One Payee/Payor and Two Categories

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molechaser
molechaser Member

I have an organization that monthly debits my bank account for a life insurance premium, and twice montly direct deposits IRA payments as retirement income. Since they are the same payee they all come into my bank categorized as life insurance premiums. Is there a way to have the IRA payments automatically be categorized as retirement income?

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited March 2023
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    Have Scheduled Reminders set up in your checking account, each with a distinct Payee Name,
    e.g., "XYZ {life insurance}" and "XYZ {retirement income}" and categorize each as to your needs.
    Set these reminders to automatically enter a day or two before their due date so that you have proper register transactions. When you download transactions from the bank after the due date, the downloaded information will be matched to the already existing register transactions and everything should be fine.

  • splasher
    splasher SuperUser ✭✭✭✭✭
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    @molechaser Also, is there anything different between the combination of the Downloaded Payee+Downloaded Memo of the two transactions?

    If so, you could create Renaming Rules based on that difference to rename the downloaded payee which could then match to the transactions created by reminders as suggested by @UKR which you should do regardless if there is a difference or not.

    -splasher using Q continuously since 1996
    - Subscription Quicken - Win11 and QW2013 - Win11
    -Questions? Check out the Quicken Windows FAQ list

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