The system recognize and correctly categorize transfers between accounts [Edited]

scribblerjane

As a user, I would like Quicken to recognize and correctly categorize transfers, so that I don't have to spend hours each month correcting the data.

Pain point: Currently, I own two separate bank accounts. One that has a HYSA (SoFi). That's the account where my paycheck are deposited. I also have an automatic transfer setup so that a set amount is transferred to a savings vault like Emergency Fund.

Right now, Quicken mistakenly think that this is additional income, rather than just a transferring of money inside an account. It inflates my monthly income and makes it hard to track without cleaning the data.

The other thing that Quicken has trouble categorizing correctly is when I transfer money from the SoFi account to the bank that holds my credit cards. It tracks the transfer as a spending, even though it's just moving money between accounts. It mess with my Spending Plan and make it seem like I spend more than I have.

It's frustrating.

DryHeat

@scribblerjane

Have you set any of these transfers up as Recurring Series? I found that helped Simplifi recognize transfers.