Transfers Between Checking and Savings

Mark Phillips mark at phillipsmarketing.biz
Fri Mar 15 10:24:43 EDT 2013


I make periodic transfers from savings to checking. However, I just make
the transfers as deposit in checking and withdrawal from savings. When I
run an income/expense report, those transfers do not show up, obviously.
So, I created an income account called Transfers from Savings, and whenever
I transfer money I deposit in the checking account and credit the income
account. But what is the corresponding transaction in the savings
account? Or, is there a better way to do this?

The reason I want to do this is that I am managing my elderly parents
accounts, and the other siblings want to see detailed financial reports.
Since my parents are living off their savings and a few other income
sources, I want to show the transfers from savings as income for them. Is
there a better way to do this?

Also, once I figure out how to show the transfers as income, (unless there
is an accounting reason not to do this!), how do I change the reconciled
transactions that go straight from savings to checking without the
intermediate income accounts?

Thanks,

Mark


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