Transaction entering another account (positive)
Both link together when categorized correctly
Transfer Categories
Two built-in options for one-sided transfers:
"Transfer": Generic transfer category
"Credit Card Payment": Specifically for credit card payments
These keep transactions neutral without requiring a corresponding transaction in another account.
Creating Linked Transfers
When you want both sides of a transfer to show:
Go to Transactions
Find the transfer transaction
Click the Category field
Scroll to Transfer section
Select the destination account name
Quicken will:
Link to an existing matching transaction in the destination account
OR prompt you to create the corresponding transaction
Display "Go to other side" link below the payee
How Transfers Appear
In Transaction Lists
Show account names in category field
Display "Go to other side" link for linked transfers
Marked as excluded by default
In Spending Plan
Appear in "Transfers & Credit Card Payments" section
Show greyed out when excluded
Count toward "including excluded" total
Easy to include if needed
In Reports
Always excluded (cannot be included even if selected)
Prevents double-counting of money movement
Including Transfers in Spending Plan
While excluded by default, you can include transfers in the Spending Plan:
For Individual Transfers
Navigate to Transactions
Find the transfer and click three dots
In Exclude from section, uncheck Spending Plan
For Recurring Transfers
Go to Settings > All Recurring
Find the recurring transfer series
Click three dots > Edit series
Uncheck Exclude from > Spending Plan
Click Update
For linked transfers, you can include just one side or both sides independently.
Common Transfer Scenarios
Credit card payments: Use "Credit Card Payment" category or link to card account
Savings deposits: Link checking to savings for both sides visible
Investment contributions: Transfer from checking to investment account
Between personal accounts: Always use linked transfers for accuracy
Ashley's Transfer Usage
Ashley manages several types of transfers between accounts. They keep all transfers excluded from the Spending Plan to maintain clarity about actual income and expenses.
Important Notes
Net worth unchanged: Transfers only move money location, not total value
Double-sided nature: Linked transfers create two transactions
Report exclusion: Cannot include transfers in Reports even if desired
Manual creation: If no matching transaction exists, you'll create it
The Bottom Line
Transfers in Quicken track money movement between accounts without affecting income/expense calculations. Use linked transfers when you want to see both sides, or Transfer categories for one-sided neutrality. While excluded by default, the Spending Plan's flexibility lets you include transfers when it makes sense for your budgeting approach.
Hint: If transfers seem to affect spending totals, check the category. Ashley once miscategorized a transfer, causing confusion in their reports. The fix: use account names for linked transfers or the built-in Transfer categories. The "Go to other side" link confirms a properly linked transfer.