Do i use payee name for simple bank interest income

Do I use a payee name for simple bank interest income?

Comments

  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited January 18
    For the "payee" on interest, I like to use the bank name so it's easy to see, filter, sort, or subtotal the interest amounts. For example:



    Bank of America Interest


    Fidelity Interest


    E*TRADE Interest
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • thecreatorthecreator SuperUser ✭✭✭✭✭
    edited January 19
    Hi @ Penny Haughwout ,

    Simply record, Interest Earned for the Payee and where the Ck # is entered, use DEP.

    See this Article for the future:  https://getsatisfaction.com/quickencommunity/topics/add-your-quicken-information-to-your-posts-plus-...

    thecreator - User of Quicken Subscription R19.44 & Quicken 2017 HBRP R19.1
  • AndrewAndrew Member
    edited January 19
    And, additionally, you could also consider using a subcategory for the interest, as in "Int_Inc:Bank_of_America", for example.

  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    edited January 18
    I generally don't use a payee name for simple bank/savings interest.  Instead I have subCategories for interest, e.g.,

    Schwab:Checking
    Schwab:Savings

    The first, obviously, is used in the Schwab checking account and the second used for the Schwab savings account, with no payee in either case.

    I find it gives me more control and visibility for reporting especially since the "payee" is the same in both cases.  Do whatever seems to serve your purposes better, there's no one "only way to do it."
  • splashersplasher SuperUser ✭✭✭✭✭
    edited January 19
    The only important thing is to use a category that shows it as income (probably taxable), everything else besides the amount is window dressing.
    -splasher  using Q since 1996 -  QW2016, 2017 & Subscription  -  Win7/Win10
    -Questions? Check out the  Quicken Windows FAQ list

  • AndrewAndrew Member
    edited January 19
    splasher said:

    The only important thing is to use a category that shows it as income (probably taxable), everything else besides the amount is window dressing.

    Well, I'd say the ability in using subcategories that include the specific payee is that you can do a total by that type and ensure that the amount of interest and dividends that you are receiving match any 1040s and bank statements over the year as well.  Unless you make each type of account as a slightly different name in the payee field if you go that way (And I don't), that is the only way I know you'd be able to break that level of detail down.  So I think that's a little more than 'window dressing' as you say, Splasher.
  • thecreatorthecreator SuperUser ✭✭✭✭✭
    edited January 19
    Hi @ Penny Haughwout ,

    Well for a simply question, you are getting your Money's worth for posting it. :)
    thecreator - User of Quicken Subscription R19.44 & Quicken 2017 HBRP R19.1
  • edited January 19
    Thanks to everyone for the advice
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited January 19
    splasher said:

    The only important thing is to use a category that shows it as income (probably taxable), everything else besides the amount is window dressing.

    Andrew, you could also use Tags to differentiate the interest sources. Personally, I prefer using the Payee, but to each their own...
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • AndrewAndrew Member
    edited January 19
    splasher said:

    The only important thing is to use a category that shows it as income (probably taxable), everything else besides the amount is window dressing.

    True enough for a simple differentiation, but not to the extent of ease of tax preparation. Recall I showed in my first example when I mentioned "Int_Inc:Bank_of_America". One can use differentiating subcategories for each FI under the entire category of "income Income ", or "Dividend Income". It bringims your tax classification of Schedule A dividend and interest under a single category. "Int_Inc:Bank_of_America", "Int_Inc:Citibank",, "Div-Inc:Vanguard", etc. So individual parts of the tax form are subtotalled by type. You can't do that, I believe, by using either the payee name or tags.


    But I agree, and have said before, Q offers a lot of power in different ways to use.
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