Categories for Paypal or Venmo imports
There is currently no information that populates with Paypal or Venmo imports from Bank transaction (like payee), which makes categorizing difficult.
How do people deal with this?
I have certain regular transactions that i would like to Create a Custom Renaming Rule , however, the only way to make a rule (that i see) is OldPayeeName (Venmo) to NewPayeeName. But that is too general. I don't want every Venmo or Paypal payment assigned to a single payee. But it if included the amount of the transaction as well, then. i could use it as it would be specific enough. I could say Paypal and amount $150 is renamed to NewPayee.
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hate the state it, but this is a reason to use a credit card and not a debit/ payment card … that is how I deal with it😉
for the few times I use Zelle or a checking account payment internal to the bank, I dead with it my manually overriding the generic desciption provided by the bank.
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I use Venmo and Paypal as pass-throughs so I don't need a separate account. I may note Venmo in transaction notes, but it's not important to me. I never keep funds in these separate accounts. If I did, I would create a separate account and record in and outs and transfers as just that.
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use a credit card as the pass through - you'll get the vendor's name as part of the transaction download.
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for the credit card transactions it work fine. But when paying people or services that I used to write checks to, it becomes an issue. So I know that Venmo and $150 is service X but I can’t rename that transaction or it will rename all Venmo transactions. And it asks me every time if I want to rename it when I can the payee to the correct name. So it’s also an extra step to say no.
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Quicken can only work with the information provided to it. This no different than when the financial institution only provides something like "Check #1233" for the payee of a check because it doesn't read the payee name off of a check. There isn't any magic that Quicken can perform on such. If the financial institution didn't provide the actual payee's name in either the payee field or the memo field, there isn't anything Quicken can do about it.
If you turn on the Downloaded payee and Download Memo fields in the register, you can see what Quicken has to work with.
And to get this changed isn't easy or straightforward.
In all cases Quicken Inc pays Intuit for "connection services", so they are always the "middle men" in this.
For Direct Connect the information comes directly from the financial institution and only they can change it.
For Express Web Connect Intuit has an agreement with the financial institution of how/what format they are supposed to download the information in (and there might be another party providing this download service for the financial institution). Given that isn't done in a standardized format the problem might be on the financial institution's side or Intuit's or both. You can contact your financial institution about this, but they might not have a clue about what you are talking about. You can't contact Intuit about it, you can only go through Quicken Inc's support for them to contact Intuit about it.
For Express Web Connect + it is about the same as Express Web Connect with the difference being that the connection between Intuit and the financial institution is standardized and as such it is almost 100% certain such a problem would be on the financial institution side.
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@Poweroftwo - hate to state it but the issue you have is the same issue you had when you wrote checks - nothing has changed.
When you wrote checks, the bank didn't know who the payee was either - all that got downloaded was 'check 12345'; using Venmo, Paypal, Zelle is the same end result - you have to manually type in the name of the payee.
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