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Delayed Transfers between banks RRS feed

  • Question

  • When I transfer $ from one bank to another there is a 2-3 day delay until funds show up in receiving account. So when I enter a transfer in MS Money Sunset I want it to show leaving source account (which it does) but delay being available in receiving acount. Right now when I look at Cash Flow balance it is misleading. Anybody figure out an eleqant way to do this?

    Michael Pasek

    Friday, May 29, 2020 10:17 AM

Answers

  • I named my "Cash or  Other" type account InTransit. I have only put one pair of transfers in-- dated July 9, 2008, and out July 19.

    Now I just download the transactions with PocketSense or manual OFX. I make the first one that I process a Transfer, often a credit card payment, and then match that transfer transaction when I process the other leg of the transfer in the checking account. Money matches up the dates, but in my case, the difference will be short, so close enough.

    • Marked as answer by rocker99 Friday, May 29, 2020 2:31 PM
    Friday, May 29, 2020 2:14 PM
    Moderator
  • Both of you guys gave me a simple idea. What I'm doing is simply creating two transactions - not a transfer. So I have MoneyOut $ and a separate transaction for 2 days later called MoneyIn $...works for me. 

    thanks


    Michael Pasek

    • Marked as answer by rocker99 Friday, May 29, 2020 7:49 PM
    Friday, May 29, 2020 7:49 PM

All replies

  • The only way is to create a Cash "Transfers in progress" account and post the transfer there from the leaving account, then from the Transfers account to the receiving account.
    Friday, May 29, 2020 11:54 AM
  • I named my "Cash or  Other" type account InTransit. I have only put one pair of transfers in-- dated July 9, 2008, and out July 19.

    Now I just download the transactions with PocketSense or manual OFX. I make the first one that I process a Transfer, often a credit card payment, and then match that transfer transaction when I process the other leg of the transfer in the checking account. Money matches up the dates, but in my case, the difference will be short, so close enough.

    • Marked as answer by rocker99 Friday, May 29, 2020 2:31 PM
    Friday, May 29, 2020 2:14 PM
    Moderator
  • Both of you guys gave me a simple idea. What I'm doing is simply creating two transactions - not a transfer. So I have MoneyOut $ and a separate transaction for 2 days later called MoneyIn $...works for me. 

    thanks


    Michael Pasek

    • Marked as answer by rocker99 Friday, May 29, 2020 7:49 PM
    Friday, May 29, 2020 7:49 PM
  • That's actually how Schwab reports transfers.  Journal to ACCT # , and then when the money hits the other account, Journal from ACCT #.
    Saturday, May 30, 2020 3:44 AM