Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

Change Category for Investment Actions

Unknown
Unknown Member
edited December 2018 in Investing (Windows)
When I download data in Quicken 2018 Business for an investment account and it is a dividend, the category is automatically assigned as _div.  I need this data to be a business category, so....

(a) is there a way to change the category from _div when the action item on an investment account download is DIV,

or 

(b) can I assign the _div category as a business category...

thanks...

Comments

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited November 2017
    Did you create the account as a business account?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Unknown
    Unknown Member
    edited November 2017
    No it is a built in account _divinc
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited October 2018
    It might help if you explain why it is a business transaction.  Do you file a separate Business tax return?  Investments are usually personal.  
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited November 2017
    volvogirl said:

    It might help if you explain why it is a business transaction.  Do you file a separate Business tax return?  Investments are usually personal.  

    And IF your business files a separate tax return ... then it doesn't belong in the Q data file with your personal info.  The business, in that scenario, should have it's own Q data file.

    The general principal is that a Q data file should contain ALL of the financial info for a single tax entity and NOTHING but the financial info for that entity. 

    If the business files it's own tax return, then it's a separate tax entity.

    And, there's no way to switch the category used for Dividends.  You'd need to delete that downloaded transaction, and manually input a Deposit transaction into the investment account that uses your desired category.

    Lastly, if your business files it's taxes on  Schedule C of YOUR tax return, then there's no place on Sched C to report "business dividend" ... because it's NOT business dividend.  It would be your personal income because you and the business would be a single tax entity.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited December 2018
    To answer your question, if you want to assign a transaction downloaded as a dividend to a different category, you can edit the transaction and enter the same amount as Miscellaneous. There is a place on the dialog to enter the category you want to use.

    If you are receiving income from a trust for example, you might want to have an income Category called Trust income with a tax category of Schedule K-1 Dividends.

    As others have noted above, this may interfere with Quicken's ability to accurately track your taxes.
    QWin Premier subscription
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited December 2018
    Set up your own category.imageimage

    I don't use Q for taxes, I just use the 1099's. Suggesting something like the pictures. Test it after backing up the data file.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited November 2017
    jr7107 said:

    Set up your own category.imageimage

    I don't use Q for taxes, I just use the 1099's. Suggesting something like the pictures. Test it after backing up the data file.

    This won't cause Q to actually USE that _DivBusiness category that this process is creating.

    To use it, you need to follow the recommendations above.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited December 2018
    Additionally, you could use your new category modifying a downloaded transaction to "Misc" from "Div" and select your category.

    image
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited November 2017
    jr7107 said:

    Set up your own category.imageimage

    I don't use Q for taxes, I just use the 1099's. Suggesting something like the pictures. Test it after backing up the data file.

    Just trying to solve a problem with the capability the software has.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited November 2017

    To answer your question, if you want to assign a transaction downloaded as a dividend to a different category, you can edit the transaction and enter the same amount as Miscellaneous. There is a place on the dialog to enter the category you want to use.

    If you are receiving income from a trust for example, you might want to have an income Category called Trust income with a tax category of Schedule K-1 Dividends.

    As others have noted above, this may interfere with Quicken's ability to accurately track your taxes.

    I missed this comment when I was answering. Agree on this method, modify the downloaded transaction to the category of user preference.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    The other possible relevant direction you can explore is in the reporting. If you consider this investment account a 'business' account and want such business income, customize the report to include this account and other business accounts and exclude your personal investment accounts.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited November 2017
    From C. D. Bales:



    Unless there has been a very unexpected change starting in Q2018:



    (a) No.


    (b) No



    Where were you planning on reporting this "business" income on your Schedule C?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
This discussion has been closed.