Statement Payee error

jacain956

So in Quicken (Mac), I've been having issues with Quicken changing the Statement Payee (downloaded from my back) to a different name. This happens almost daily.

Bank Statement has payee as: Deposit@mobile
Quicken "Statement Payee" shows: FARM & FLT OF...

These are two different entities. I have tried deleting the download login and then reconnecting it with my bank. Still receive the same errors.

What is Quicken doing to fix this? What can I do to fix this issue?

jacain956

So the bank is transmitting the wrong data and not Quicken interpreting the data wrong? The Renaming rule does not apply because the downloaded Statement Payee is totally wrong.

jacain956

Why would I change a renaming rule for information that is wrong from the bank? The next time I shop at farm & fleet and the correct bank information comes across, then it would change to deposit@mobile? Which is not what I want. Those are different payees.

The reason this is an issue is because I search for keywords. It then shows me wrong information due to the incorrect downloaded payee.

But thanks for the assistance and clarification for the banking information. I will contact them.

jacain956

It's connected by Direct Connect. It's the only authorized by my bank.

On one account, the statement payee information is correct to the location and true nature of the business (Farm & Fleet). This was an expense. The other account downloaded the same statement payee but the transaction was an income via "deposit@mobile" check deposit.

I unchecked the "automatically improved the quality..."

jacobs

jacain956 said:

Why would I change a renaming rule for information that is wrong from the bank?

If the information is wrong from the bank, then your best course of action is to try to get the bank to see their problem and correct it, or you could be fighting uphill against wrong data in Quicken indefinitely.

But just to go back to what Rick has asked, I want to make sure we're all taking the same language in understanding the difference between "Payee" and "Statement Payee" in Quicken. Statement Payee is, verbatim, what the bank transmits to Quicken. If that information is wrong, it's something you should pursue with the bank. Renaming rules in Quicken can help clean up or normalize Statement Payee names, but if they are truly erroneous, rules may not be able to help. You can see the Statement Payee as downloaded from the bank either by making the Statement Payee column visible in your register or by clicking on a transaction and opening the Transaction Inspector (View > Show Inspector) and looking near the bottom for the Statement Payee in the From Your Financial Institution section.

jacain956

Payee = what the user inputs into the register.
Statement Payee = downloaded from the bank.

I have the Statement Payee visible to deconflict Quicken’s auto naming rules and/or to ensure those transactions match the bank to my register.

The renaming rules do not apply for my situation. I will contact the bank to see what they can do with their Direct Connect.

Thanks for the reply.