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Categorizing transfers within downloaded accounts MS MONEY 2007 RRS feed

  • Question

  • First, thank you for reading my thread…

    I have MS Money 2007 and am looking to figure out a away categorize transfers from one account to another.  I download all of my accounts into MS Money.  There are a total of two checking accounts, two savings accounts, and two credit cards, spanning two different banks.  It is not uncommon for us to transfer money from our primary checking at one bank to a secondary checking or savings account at another bank (pays higher interest).  I also automatically transfer all change from transactions to a savings account.  In the past, I have categorized the transfers as a “transfer to xxx,” which was the gaining bank account.  However, when I downloaded the new statement for the gaining account I had double entries… one created from the download, and another automatically created by MS Money when I categorized it as a transfer to that account.  In the interim I have created an “expense” category titled “transfer to savings.”  However, this shows up on my monthly budget and expense reports as an expense. 

    Can someone help me get this straightened out?  Ideally, I’d like to download my checking statement, categorize something as a transfer to savings, or something to that affect, and not have it included as an expense or cash outflow.  It would be great if one account picked something as an out, and the other as an in, and then wash, but Money doesn’t seem to work that way.  Please enlighten me!

    -David

    Wednesday, July 21, 2010 4:04 AM

All replies

  •  

    When you process the first transaction of the pairing, such as a credit card
    payment, set the category as a SPECIAL Transfer to the other (
    credit card or bank account), .  When you process the second
    transaction,Money should match it.  Be careful to not just Accept
    if Money did not find the match on its own for some reason.  Click
    Change and match it to the transfer you already made if Money did
    not match it for you. 

    If you don't see the SPECIAL Transfer
    category at the bottom of the list, switch to advanced register.
    One way is
    Tools->Settings->AccountSettings->DisplayAllAccountsInTheAdvancedRegister.

    Note that the current direct downloading ends at the end of January. So plan ahead. http://www.microsoft.com/money/faq.mspx

    Thursday, July 22, 2010 5:53 AM
    Moderator