My question is about Uncategorized transactions

When I open Quicken in the Home tab it shows Last 30 days spending (all categories all accounts). Next is Uncategorized Transactions. Opening Uncategorized Transactions.
On 6/9/2021 (the payee): Payment by Funds Transfer Amt 100.00.
On 6/7/2021 (the payee): Internet Tfr to Savings Tfr to Savings Amt -150.00.
On 6/6/2021 (the payee): Internet Tfr to Checking Tfr to Checking Amt -500.00.

With each of these transactions there is no need for a category is that correct?

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    To me it looks like what you posted is the name of the Payee, a note that was either manually entered or downloaded into the Memo field and the amount of the transaction.  What I do not see is a Category and every transaction (even transfer transactions) should have a Category assigned to it.  Categories are used by many features and tools in Quicken, everything from Spending and Income/Expense reports, Tax reports, Tax Planner, Lifetime Planner and Budgets to Investment Performance reports and much more.  Transactions that do not have a Category assigned to them will not be properly captured and used in the rest of Quicken making Quicken a less useful and robust financial tool.

    Since these are transfer transactions, there are two ways to categorize them:
    1. Use a Transfer Category:  This is the name of the account in Quicken that the transfer was made to in brackets.  For instance, for the transfer to your Savings Account and you named your Savings Account in Quicken Bank Savings Account, then the category would be [Bank Savings Account].  If the transfer was made from your Checking Account to your Savings Account you would then have a debit transaction in the Checking Account and Quicken would then place an equal but opposite credit transaction into the Savings Account.
    2. Use an appropriate Expense or Income Category:  If your "Payment by Funds Transfer Amt 100.00" transaction was to pay down the debt on a Credit Card, then you could use an Expense Category such as Bills:Credit Card Payment.
    Which method to use is a matter of personal preference.  I strongly prefer to use #1 because it will provide the most accurate accounting in Quicken and provide, in my opinion, the best results.  This is because transfers are not real expenses nor real income.  They are simply transfers of assets between accounts.  For instance, if your Credit Card has a $100 balance, that is a $100 debt.  When you make a $100 payment to your Credit Card it is not a $100 expense, it is simply a reduction of $100 in your Checking Account asset and a reduction of $100 Credit Card debt...the impact to net worth is $0.  The actual expense was incurred earlier when you made purchases with your Credit Card and those earlier purchase transactions would then have the appropriate expense categories assigned to them.
    Does this answer your question?
    (QW Premier Subscription: R34.24 on Windows 10)
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