How to differentiate memorized payees for payments that are received from same payee?

WesHull

My wife's and my Social Security checks have the same payee name and memo information making them indistinguishable. If amount were part of the identification routine, it would work but I don't see that it is. Any ideas?

Boatnmaniac

Hi @WesHull .  Assuming your wife's and your SS benefit amounts are different from each other, you could set up two recurring Income Reminders...one for your SS benefit check and one for your wife's.  Each Income Reminder can have its own unique payment amount, split categories amounts and memos.

The income reminders can then either be manually entered into the checking account register each month or they can be automatically entered each month (I think these would be a great candidate for letting Quicken automatically enter them each month), just make sure they get entered into the checking account register before the bank downloads the SS deposit transactions.

Once the Reminders are in your checking account and your bank downloads the deposit transactions, Quicken will match the downloads to the Income Reminder that most closely matches them...not just to the Payee name but also to the date and the deposit amount.  Then the Memorized Payees for the SS deposits won't matter and won't come into play.

Boatnmaniac

The Income Reminders have a lot of flexibility in how you can set them up and use them.  You can save yourself a lot on manual effort by setting up Income Reminders for both.  For instance:

• You can use different Payee names for each.  Example:  Social Security (Joe) and Social Security (Mary). 
  
• Or you can use the same Payee for both but Tag one with your name and Tag the other with your wife's name.
  
• You can set the Income Reminders to be deposited on the 1st, 2nd, 3rd or 4th Wed of each month so they will always match the SS deposit dates.
• You can set them to be manually entered into the checking account register or automatically entered into the checking account register.
  
• You can split the category for each.
  

Here are some pics of the options and how to set them up:

SCHEDULING:

SPLIT CATEGORY / TAGGING:

AUTO ENTER / JUST REMIND (for manual entry):

If you do set them up like this and set them to be automatically entered into the register each month then the only thing you should need to do each month is to make sure the deposit transactions downloaded from your bank are properly matched/accepted to the Income Reminders already entered into the checking account register.

Boatnmaniac

Hi @WesHull .  Assuming your wife's and your SS benefit amounts are different from each other, you could set up two recurring Income Reminders...one for your SS benefit check and one for your wife's.  Each Income Reminder can have its own unique payment amount, split categories amounts and memos.

The income reminders can then either be manually entered into the checking account register each month or they can be automatically entered each month (I think these would be a great candidate for letting Quicken automatically enter them each month), just make sure they get entered into the checking account register before the bank downloads the SS deposit transactions.

Once the Reminders are in your checking account and your bank downloads the deposit transactions, Quicken will match the downloads to the Income Reminder that most closely matches them...not just to the Payee name but also to the date and the deposit amount.  Then the Memorized Payees for the SS deposits won't matter and won't come into play.

WesHull

Thank you for the quick response! That is a good work-around. My SS check arrives earlier that my wife's and can modified using the Memorized Payee and my wife's can be automatically entered using the reminder although I'll need to adjust the split since I track gross and deductions. Social Security makes it a little more challenging by sending checks on a first through fourth week using the day of the week. Like mine arrives the 3rd Wednesday of the month. I chose a date for my wife that will always be before the deposit date.

Thanks again!!

Boatnmaniac

The Income Reminders have a lot of flexibility in how you can set them up and use them.  You can save yourself a lot on manual effort by setting up Income Reminders for both.  For instance:

• You can use different Payee names for each.  Example:  Social Security (Joe) and Social Security (Mary). 
  
• Or you can use the same Payee for both but Tag one with your name and Tag the other with your wife's name.
  
• You can set the Income Reminders to be deposited on the 1st, 2nd, 3rd or 4th Wed of each month so they will always match the SS deposit dates.
• You can set them to be manually entered into the checking account register or automatically entered into the checking account register.
  
• You can split the category for each.
  

Here are some pics of the options and how to set them up:

SCHEDULING:

SPLIT CATEGORY / TAGGING:

AUTO ENTER / JUST REMIND (for manual entry):

If you do set them up like this and set them to be automatically entered into the register each month then the only thing you should need to do each month is to make sure the deposit transactions downloaded from your bank are properly matched/accepted to the Income Reminders already entered into the checking account register.