How do I link a transaction to a manual liability - Second try
This question was asked and answered in 2024, but the answer missed the target (IMHO). I want to pay down manually-entered liabilities periodically without having to double enter the transaction (i.e., a debit in checking and then a credit in the liability). How can I make a payment from a checking account to the person/entity owed, and then have that payment reduce the liability amount accordingly? It works this way in Quicken, where a liability is listed as the category and each payment reduces that liability.
In other words, how do I link a checking transaction to a liability account, where the liability account reflects that transaction, too, without making the entry twice?
Comments
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Hello @vhrcats,
Thank you for reaching out with this question. If I'm understanding what you want to do correctly, you would be able to do this by recording the transaction as a transfer from your checking account to the liability account. To document a transfer, when creating the transaction, in the Category column, scroll down to transfer, then select the appropriate account.
Setting up the transaction as a transfer should cause Quicken Simplifi to automatically create the other half of that transfer, so it will reflect both the money going out of the payment account, and the payment going into the liability account. For more information on transfers, please see this article:
I hope this helps!
-Coach Kristina
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I stumbled across this tactic myself, but thanks for the reply. It would be nice if they changed the "Transfer" category to "Transfer To" for clarity as to what one is doing. Thanks again!
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