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Posted by Oilcan on February 7, 2008, 8:57 pm
Please log in for more thread options If you are more concerned about the Investments, I would look at software
designed for that specific purpose.
Oilcan
>> Laura wrote:
>>>>
>>>>>
>>>>>> gk wrote:
>>>>>>> To benefit from Quicken, the most important and useful thing is to
>>>>>>> categorize transactions properly and in a meaningful matter.
>>>>>>> The burden of doing it is completely on the user.
>>>>>>
>>>>>> let's see - downloaded transactions from a bank that were
>>>>>> described as "Interest",
>>>>>> and yet when they are used between Quicken & TurboTax,
>>>>>> they no longer are "Interest" without my manually categorizing them
>>>>>> ???
>>>>>
>>>>> Well, let's see: when it's "interest" on my personal acct, it goes
>>>>> to sked B. When it's interest on a business acct, it goes to Sked
>>>>> C,E, or F depending on the business, assuming I'm not a c corp or a
>>>>> partnership. Or, it could be tax emempt, at the state or federal
>>>>> level. Other than that, I guess it's just nuts.
>>>>>
>>>>
>>>> Are your transactions getting a Category from your financial
>>>> institution ?
>>>
>>> Not always. It all depends on how you set up your preferences and
>>> Memorized Payee list. For example I have all checks automatically
>>> mapped into "Misc expense" instead of leaving the category blank. I
>>> have a report saved to report Uncategorized and Misc Expense
>>> categories so that I can go online and view the checks to see what
>>> they are for. The banks don't scan the checks so the Payee comes
>>> through as Check ####.
>>> Most of my transactions are repeats and Q relies on the "memorized
>>> payee" information to populate the category. I still have to confirm
>>> that the category assigned is appropriate for that particular
>>> transaction or manually change it to an appropriate category based on
>>> that particular transaction. As I posted earlier, the program nor my
>>> bank can detect which Staples purchases are for personal vs business
>>> use. Why would you expect the bank to know that info???
>>>
>>>> My downloads from Chase only have the "Interest Payment" text,
>>>> with no Category..... which appears to be the trigger/used field for
>>>> the totaling vs the other way around.
>>>
>>> Chase passes the text to Q that you will see on the paper statement.
>>> That will go into the Payee field. It is up to the user to populate
>>> the Category field. Once you have mapped "interest payment" as a
>>> payee to "Interest Expense" as a category it will remember it the
>>> next time it is passed by Chase to your program.
>>>
>>> If your transactions are always coming through as uncategorized,
>>> check your preferences. In particular check the QuickFill settings.
>>
>> just a note - I saw your comment about Quicken being a giant checkbook...
>> but - for ME - I only use it for the other side of the coin -
>> Investments -
>
> I use it for bank accounts, credit cards, investment accounts and accounts
> receivables.
>
> I think most people here don't use Q for only investment accounts based on
> the nature of the questions asked. You may be the exception to the rule.
> It probably would have been helpful if you had shared that piece of
> information when you first posed your question.
>
>> Therefore, I only see incoming data, from banks, brokerages, quotes,
>> alerts, news, etc...
>> Sure, there are outgoing checks... but we don't actually care about
>> those,
>> we just use it as a financial stock, mutual fund, interest, and general
>> portfolio manager.
>> I thought that this incoming financial data would then properly flow into
>> the TurboTax buckets.
>
> For investment accounts, the categories are pretty standard ones and
> should get automatically populated. I have never had to adjust the
> categories assigned to dividends or interest. I did notice that the tax
> lines were not all populated so I had to update them.
>
>
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