Which category to use for "Bank Interest" in IRA and RIRA

Phil H.
Phil H. Member ✭✭✭
edited February 2023 in Investing (Windows)
I'm confused on which category in my IRA and RIRA accounts I should use when Schwab posts a "Bank Interest" transaction on the cash value in my investment. It's investment interest but I don't pay taxes on it now. When the transaction is downloaded the category is blank and then shows up on the "Uncategorized" group. 


  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited January 2023
    Here's what I've done: I created a pseudo "security" called "Schwab Bank" so when those bank interest transactions are downloaded into the "Downloaded Transactions" area I simply manually create a IntInc transaction using the Schwab Bank security and the correct dollar amount.  When I Enter the transaction the program recognizes the downloaded transaction to Match my manual entry.   If you're allowing automatic entry of downloaded transactions into the Transaction List you could simply edit the downloaded transaction, changing it to a IntInc action.
    Generally speaking a deposit into the Account can be coded with any Category that you want to use.  So you could simply use the _IntInc Category for the downloaded bank interest Category, because interest income is exactly what it is, attached to a "security" or not.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    ...And to answer your tax question, because IRA accounts have the Tax deferred option selected, they are excluded from Quicken's Tax reports.
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  • Phil H.
    Phil H. Member ✭✭✭
    Tks  both of you. I read some other posts about the prefix categories such as _IntInc and if they should be deleted. I'm not a finance guru so I wasn't sure of what to do
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