Categorizing IRA Draws

ericksonjb

I'm retired and take a monthly draw from my retirement accounts. Currently the draw transaction shows up as a transfer from my IRA to Checking. While this makes accounting sense, what I want from a budget perspective is for it to show up in an income category called Retirement Draw.

When I attempt to change the category from IRA (transfer) to Retirement Draw, I get this message:

Before you continue... 
- You are editing the transfer transaction "Wells Fargo Retirement Draw" to no longer be a transfer. This will also delete the other side of the transfer in account [Command Checking]

Suggestions?

Coach Jon

Hello @ericksonjb,

Thanks for reaching out! Transfers are linked together so both sides show the source/destination account as needed. Changing the category from a transfer will indicate that it is no longer a transfer in Quicken Simplifi.

https://help.simplifimoney.com/en/articles/3352152-how-do-transfers-work

Here are a couple idea posts you may be interested in voting for as well! Let us know if they interest you.

https://community.simplifimoney.com/discussion/6270/ability-to-add-and-manage-transfer-categories-edited

https://community.simplifimoney.com/discussion/556/attach-transfers-to-the-payee-instead-of-the-category-edited

Thanks,

Coach Jon