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When you transfer money between accounts one account balance increases and the other account balance decreases. But your net worth remains the same. Remember, in Quicken there's a category group for transfers. These include transfers between accounts that you've added to Quicken. Quicken records a transfer in your transfer from account register and automatically creates a matching transaction in the transfer to account. The category field in a transfer transaction shows the other account involved. For example, if the current account is the account you're transferring money from, the category field will display the account you're transferring money to.
Here's an example. I'll show that since she's transferring $100 from her savings account to her checking account, we'll select Transfer, and Jeannie's Checking. Press Enter on your keyboard, or Save in that transaction line to save the transaction. We'll verify that in her checking account, now this transaction shows as a transfer from her savings account. Please note that this process will allow you to record a transfer in Quicken. The process of making this transfer happen in the real world is separate. It's important to understand how to record transfer transactions so that you don't create duplicate transactions.
Recording transfers in Quicken can help ensure that you're tracking your net worth accurately
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