QMac(5.14.2) Connected Services - Transactions - What exactly do the two options do?
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djbenedetti
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Going to --- Quicken--Preferences--Connected Services--Downloaded Transactions.....
What does "Automatically improve the quality of downloaded payee names and categories" do? I actually don't know what this obviously does and also I was wondering the pro's and con's of checking and unchecking it.
What does "Use posted date for matched transactions (instead of the date you enter manually) do? I think I know what this does but more specifically what are the pro's and con's of checking and unchecking it?
What does "Automatically improve the quality of downloaded payee names and categories" do? I actually don't know what this obviously does and also I was wondering the pro's and con's of checking and unchecking it.
What does "Use posted date for matched transactions (instead of the date you enter manually) do? I think I know what this does but more specifically what are the pro's and con's of checking and unchecking it?
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Best Answer
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1) Your bank provides (a sometimes near gibberish) version of the payee without a category. The "Automatically Improve" option will rename (or clean up) the payee based on how (the majority of) other people rename it. It also applies a category based on what other people use for this payee. Obviously, this artificial intelligence has its limits, and might not agree with your naming/categorizing conventions.
2) Your second question applies to manually entered transactions that are matched to a download. If you write a birthday check for 1/1/yy to a friend, you record that date in your register when you enter the transaction. Now, if they finally cash the check 4/1-that is the date it clears the bank.
Using the "Use Posted Date" option will change your manually entered date of 1/1 to 4/1 when it is matched. Neither option should affect reconcile, but some people like seeing the cleared date.
I don't use this option-for historical purposes, I prefer seeing when the transaction occurred (from my point of view.)6
Answers
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1) Your bank provides (a sometimes near gibberish) version of the payee without a category. The "Automatically Improve" option will rename (or clean up) the payee based on how (the majority of) other people rename it. It also applies a category based on what other people use for this payee. Obviously, this artificial intelligence has its limits, and might not agree with your naming/categorizing conventions.
2) Your second question applies to manually entered transactions that are matched to a download. If you write a birthday check for 1/1/yy to a friend, you record that date in your register when you enter the transaction. Now, if they finally cash the check 4/1-that is the date it clears the bank.
Using the "Use Posted Date" option will change your manually entered date of 1/1 to 4/1 when it is matched. Neither option should affect reconcile, but some people like seeing the cleared date.
I don't use this option-for historical purposes, I prefer seeing when the transaction occurred (from my point of view.)6 -
@John_in_NC thank you so much for your detailed answer.1
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