Best way to set up manual bill reminders to match downloaded transactions for recognition for entry?

Lefebvres090428

Hello,

I am looking for what is the best way to set up my Bill reminders so that they will be recognized as a match when I enter them. I usually will set up and pay my bill online and then enter the bill from the reminder. How do I best then get the transactions to match when the bank transaction downloads? I get a lot of duplicate transactions because they are not being recognized as a match. I am looking for some best practices in how to manage my Bill reminders so that I am not constantly removing duplicates. Thank you in advance!

mshiggins

Once a reminder is Entered into an account register, it becomes a transaction. So best practice for downloaded transactions would apply to already Entered reminders.

To ensure downloaded transactions are matched to manually entered transactions, first use Renaming Rules to normalize Payees. Starbucks Menlo Park and Starbucks Palo Alto would get renamed to Starbucks. Second step is Memorized Payees. The Memorized Payee for Starbucks categorizes transactions to Fast Food:Coffee (or your desired category).

Jim_Harman

• It is a good idea to normalize the Payee names as @mshiggins recommends, but Quicken ignores the Payee name when matching banking transactions. That's how a checking account download with a Payee of "Check 1234" will match "Verizon Wireless" in the Register.

• Downloaded transactions are matched to transactions that is already in the register if the amounts are the same and the date in the register is between 15 days before and 1 day after the Cleared date in the download.

• Thus you want set the reminder due date to be a few days before the transaction will download. You can accept the Reminder as soon as you know the amount of the bill.

Example: My electric bill is usually due on the 20th of the month but due to the utility's billing cycles it may be due sometime between the 17th and the 23rd.

On the utility's website, I set the bill to pay automatically, and the payment downloads a few days before the due date.

An email notification with the amount and due date arrives around the 5th.

I set the Reminder with a due date of the 15th and a Remind me date 10 days before the due date.

When I receive the email, I click on Enter for the Reminder and set the amount. This puts a transaction for the correct amount in the register, dated on the 15th.

When the transaction downloads, on the 19th for example, it matches the transaction in the register and marks it as Cleared.

Lefebvres090428

https://community.quicken.com/discussion/comment/20488229#Comment_20488229

So what I understand here is that it really will not matter the names as it will strictly look at amounts for matching. (Within 15 days prior and 1 day after the downloaded transaction) If it finds a matching amount already in the register (from entering the bill reminder into the transaction) it will match the downloaded transaction with the bill reminder entry and then match those as being the same entry and use the payee name and category as I entered with the Bill reminder entry?

Jim_Harman

If it finds a matching amount already in the register (from entering the bill reminder into the transaction) it will match the downloaded transaction with the bill reminder entry and then match those as being the same entry and use the payee name and category as I entered with the Bill reminder entry?

That's right. The transaction in the register could be from a Reminder or manually entered.

It is also a good idea to go to Edit > Preferences > Downloaded Transactions and un-check the "Automatically add to banking registers" option. That way you will have the opportunity to review each downloaded transaction and accept it, edit the transaction in the register, or match it manually it before it gets into your register.

Lefebvres090428

https://community.quicken.com/discussion/comment/20488231#Comment_20488231

Do these downloaded transactions then get put into a list that I go through and manually review each one? Will it hold them there until I review and if I subsequently update my transactions again before reviewing all will it just redownload the new ones and add them to the review list?

Lefebvres090428

https://community.quicken.com/discussion/comment/20488229#Comment_20488229

Sorry for the questions here but thank you very much for the help!

When It matches the transaction will it keep the date of the downloaded transaction? This will aid in reconciling. Basically I would like it to keep the name of the reminder but use the date of the actual bank download as that is what will be on the statement.

Jim_Harman

Do these downloaded transactions then get put into a list that I go through and manually review each one? Will it hold them there until I review and if I subsequently update my transactions again before reviewing all will it just redownload the new ones and add them to the review list?

Yes and Yes

When It matches the transaction will it keep the date of the downloaded transaction? 

There is a relatively new option at Edit > Preferences > Downloaded Transactions "Use the date from your Financial Institution for matched transactions" which controls whether it keeps the date that is in the register or uses the downloaded Posted date. I keep that box checked.