repeating online vs scheduled ?


J

jim sturtz

could someone explain to me what the difference is?

i've read the help with quicken 2k and cannot figure the difference between
these two payments types.

i have over the years setup some recurring payments (like for life
insurance) as repeating online transactions, and others (like my mortgage)
as a scheduled transaction.

the effect of either seems to be that on such and such date, the payment is
made online to the payee, so they seem to be 'the same'. but to me there
s/b some difference else why the two ways of doing this, no?

thanks.
 
Ad

Advertisements

B

Bob Weissman

could someone explain to me what the difference is?

i've read the help with quicken 2k and cannot figure the difference between
these two payments types.

the effect of either seems to be that on such and such date, the payment is
made online to the payee, so they seem to be 'the same'. but to me there
s/b some difference else why the two ways of doing this, no?
This is my understanding of the difference:

A scheduled transaction is transmitted from Quicken to your financial
institution each time it occurs.

A repeating online transaction is transmitted from Quicken to your
financial institution just once, and is subsequently executed by your
bank as scheduled without further instructions from Quicken.

The net effect is, indeed, the same. This difference is important only
to Intuit's programmers and your bank. :)

No, really, the only reason I can imagine to use repeating online
transactions is when you (a) know for certain that the transaction
amount will not change and (b) need the transaction to happen even if
you're on vacation, or your computer dies, or you lose all your
Quicken data.

- Bob
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top