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Financial institution download - Category Error

imagerep

When I download an account from my financial institution, what should be categorized as a reinvest dividend (ReinvDiv), gets automatically categorized as 'Added' in my register. It's actually an intermittent issue. How can change this so future downloads always get categorized correctly?

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Accepted answers

Frankx

Hi @imagerep,

The way a downloaded transaction is "categorized" in your Quicken register depends on two factors: how the FI categorizes its downloaded transaction, and whether you've memorized certain prior similar transactions in your Quicken datafile. If you "memorize" your similar transactions in your Quicken datafile, you have a better chance that such transactions are properly characterized in the future.

Frankx

All comments

Jim_Harman

What is the Financial Institution (FI)? There are known issues with Schwab accounts.

Frankx

Jim_Harman

Let's be clear about Categories and the Memorized Payee List. These apply only to cash transactions, usually not in investing accounts. In this case, the issue is that investing transactions like ReinvDiv ar being given the wrong investing Action.

As far as I know, investing transaction Actions are determined solely by the transactions that are downloaded by the FI. Sometimes FIs get them wrong.

imagerep

Greatly appreciate all the comments! This institution is Wealthscape Financial. I think you hit it on head, that being as a smaller institution they don't have the better tools (SW) to choosing the category correctly each time. Looks like each month when I do my Update, I'll have to go into the register and clean it up. That sucks as far as time consumed, but if I do it monthly, it's not that bad. I won't bother to memorize the transactions as these are investment categories, assuming that won't help the issue.