How to get the downloaded memo?

nbkbar7955

Every time I do a transfer using my bank's online app I always enter a memo in the memo field. In their app my memo shows up in that transfers transaction. I need that memo to balance my accounts. In the Quicken for Windows register I have turned on downloaded memo. After the one step update after the register is updated the downloaded memo is either empty or the same as the memo field that is entered for me.

What am I doing wrong?

Frankx

Hi again @nbkbar7955,

Okay, based on the steps you've taken, I believe that the bank is not downloading the data that you are entering into the bank app into Quicken.  That actually makes sense because, while they allow you to make such entries into their app, it is unlikely that that data would go anywhere else and extremely unlikely that they would modify their systems just to make it available in Quicken.

So I agree with you, that you should enter the information you have been putting on the bank's app, into Quicken going forward.

On the "download method" question - there are basically three "methods" of downloading data in Quicken Windows:

• The "Direct Connect" method is the most secure (my view) and is a direct connection between your datafile and the bank (or broker, or other financial institution).

• The "Express Web Connect" is a process that involves a "third-party aggregator" downloading the data onto its servers (usually overnight) and Quicken then picks-up that data the next day from the aggregator's systems.  This is potentially less secure because it depends on the security of the third party aggregator.

• The "Web Connect" method is a process where you go you your financial institution web site and download a file that can then be uploaded into your Quicken datafile.  It is a little more cumbersome, but is secure.

Hope this helps.

Frankx

UKR

If I understand you correctly, you record a transfer at the bank's website and enter a Memo while doing so.
If you are unable to download this memo because it's not part of the downloaded data ...

For best results manually enter transfer transactions into your register BEFORE you download transactions from the bank which contain the transfer confirmations. For recurring transfers use scheduled reminders and enter them a day or two before the due date. Be sure to use distinct Payee Names for each transfer / credit card payment to avoid confusing Quicken - memorized payee entries.
That takes the guesswork out of the download process. Because a correctly entered transfer transaction already exists in your account registers, the process should just match the downloaded transfer transaction to the existing one in both accounts.

Frankx

Hi @nbkbar7955,

You may not be doing anything wrong, it could be the bank. 

But first let's try something.  Open the account register and click on the "gear" icon in the upper right > select "Edit account details" > select the "Online Services" tab.  Look at the very bottom of the window - is the "Don't update memo when downloading" checked?  If it is "uncheck" it. That should fix it.

If it isn't checked - can you tell us the bank's name?  Also, did the memo download correctly in the past (i.e. this is new behavior) or have you never been able to down those memos that you insert?  Also which method do you use for downloads?

Let us know and we'll go from there.

Frankx

nbkbar7955

First, thank you for your help!

The Don't update memo when downloading was not checked {bummer : )}, the bank is USAA.

This is the first time I have tried it. As a matter of fact this is why I'm moving back to quicken. The bank app saves the memo, but I have to select four different windows to get to it in their system and I need it in the register. I had thought that quicken would show me the memo in the register (and apparently it does.) {thumbs up}, oh and I have added the "downloaded memo" column to the register. I'm not sure what method for downloads you mean, I use one step updates and new items show up in the register.

I hope I answered all your questions... Again, Frankxz I really appreciate your help!

- Dave

Frankx

Hi again @nbkbar7955,

Okay, based on the steps you've taken, I believe that the bank is not downloading the data that you are entering into the bank app into Quicken.  That actually makes sense because, while they allow you to make such entries into their app, it is unlikely that that data would go anywhere else and extremely unlikely that they would modify their systems just to make it available in Quicken.

So I agree with you, that you should enter the information you have been putting on the bank's app, into Quicken going forward.

On the "download method" question - there are basically three "methods" of downloading data in Quicken Windows:

• The "Direct Connect" method is the most secure (my view) and is a direct connection between your datafile and the bank (or broker, or other financial institution).

• The "Express Web Connect" is a process that involves a "third-party aggregator" downloading the data onto its servers (usually overnight) and Quicken then picks-up that data the next day from the aggregator's systems.  This is potentially less secure because it depends on the security of the third party aggregator.

• The "Web Connect" method is a process where you go you your financial institution web site and download a file that can then be uploaded into your Quicken datafile.  It is a little more cumbersome, but is secure.

Hope this helps.

Frankx

UKR

If I understand you correctly, you record a transfer at the bank's website and enter a Memo while doing so.
If you are unable to download this memo because it's not part of the downloaded data ...

For best results manually enter transfer transactions into your register BEFORE you download transactions from the bank which contain the transfer confirmations. For recurring transfers use scheduled reminders and enter them a day or two before the due date. Be sure to use distinct Payee Names for each transfer / credit card payment to avoid confusing Quicken - memorized payee entries.
That takes the guesswork out of the download process. Because a correctly entered transfer transaction already exists in your account registers, the process should just match the downloaded transfer transaction to the existing one in both accounts.

nbkbar7955

Awesome! Thanks for the help and insight Frankx and thanks for the feedback UKR. So I think you've got me covered on all basis Frankx. I've got good understanding and know how to move forward. :D