Home Quicken for Windows New to Quicken/Getting Started (Windows)

relationship between renaming and memorized payees?

Would someone be able to confirm my thoughts on the 2. Most transactions I make are run through a credit card which the renaming rule uses and because there are so many unique businesses this list can be very long. On the flip side my memorized payee list should be relatively short because it is only for manually entered transactions such as writing a check or ACH debit to the account and would only apply to a checking account and NEVER a credit card charge. Thanks
Tagged:

Best Answers

  • Chris_QPWChris_QPW ✭✭✭✭
    Accepted Answer
    I'm going to give a general summary of the roles of renaming rules and memorized payees that might help.

    The main purpose of renaming rules are to "normalize" the payee name so that it can match a memorized payee name.

    The main purpose of the the memorized payees when processing downloaded transactions is to fill in the category and maybe a tag and memo.

    Renaming rules allow for "contains" and such matching, memorized payee have to be exact except for the case of the letters.

    It is very common to have a payee like:
    Safeway #store1234
    Safeway #store3434
    Payee #date 2/2/2020

    Left unchanged you would have to have a memorized payee for each of these to get the category filled in (financial institutions do not provide this information during the download, Quicken memorized payees do or there is also some "guessing" outside of this system).

    So for instance in the case of the Safeway transactions, you would have a renaming rule that says if Safeway is in the payee name change the payee to Safeway. Now you only need one memorized payee to do the categorization.
    (I'm using the latest Quicken subscription version)

Answers

  • Chris_QPWChris_QPW Member ✭✭✭✭
    Accepted Answer
    I'm going to give a general summary of the roles of renaming rules and memorized payees that might help.

    The main purpose of renaming rules are to "normalize" the payee name so that it can match a memorized payee name.

    The main purpose of the the memorized payees when processing downloaded transactions is to fill in the category and maybe a tag and memo.

    Renaming rules allow for "contains" and such matching, memorized payee have to be exact except for the case of the letters.

    It is very common to have a payee like:
    Safeway #store1234
    Safeway #store3434
    Payee #date 2/2/2020

    Left unchanged you would have to have a memorized payee for each of these to get the category filled in (financial institutions do not provide this information during the download, Quicken memorized payees do or there is also some "guessing" outside of this system).

    So for instance in the case of the Safeway transactions, you would have a renaming rule that says if Safeway is in the payee name change the payee to Safeway. Now you only need one memorized payee to do the categorization.
    (I'm using the latest Quicken subscription version)
  • Judy ColonieJudy Colonie Member
    Is my name the payee if I'm receiving money from any sort of person or account, etc.? For instance: I got paid by a client for makeup services. Am I considered the payee?
  • SherlockSherlock SuperUser ✭✭✭✭✭
    Is my name the payee if I'm receiving money from any sort of person or account, etc.? For instance: I got paid by a client for makeup services. Am I considered the payee?
    In Quicken, payees and payers are payees.
    Quicken user since 1997
    Premier on Windows 10
  • Chris_QPWChris_QPW Member ✭✭✭✭
    In my opinion Quicken use of the term "Payee" isn't really correct. A more generic term like "Name" would be what I would use. In fact in the OFX standard, which is used by Quicken to download transactions the field is called NAME.

    The reason I say that is you have payments, deposits, credits and debits, ...

    If I write a check to the IRS in the "Payee" field will be IRS, not my name (and I'm certainly the "payee").

    If I buy some food at Safeway the "Payee" field will have Safeway in it. Certainly Safeway isn't paying me to buy their food.

    So the Quicken Payee field is really just the Name that is associated with that transaction.
    (I'm using the latest Quicken subscription version)
  • Chris_QPWChris_QPW Member ✭✭✭✭
    Oops I said that wrong. In the case of a payment the term is correct. But there are cases like Deposit, and other kinds of transactions where the term doesn't make sense.
    (I'm using the latest Quicken subscription version)
  • cyndycyndy Member ✭✭
    Thank you so much Sherlock and Chris_QPW. :)
This discussion has been closed.