Home Page link  

Quicken - Interest & Schedule B

  
Groups | Search | About
User Password
Register Now! Lost Password?

Quicken Personal Finance Discussions - Quicken - personal finance software discussions

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Quicken - Interest & Schedule B P.Schuman 02-06-2008
Posted by Laura on February 7, 2008, 9:28 am
Please log in for more thread options
 I would also review the tax lines assigned to each category. I found several
of mine that were missing because I forgot to specify it when I set up the
category.

> Unless I have a memorized transaction, I have to enter categories. In
> some versions of Quicken it has a feature to suggests categories for
> certain charges - but I have disabled that.
>
> I would run a report on last year on all charges without categories and
> clean up your transactions.
>
> Oilcan
>> 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 ???
>>
>> let me just cut/paste my other reply -
>> --
>> you're kidding right ?
>> I don't even know where to begin to reply to this line of thinking...
>> A financial program that defines the transaction types, and downloads
>> them from participating institutions
>> and then on the back end can't bring the basic information together in a
>> meaningful manner
>> without my manipulating the already tagged data into manual categories
>> ???
>>
>> That's just nuts -
>>
>>
>


Posted by L on February 8, 2008, 11:37 am
Please log in for more thread options
> 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",

As pointed out in my reply to your first post... there is no such thing as a
"Description" field in Quicken. There is a PAYEE, CATEGORY, and a MEMO field
(the memo is hidden if you select single-line display).

The nice 'description' you downloaded from your bank was copied into your
Quicken data as a Payee. Your son failed to provide a category for
transactions with the payee of 'Interest Income'. He only had to do it once.
Quicken has a setting which will fill-in categories for payees.

> and yet when they are used between Quicken & TurboTax,
> they no longer are "Interest" without my manually categorizing them ???
>
> let me just cut/paste my other reply -
> --
> you're kidding right ?
> I don't even know where to begin to reply to this line of thinking...
> A financial program that defines the transaction types, and downloads them
> from participating institutions

Ummmm... no.
Quicken has no control over the information provided by your financial
institution. While Chase may send data indicating that monthly interest is a
deposit from the payee 'Interest Income' other banks may leave the payee
(what you called 'description') blank. Still others might use other names,
such as INT or INTEREST or Int Income.

> and then on the back end can't bring the basic information together in a
> meaningful manner
> without my manipulating the already tagged data into manual categories ???

In what way do you think the data is tagged?

>
> That's just nuts -
>
>



Posted by scott s. on February 8, 2008, 3:12 pm
Please log in for more thread options

>> 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",
>
> As pointed out in my reply to your first post... there is no such
> thing as a "Description" field in Quicken. There is a PAYEE, CATEGORY,
> and a MEMO field (the memo is hidden if you select single-line
> display).
>
> The nice 'description' you downloaded from your bank was copied into
> your Quicken data as a Payee. Your son failed to provide a category
> for transactions with the payee of 'Interest Income'. He only had to
> do it once. Quicken has a setting which will fill-in categories for
> payees.
>
>> and yet when they are used between Quicken & TurboTax,
>> they no longer are "Interest" without my manually categorizing them
>> ???
>>
>> let me just cut/paste my other reply -
>> --
>> you're kidding right ?
>> I don't even know where to begin to reply to this line of thinking...
>> A financial program that defines the transaction types, and downloads
>> them from participating institutions
>
> Ummmm... no.
> Quicken has no control over the information provided by your financial
> institution. While Chase may send data indicating that monthly
> interest is a deposit from the payee 'Interest Income' other banks may
> leave the payee (what you called 'description') blank. Still others
> might use other names, such as INT or INTEREST or Int Income.
>
>> and then on the back end can't bring the basic information together
>> in a meaningful manner
>> without my manipulating the already tagged data into manual
>> categories ???
>

I've found that downloading cleared checks is a hassle, mainly for
those which use the "check21" ACH entries. My bank doesn't provide
the check number for these and they typically don't match with register
transactions and have to be manually matched.

scott s.
.


Posted by Oilcan on February 8, 2008, 8:13 pm
Please log in for more thread options
Again, this is a problem with your bank and not Quicken.

Oilcan

>
>>> 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",
>>
>> As pointed out in my reply to your first post... there is no such
>> thing as a "Description" field in Quicken. There is a PAYEE, CATEGORY,
>> and a MEMO field (the memo is hidden if you select single-line
>> display).
>>
>> The nice 'description' you downloaded from your bank was copied into
>> your Quicken data as a Payee. Your son failed to provide a category
>> for transactions with the payee of 'Interest Income'. He only had to
>> do it once. Quicken has a setting which will fill-in categories for
>> payees.
>>
>>> and yet when they are used between Quicken & TurboTax,
>>> they no longer are "Interest" without my manually categorizing them
>>> ???
>>>
>>> let me just cut/paste my other reply -
>>> --
>>> you're kidding right ?
>>> I don't even know where to begin to reply to this line of thinking...
>>> A financial program that defines the transaction types, and downloads
>>> them from participating institutions
>>
>> Ummmm... no.
>> Quicken has no control over the information provided by your financial
>> institution. While Chase may send data indicating that monthly
>> interest is a deposit from the payee 'Interest Income' other banks may
>> leave the payee (what you called 'description') blank. Still others
>> might use other names, such as INT or INTEREST or Int Income.
>>
>>> and then on the back end can't bring the basic information together
>>> in a meaningful manner
>>> without my manipulating the already tagged data into manual
>>> categories ???
>>
>
> I've found that downloading cleared checks is a hassle, mainly for
> those which use the "check21" ACH entries. My bank doesn't provide
> the check number for these and they typically don't match with register
> transactions and have to be manually matched.
>
> scott s.
> .
>


Posted by Laura on February 8, 2008, 8:18 pm
Please log in for more thread options

>
>>> 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",
>>
>> As pointed out in my reply to your first post... there is no such
>> thing as a "Description" field in Quicken. There is a PAYEE, CATEGORY,
>> and a MEMO field (the memo is hidden if you select single-line
>> display).
>>
>> The nice 'description' you downloaded from your bank was copied into
>> your Quicken data as a Payee. Your son failed to provide a category
>> for transactions with the payee of 'Interest Income'. He only had to
>> do it once. Quicken has a setting which will fill-in categories for
>> payees.
>>
>>> and yet when they are used between Quicken & TurboTax,
>>> they no longer are "Interest" without my manually categorizing them
>>> ???
>>>
>>> let me just cut/paste my other reply -
>>> --
>>> you're kidding right ?
>>> I don't even know where to begin to reply to this line of thinking...
>>> A financial program that defines the transaction types, and downloads
>>> them from participating institutions
>>
>> Ummmm... no.
>> Quicken has no control over the information provided by your financial
>> institution. While Chase may send data indicating that monthly
>> interest is a deposit from the payee 'Interest Income' other banks may
>> leave the payee (what you called 'description') blank. Still others
>> might use other names, such as INT or INTEREST or Int Income.
>>
>>> and then on the back end can't bring the basic information together
>>> in a meaningful manner
>>> without my manipulating the already tagged data into manual
>>> categories ???
>>
>
> I've found that downloading cleared checks is a hassle, mainly for
> those which use the "check21" ACH entries. My bank doesn't provide
> the check number for these and they typically don't match with register
> transactions and have to be manually matched.

The few times this has happened to me the actual check number was buried in
the description that was passed to Quicken.


Similar ThreadsPosted
Quicken 2008: Can't Schedule CD Interest Payments September 11, 2007, 9:54 pm
Brokerage CD interest and preferred stock interest not recorded as profit October 8, 2006, 2:07 am
TurboTax and accrued interest (or other interest adjustments) March 2, 2007, 2:49 pm
Schedule C Income and COGS Handling in Quicken March 21, 2008, 6:06 am
Tax Report Schedule A - Quicken 2008 Home & Business October 8, 2007, 4:23 pm
Is Quicken an alternative to Schedule D software generator like Gains Keeper? January 9, 2007, 12:41 am
Quicken calculation of loan principal/interest allocation July 13, 2006, 12:58 am
[Loan] How Do I Get Quicken To Calculate Proper Interest-Principal Split Based On Payment Date January 29, 2007, 2:15 pm
Schedule D Tax Report January 26, 2007, 4:51 pm
Schedule Transactions December 19, 2007, 6:28 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap