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Automatic Identification of Transfer btwn Accounts

 
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anonymous



Joined: 02 Aug 2007
Posts: 1434

PostPosted: Sun Jan 11, 2004 2:00 am    Post subject: Automatic Identification of Transfer btwn Accounts Reply with quote

I download my statements from Citibank on a monthly basis.
However, when I view my "Monthly Income/Expenses Report",
my income and expenses are greatly exaggerated.

This is because when I transfer from my savings account to
my checking account, Money books income in my checking
account and an expense in my savings.

This should not happen - transfer should not result in
income or expenses.

So I double click on the unassigned income item and right
click and edit the transfer items. Then I manually change
the category to "Transfer: Savings". And once I do this
for everything the report is perfect.

But my accounts become mucked. It turns out that when I
categorize an item as "Transfer", Money automatically books
the opposite side of the transaction in the opposite account.

So now there are two debits in my savings and two credits
in my checking - one set from my bank's statements and one
set created by money.

How can I avoid this? It's a huge hassle...

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