How to preassign category for "PREAUTHOURIZED CREDITS" transactions

Question

Hi, I have multiple companies depositing money directly into my bank account, the bank deems the payee as "Preauthorized Credit" with the memo field containing the relevant info for the company. When I memorize the payee every "Preauthorized Credit" transaction winds up with the same category & tag. Is there anyway to use the memo field to correctly identify the transaction and allow Quicken to populate the fields correctly?

Thanks, Larry

Spyder McFly · Answer

Thanks, I'll give this a try next download.

Cheers

Chris_QPW · Answer

There is something misleading about Quicken's payee renaming rules.  And that is that it says "payee" and it is assumed that is the only field Quicken looks at for this, but that isn't the case, it also looks to the memo field.

If you select Tools → Renaming Rules, and then select the question mark icon it will explain the two settings "If payee contains" and "If Quicken Name contains". Note that this defaults to "Quicken name" which is searching a merchant list.  So, what you want it "If payee contains", which searches both the payee and memo fields.

During the download if this matches it will change the payee name to what you have set, and therefore you will be able to match that to a different memorized payee name and get different category & tags based on this renamed payee name.

UKR · Answer

If you know which company deposits money directly into your bank account and when they do it (e.g., monthly on the xxth day), how about setting up and using one Scheduled Reminder each for each deposit. This allows you to specify a proper Payee Name, Amount and Category (or Split categories if needed).

Execute this reminder a day or two before the deposit is due to arrive and BEFORE you download transactions from the bank containing the deposit confirmations.

When a proper deposit transaction already exists in your account register, Quicken will only need to match the downloaded deposit confirmation with your register transaction and everything will be correct.