How to automatically assign a certain category to all transactions to/from an account?

princepawn

I have a particular account that is used solely for a certain purpose X. I want all transactions to/from this account to be assigned to the category X.

I am using Quicken for Windows.

NotACPA

It's possible that a Memorized transaction, or 2, 1 in and 1 out, would work.

Jim_Harman

It's possible that a Memorized transaction, or 2, 1 in and 1 out, would work.

Unless there is only one or a small number of Payees, I don't see how that would work. Banking registers have Memorized Payees, not Memorized Transactions.

But I think you could enter all the transactions with no Category or random Categories, then select them all using Click and Shift-click to select a group of transactions, then right click on the group and select Assign Category to give them all the desired Category.

Out of curiosity, can you describe what the application is for an account where all the transactions have the same Category?

volvogirl

And if there are any Transfers going from or to another account they won't have a Category on them.

princepawn

@Jim_Harman Regarding "Out of curiosity, can you describe what the application is for an account where all the transactions have the same Category?", what this involves is that I am part of an investment club. So checking account X is where I place funds that the investment consultant has been authorized to make bank drafts that go to Schwab. The profits from Schwab then go back to this same account.

Therefore, I would like all drafts to Schwab as well as all profits that come back from Schwab to be labeled as "Investment club"

Bob_L

Have you considered having a separate quicken file for the investment club?

UKR

These transactions are all transfers between, e.g., [Checking X] and [Schwab Investment Club].
As stated in an earlier response, Transfers cannot have a separate category.

Additional transactions in the investment account register will tell you about Buys, Sells, Dividend, Interest, Fees, etc. and are (should be) properly categorized to reflect gains, losses and other taxable information.

volvogirl

How are you filing taxes for this club? You probably need to file a Business Partnership return and give K-1 forms to each member. So you need to track a lot more info than transfers in and out of the checking account. The club should be in it's own Quicken Data File. Do you get deposits from the members and have you disbursed any payments to them?

Ps56k2

yeah…. there should be a lot more record keeping for this "investment club" with all the usual comments listed above -
unless it's just a family group and you are doing this as a keeper of the cash.

if nothing else, how are you tracking the actual Schwab activity for Buy/Sell, CG, Interest, divs, etc…..
and as mentioned - at the end of the year - then what - ?
who gets the 1099 from Schwab for all the activity -
as in who has the SSN or FEIN associated with the Schwab account -

lots to consider and track both in and out of the Quicken -

Jim_Harman

The OP has not weighed in on this, but I would guess that the accounting for the investment club is handled separately and this account is used for the OP's personal contributions and returns.

If it is for the OP's contributions and returns, I would name the account "Investment Club" and I would record the contributions and returns as transfers to and from their checking account. Presumably the club's investment account would periodically deposit the OP's share of the club's dividends and other distributions into this account.

Jim_Harman

For a lengthy discussion of shared accounts, see this Idea post. It gets complicated.

https://community.quicken.com/discussion/7752003/joint-accounts-ownership-multiplier-3-legacy-votes