How do I make a Rule?

gwpotter

I need to know how to make a rule that categorizes quarterly fees from our financial advisor. These fees are entered by the advisor and show up with a blank Payee and uncategorized. Attached is a screen shot of the Quicken Inspector.

I want the Category to be "Fees & Charges>Financial Advisor" which I have previously created. The Payee hopefully can also be changed from blank to "SignatureFD"

We have a total of 6 Schwab accounts - all with different account numbers. But only 3 of these will have these quarterly fees. (Some fees are charged to the brokerage account instead of a Roth IRA for example.)

Quicken Jasmine

Hello @gwpotter,

Thank you for contacting the Quicken Community with this question.

I have located a Support Article that discusses how to create and edit renaming rules within Quicken for Mac. You may follow this link for access to that FAQ.

I hope this helps!

Let me know how it goes!

gwpotter

There isn't any text in the Payee/Security Column (and that is the case in the Inspection also). I don't see any way to enter a Rule or a Payee based on information in the "Statement Memo" entry in the Inspector.

Am I missing something?

Quicken Jasmine

Hello @gwpotter,

Thank you for your response, I do apologize. 

It seems as though your financial institution is sending the information regarding your transactions over via the "Statement Memo" area rather than the "Payee" section. Due to that, I suggest reaching out to your financial institution as Quicken does not have the ability to change how the bank sends the information. Please keep in mind that it is recommended to request to speak with a Tier 2 representative or a supervisor as they are generally more familiar with third-party applications such as Quicken. 

I do apologize that I could not be of more assistance!

jacobs

@gwpotter As Jasmine says above, this is a problem you can't fix yourself in Quicken, because your financial institution is sending the transaction without any Payee — which is a no-no. Only they can fix that… and without having some Payee, it's impossible to build a Renaming Rule to rename the Payee and/or a QuickFill rule to set the proper category.  

gwpotter

Yea I know -- This problem did not exist in the 2008 to 2013 period when we had the same financial advisor who also had Institutional accounts at Schwab. But a lot has happened in those years. Schwab has merged/acquired a lot of other brokerage firms. They are still having back end computer indigestion from their TD Ameritrade deal. Quicken is no longer a part of Intuit. And heck may this is a supply chain issue turned upside down by war in Eastern Europe.

jacobs

True enough… things change. And sometimes, the more things change, the more they're the same.

In this case, it looks like we can give a pass to both Quicken and Intuit. In your screenshot of the Transaction Inspector window, it shows the "Statement Payee" is blank, and that field is exactly what is being sent from Schwab. I don't know if the financial advisor is submitting data improperly formatted to Schwab, or if Schwab is doing something wrong with your advisor's data, but you'll need to pursue it from that end. Good luck. 

Or just reconcile yourself to enter this Payee manually. Create a QuickFill rule for the Payee "SignatureFD" with the category you want. Then when one of these transactions comes in, click on it, press Return to open it for editing, press Tab to move to the Payee field, type the first few letters of "Signature" and when it pops up in the menu of matches, press Return to select the Payee with the QuickFill rule for the Fees category, and Return again to save the modified transaction — probably about 7 keystrokes and 5 seconds. Assuming there aren't a huge number of these transactions, it might settle in as a tiny little annoyance each month.

gwpotter

My issue has gotten worse - might be month end. A total of 10 transactions in downloads on Friday and Saturday mornings. The part of this that is most frustrating is when I look at the Schwab website, that location shows meaningful, useful information for the problematic entries - Foreign Tax Paid, Advisory Mgt Fee, etc,

My Financial Advisor uses for Schwab and Fidelity. On the surface it appears Fidelity has less downloading problems - but that difference could be an artifact of the Quicken search engine.

What I really want is opinions/gut feelings of people who have handled Quicken Mac support for periods of years -- Based on what Quicken Mac users experience, would you recommend Fidelity or Schwab to your Mother in Law (who is an average Quicken user - but not an expert)

I have no interest in forcing my Financial Advisor to switch from Schwab to Fidelity only to learn at the end of the day, I face the same problems.

jacobs

I can’t help advise on Schwab versus Fidelity for use with Quicken.  I’d only note that things are ever-changing, so which one has worked best in the past may or may not remain the same in the future.

I do think you should pursue with Schwab why they are not correctly mapping anything into the Payee field for their exports to Quicken. What you see when you log in as a consumer is different than what they export to Quicken, and it seems clear they’re doing something wrong. If you can get to Level 2 support at Schwab, you might have success with getting them to look into and fix the no-Payee issue.

gwpotter

jacobs, with respect your reply is useless. I know the world changes. I have worked with Schwab and they say it is Quicken. Quicken says it is Schwab. You seem to say Schwab is doing stuff wrong contact Schwab.

That is a merry go round.

My guess is you read dozens of issues from Mac users daily. I am not asking you to be perfect or predict the future -- I just want your personal opinion or as I asked -- what you would suggest to a family member.

In the event your position on the forum precludes you from answering my question - it would be helpful if you posted words like "I am prevented from giving my personal opinion/recommendation by XYZ.

jacobs

I am just a fellow Quicken Mac user, so I’m not limited in anything I can say here. But as someone who has no accounts with either Schwab or Fidelity, I don’t feel I'm in a position to offer an opinion on one versus the other.

Schwab’s Quicken connectivity went through a rather painful transition a few months ago, and you should want to hear from people who invest with Schwab if those problems are in the rear view mirror. And ideally hear from users who have accounts with both Fidelity and Schwab, who can compare how they both work with Quicken.

gwpotter

thanks -

My history with Brokerage firms is:
199? to June 2013 Schwab and basically no problems
July 2013 through early February 2022 - with Vanguard & no problems
February 2022 returned to Schwab (Financial Advisor did not work with Vanguard) and have experience an increasing level of problems.

If what I have been suffering in March and April is not "a rather painful transition" those people really have my sympathy.

jacobs

I'm sorry you feel my input on your Schwab situation is "useless". I understand it can be frustrating to get both Quicken and a financial institution saying the other is to blame. Based on the information you shared previously, it seemed apparent that the fault lies with Schwab in this case, because the Quicken Transaction Inspector shows a blank "Statement Payee" — which shows what Schwab is transmitting to Quicken. I suggested following up with Schwab, and trying to get a Tier 2 support person who is familiar with Quicken, because they should be able to look to see what they are sending in OFX format and see the problem.

I was just trying to offer advice on a path which might lead to a helpful outcome. I do understand that you may decide you don't want to invest the time/effort in trying to get to someone at Schwab who has knowledge about the way they interface with Quicken; that's entirely your prerogative.