Quicken and Bank of America

May 26, 2006 11:24 AM

Quicken and Bank of America Business users?

This may be too specific... but here goes.

I have Quicken Home and Business Premiere 2006 and Bank of America business checking/saving/credit card account.

It is hard enough to manually download transactions for each accounts... but.. it is also confusing.

For some reason say my business credit card account 0001 is connected to Corporation account 0002.

It seems that this is standard practice for bank of america's business customers.

All my credit card 0001 payments seems to go to Corporation account 0002 and in turn it transfers the payment to credit card account 0001.

When I download both account's activities to quicken...
they are not connected like the BofA web site...

Corp 0002 account transactions only show payments...

Card 0001 account transactions only the spendings.

How should I set this up in Quicken.. so I get correct calculations and reports...???

posted by curiousleo to work & money (4 comments total)

FYI... I have accounts in CHASE and others too..
They are all automated with Quicken unlike the BofA's manual downloads...

B of A should prepare themselves better than this...
posted by curiousleo at 11:25 AM on May 26, 2006

I am a tiny bit confused, so correct me if I misunderstood:
if you have the two accounts set up as separate accounts in quicken, set the "payments" to be transfers between the accounts. That will keep the credit card account balanced.
yes?
posted by misterbrandt at 12:03 PM on May 26, 2006

Your answer: Get rid of BofA. They're quite possibly the most backasswards company that's ever existed as far as technology and connecting to other systems goes.
posted by SpecialK at 1:07 PM on May 26, 2006

You should get in touch with their technical support. I do exactly that, helping people like you with Quicken, for one of their competitors.

There are people who are trained in this that get paid to fix it for you. Taking advantage of that is in your better interest, as there are nuances that change from bank to bank. Any advice I would give you might work, but might not work for your specific situation.

You also might want to look at getting a "Direct Connect" download subscription (probably about 9.99 a month), instead of doing the Webconnect setup. It's much quicker, will grab all of your accounts at once (instead of one at a time).

Good luck.
posted by plaidrabbit at 1:44 PM on May 26, 2006