Memo Line Truncated

Question

I am new to Quicken. I setup my bank accounts and downloaded my transactions. There are alot of transaction that are being categorized incorrectly. Two part question: 1) how do I assign the category to the vendor so the category is assigned correctly when downloaded? 2) the memo line is being cutoff and all I am getting is the vendor ID not the name. How do I capture the whole memo line from my bank?

Chris_QPW · Answer

Quicken's renaming rules look at both the payee (which by the OFX standard is a max of 32 characters) and the memo to decide what the payee name should be.  So if there is something in that memo that can be used, then you could do that.

But Quicken can't perform magic.  If the financial institution doesn't include the real payee name in either the payee or memo fields there isn't anything Quicken can do about it.

Foamhead · Answer

An example of one transaction is payee is showing "Debit Card Purchase Merchant Pur" and the memo says "DEBIT CARD PURCHASE MERCHANT PURCHASE TERMINAL 443099". I need to research each line on my banks site before I can categorize it. Is there a better way?

Foamhead · Answer

Thank you. Right now I have to recategorize just about every transaction now. The payee name does not show and the the vendor code is not unique. The only thing i know how to do is download the transactions from my bank and compare date and amount from excel and Quicken. This will allow me to categorize the transactions.