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Transfers detected as withdrawals and income

MattS

About 75% of the time I transfer money between accounts, which I do 1-3 times a month, Simplifi detects one or both of the transfers as a deposit and/or withdrawal. About 50% of the time that happens, it's an easy fix.

When it's easy, I can choose one of the transactions and reclassify it as a transfer and it automatically finds the other transaction and properly updates both with the hidden from spending plan and hidden from reports checkboxes.

When it's not easy, I get the error that it can't find the other transaction and then I have to spend 10 minutes doing a song and dance with each transaction, re-categorizing them and playing with the checkboxes.

It's quite annoying.

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Comments

Coach Jon

Hello @MattS,

Thank you for your feedback! I am sorry for your frustration with this issue. Quicken Simplifi will search for and identify transfers between accounts. While we work hard to ensure proper detection of transfers, there may be a time when you'll need to categorize a transaction as a "Transfer" manually. This support article goes into more detail on how transfers work in Quicken Simplifi: https://support.simplifi.quicken.com/en/articles/3352152-how-do-transfers-work

We also have a couple of idea posts for this topic you could vote for if you would like:

https://community.simplifimoney.com/discussion/978/transfers-should-show-the-word-transfer-in-the-category-column

https://community.simplifimoney.com/discussion/1675/show-transfers-or-linked-transactions-right-next-to-each-other-in-the-transactions-list

https://community.simplifimoney.com/discussion/5659/group-transfers-and-related-transactions-under-one-line-edited

Let us know if you need anything else!

-Coach Jon

SRC54

I chuckle when Simplifi gets it right. I fix it when it doesn't. And yes, like Rob, I almost always enter my transfers before they download, but even then sometimes it isn't right. It will duplicate. This happens more often when I have a transfer between a connected account and a manual one.

I think if I did transfers the same way each time I could create a rule but normally I cancel out making a rule because what that transfer downloaded as "Deposit" or "Withdrawal" differs so often.

And BTW, Classic messes this up just about as often since I use both in tandem. I have to clean it up too, which reminds me I will have to tell y'all about my latest problem getting Classic to work when I set up my new Mac Monday evening. Simplifi was just sign in and go, of course.

RobWilk

My fix: I manually enter transfers (either from web or mobile app) and classify them (category) as a transfer to the appropriate account (transfer subcategory, also known as linked transfers), this way when it downloads it knows in advance. Given that downloads only happen at most every 4-6 hours, doing this manually updates my balance sooner too.