Credit card payments are downloading as car payments

Trish
Trish Member ✭✭
I see some users have the opposite problem, but every credit card payment posts as the car loan requiring line-by-line research. How to fix?

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited March 20
    Hi @Trish .  Some additional information would be helpful.
    Is the problem that the credit card payment transactions being downloaded into the checking account are categorized as a car loan payment?
    Or is it that the credit card payment transactions are being downloaded into a car loan account instead of into the credit card account?
    How long has this issue been occurring?
    Do you know with version of Quicken this started happening?
    Who is the financial institution?
    What is the connection method?  (This can be quickly seen in the line directly beneath the Account Name at the top of the Account Register.)
    Are you getting any error message(s)?  If so, what are they?
    (QW Premier Subscription: R41.10 on Windows 10)
  • Trish
    Trish Member ✭✭
    The credit card payments are being downloaded as the car payments. No error messages. Just means I have to go in and correct each one which time consuming. I've tried memorizing payees for each but that isn't working. Everything account is specifically named, so I don't get it. Not an inexperienced Quiken user. Using Starter version because don't have investment accounts.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Trish said:
    The credit card payments are being downloaded as the car payments. No error messages. Just means I have to go in and correct each one which time consuming. I've tried memorizing payees for each but that isn't working. Everything account is specifically named, so I don't get it. Not an inexperienced Quiken user. Using Starter version because don't have investment accounts.
    OK, I'll ask a little bit differently.  Are these payments getting downloaded into a checking account or into a car loan account?  I'm trying to understand if this is an issue where the downloads are going to the wrong accounts or if this is simply an issue where the transactions are being incorrectly categorized.
    (QW Premier Subscription: R41.10 on Windows 10)
  • Trish
    Trish Member ✭✭
    edited March 20
    Good question... the credit card payments are getting downloaded into the checking account but posted as the car payment.
  • Trish
    Trish Member ✭✭
    edited March 20
    credi cards are downloaded into checking account with Payee is always listed as Loan Payment; category is shown as Jeep payment
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    So, this is an issue with the category that the is being assigned to the downloaded transaction, right?
    That being the case, I suggest the following:
    1)  Edit > Preferences:  Make sure the box for "Automatically categorize transactions" is unchecked.  Some people like this but my experience is that creates more work that it eliminates because it is not uncommon that a wrong category is entered into a transaction that then needs to be manually corrected. Quicken will look at previous transactions and if it thinks a new transaction has something in common with a previous transaction it will sometimes enter that category.  Quicken also has some default categories that are associated with financial institutions so it will sometimes enter the default when that is not correct.  I find it is just easier and less work to keep that box unchecked.
    2)  In the Memorized Payees List, click on one of the listings for the lender.  Then on the far right click on Edit.  In the Edit dialog that pops up (example is shown below) delete the Category, the Amount and the Memo, check the boxes for "Never auto-categoize this payee..." and "Lock and leave this payee unchanged..."  and then click on OK.
    The delete any other listings for this Memorized Payee.
    By doing this Quicken will prompt you to select the correct category for downloaded transactions with this Payee.
    3)  Another suggestion:  You might want to consider setting up Bill Reminders for your credit card and auto payments.  These Bill Reminders will ask you to enter the categories.  Then each month before the payments get downloaded you can enter the Bill Reminders into your checking account and they will have the correct category.  When the payments get downloaded from the bank Quicken will try to match the download transactions to the entered Bill Reminder.
    Let me know if you have any questions.  And the next time your credit card payment and car payment transaction get downloaded let me know if these steps resolved the issue for you.
    (QW Premier Subscription: R41.10 on Windows 10)
  • Quicken Jared
    Quicken Jared Moderator mod
    Trish said:
    credi cards are downloaded into checking account with Payee is always listed as Loan Payment; category is shown as Jeep payment
    Hello @Trish

    I am sorry to hear about this issue with payments being mislabelled and incorrectly categorized. Thank you for reaching out to speak with us about this here on the Quicken Community.

    Are you noticing that any information is missing from the Memorized Payee List? Also, are items missing from the Category List? I recommend confirming that the correct account number is associated with your checking account by selecting the affected account from the Account List and then going to the Settings button denoted by the 'gear' icon and then going to Edit Account Details

    I hope to hear back from you about this, should you have the opportunity to check in with us about this once more.

    Thank you,

    Quicken Jared 
  • Trish
    Trish Member ✭✭
    Followed some previous advice. Made suggested changes and checked off "never auto-categorize". Went over my memorized payees. Now we'll see what happens. Will keep you posted, and thanks.
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