Why does quicken assign wrong type to categories?

When I make a new loan account, Quicken calls it an auto loan, but it isn't.  Also assigns wrong type to utilities.  How do I change?

Answers

  • Jim_HarmanJim_Harman SuperUser
    Could you please explain what you mean by "assigns the wrong type to utilities'?

    Is this for a downloaded transaction, or one that you entered in adavnce?

    Unless you have disabled it, Quicken uses your Memorized Payee list accessed through the Tools menu or Ctrl-T to assign a Category to new transactions. Perhaps you need to edit one of your memorized payees.
    -- Jim QWin Premier subscription
  • What I mean is I have a bill from Verizon, and quicken puts "Utilities: Gas and Electric".  I also made two loan accounts which quicken labeled "auto" loans, which they are not.  I see no way to change.
  • And they are not on my memorized payee list.
  • GeoffGGeoffG SuperUser
    edited March 16
    And they are not on my memorized payee list.
    That seems to be the issue. Quicken only can guess at what a downloaded transaction should be categorized as. You need to assign the categories you want/expect as a Memorized Payee. You need to Add New Payee.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Home version 1803
  • UKRUKR SuperUser
    I also made two loan accounts which quicken labeled "auto" loans, which they are not.  I see no way to change.
    When setting up the loan account, you must have missed a selection panel about the type of loan / mortgage.
    Once an account has been created in Quicken, its Type cannot be changed.
    After deleting the incorrect account I recommend setting up the loan / mortgage  as a "manual loan account" instead of connecting it to the bank for transaction downloading. That gives you better control over the payment reminder and the categories to use.
  • I did do it manually.  And you are right.  I didn't drop down the list to choose a type of loan.  Still don't know why quicken labels Verizon gas and electric.
  • thecreatorthecreator SuperUser
    M. R. Moore ,

    If a Category does not exist, why not simply create a New Category, like under Utilities:FIOS?

    And when you created a new loan account, why did you not set it up manually to give yourself better control?


    thecreator - User of Quicken Subscription R18.15 & Quicken 2017 HBRP
  • Jim_HarmanJim_Harman SuperUser
    Quicken has a set of renaming rules and built-in Category assignments that it uses for downloaded transactions. These may be helpful to get you started using Quicken, but as you are seeing, they don't always get it right.
     
    If you put Verizon in your memorized payee list with the category you want to use for that payment, it will by default override the built-in assignment.

    -- Jim QWin Premier subscription
  • Jim_HarmanJim_Harman SuperUser
    For an extensive discussion of how Quicken assigns categories to downloaded transactions see here
    https://community.quicken.com/discussion/comment/19812414#Comment_19812414
    -- Jim QWin Premier subscription
  • Would I have to already have it as a memorized payee before I set up quicken to get the bill in order for it to put the right category on it?
  • Jim_HarmanJim_Harman SuperUser
    Would I have to already have it as a memorized payee before I set up quicken to get the bill in order for it to put the right category on it?
    Yes, because Quicken needs to know which category is "right" for you.

    There are several settings that determine how downloaded transactions and automatic catergory assignment are handled. These all start with going to Edit > Preferences
    • In the Downloaded transactions section, it is usually best to un-check "Automatically add to banking registers" and "Automatically add to investment transaction lists" This will give you the opportunity to review and if necessary assign or change the category before it is entered into your register
    • The remaining settings in this section control how Quicken renames payees and automatically assigns categories
    • The Data Entry and Quickfill section controls whether new payees are automatically added to your Memorized Payee list and other related settings.
    -- Jim QWin Premier subscription
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