Accepting Transactions

Sluggos

Why the step of accepting transactions before they go into register instead of them just going directly into register? Wouldn't you just be able to delete them from the register if you wanted to?
Thanks

Frankx

Hi @Sluggos,

The step of "accepting transactions" into the register is an "accounting control" - meant to make sure that the entry has been reviewed and properly categorized/classified AND that the entry isn't a mistake, or even fraudulent, on the part of the bank (or other financial institution, or vendor).  But you also can choose to "accept all" and avoid the issue - the choice is yours.  However, if you take that approach, you risk having inaccurate data in your file, paying for things you didn't buy, sending someone's else's kids to an expensive college, etc., etc.

Let me know if you have any followups.

Frankx

Chris_QPW

Well I have a different take on this question.

First off I will point out that for Quicken Mac, Mobile, and Web the transactions do go directly into the register.

And for Quicken Windows you have the option of having them going directly into the register or not.

Long time Quicken Windows users (and Quicken Mac which from Quicken 2007 for Mac and below) are used to the Accept through Downloaded Transactions tab method because that is all that Quicken Windows provided until about 10 or so years ago.

When Quicken Mac was rewritten starting in 2007 the developers went with the procedure where the transactions go directly into the register, and there is a "review" process to make sure the transactions are correct.

Some time after that, that feature was included into Quicken Windows too.  And in fact that is the default for any new user of Quicken Windows.

The long time users saw "automatic" and immediately associated it with "guessing", "not checking", "out of control", ... without actually looking into how the user is suppose to use this process.

The two different procedures (when used right) work like this.
non automatic transaction entry mode:

Transactions come into the Downloaded Transactions tab.
The user selects a transaction in the Downloaded Transactions tab.
Quicken then shows that transaction in the register.  The user can now edit the transaction in the register to change things like the category, and then accept it into the register.  There is also an Accept All that shouldn't be used except after the user has checked to make sure all of the transactions are correct.

automatic transactions entry mode:

Transactions go directly into the register.
They are marked with either the New or the New Match status.
The user should review them and make changes as needed, and then mark them "Reviewed".  Note if Quicken matches a transaction that it shouldn't there is an option to unmatch it and then it can be manually matched to another existing transaction in the register.

I actually have a slight variation on this review process.  Since I'm reconciling to the online balance right after I review the transactions I don't mark transactions reviewed right after I check them.  Instead I review/edit them for the categories, and then I start the reconcile, and after the reconcile is done Quicken will automatically mark those transactions reviewed.

I personally prefer the automatic transaction entry mode because it allows me to see what categories are assigned to all the new transactions all at once, instead of having to select each in turn to see what Quicken assigns as the category.  It also allows me to use the full power of the register for doing things like sorting/filtering/deleting/...

Frankx

Hi @Sluggos,

The step of "accepting transactions" into the register is an "accounting control" - meant to make sure that the entry has been reviewed and properly categorized/classified AND that the entry isn't a mistake, or even fraudulent, on the part of the bank (or other financial institution, or vendor).  But you also can choose to "accept all" and avoid the issue - the choice is yours.  However, if you take that approach, you risk having inaccurate data in your file, paying for things you didn't buy, sending someone's else's kids to an expensive college, etc., etc.

Let me know if you have any followups.

Frankx

splasher

What if they matched up to the wrong transaction?  Deletion is not an option then.

Sluggos

Thank You Frank.

Chris_QPW

Well I have a different take on this question.

First off I will point out that for Quicken Mac, Mobile, and Web the transactions do go directly into the register.

And for Quicken Windows you have the option of having them going directly into the register or not.

Long time Quicken Windows users (and Quicken Mac which from Quicken 2007 for Mac and below) are used to the Accept through Downloaded Transactions tab method because that is all that Quicken Windows provided until about 10 or so years ago.

When Quicken Mac was rewritten starting in 2007 the developers went with the procedure where the transactions go directly into the register, and there is a "review" process to make sure the transactions are correct.

Some time after that, that feature was included into Quicken Windows too.  And in fact that is the default for any new user of Quicken Windows.

The long time users saw "automatic" and immediately associated it with "guessing", "not checking", "out of control", ... without actually looking into how the user is suppose to use this process.

The two different procedures (when used right) work like this.
non automatic transaction entry mode:

Transactions come into the Downloaded Transactions tab.
The user selects a transaction in the Downloaded Transactions tab.
Quicken then shows that transaction in the register.  The user can now edit the transaction in the register to change things like the category, and then accept it into the register.  There is also an Accept All that shouldn't be used except after the user has checked to make sure all of the transactions are correct.

automatic transactions entry mode:

Transactions go directly into the register.
They are marked with either the New or the New Match status.
The user should review them and make changes as needed, and then mark them "Reviewed".  Note if Quicken matches a transaction that it shouldn't there is an option to unmatch it and then it can be manually matched to another existing transaction in the register.

I actually have a slight variation on this review process.  Since I'm reconciling to the online balance right after I review the transactions I don't mark transactions reviewed right after I check them.  Instead I review/edit them for the categories, and then I start the reconcile, and after the reconcile is done Quicken will automatically mark those transactions reviewed.

I personally prefer the automatic transaction entry mode because it allows me to see what categories are assigned to all the new transactions all at once, instead of having to select each in turn to see what Quicken assigns as the category.  It also allows me to use the full power of the register for doing things like sorting/filtering/deleting/...

Sluggos

Very thorough Chris but a little over my head. I was around before home electronic calculators were produced. Thanks