1. Home
  2. Quicken Personal Finance
  3. Categorizing an Automatic Transfer to Savings

Categorizing an Automatic Transfer to Savings

Hello,

Quicken 2010.

I bank at Bank of America and am enrolled in the Keep the change program there. Basically, it rounds up to the next dollar each purchase I make during the day and totals them and sends that amount to my savings account. When Quicken downloads the transaction from the bank, the transaction in the checking account says 'Keep The Change Transfer To Acct' and has no category. On the savaings account side, it says 'Keep The Change Credit From Acct' again, with no category. What I would like to do is when it downloads, it gives it a name that I want, but more importantly, selects the category '[Bank of America Savings]'. I want the same to happen on the savings account side. I know that I can use renaming rules to give the transaction the Payee name that I want, but there is no way that I have found to do a recategorization. I would really appreciate any help with this issue. Thanks,

Chris

Reply to
Chris Guimbellot
Loading thread data ...

I have this too....I have mine setup so that it uses an Income account called "Change Transfer" on both sides of the transaction. All of my KTC transactions now automatically use this category. Works like a charm for me.

You will need to go into the Memorized payee list and delete the existing transactions for the Keep the Change entry so that it will memorize the new category. It may take a couple of transactions for it to remember the new category.

Reply to
Laura

Good solution. I no longer bank at B of A, nor took advantage of that program. The category you set-up could either be an income or expense. I have a Category called Cents Elimination for transactions like this. Basically this Category should balance to zero.

Oilcan

-----Original Message----- From: Laura [mailto: snipped-for-privacy@example.invalid] Posted At: Thursday, February 04, 2010 4:13 PM Posted To: alt.comp.software.financial.quicken Conversation: Categorizing an Automatic Transfer to Savings Subject: Re: Categorizing an Automatic Transfer to Savings

I have this too....I have mine setup so that it uses an Income account called "Change Transfer" on both sides of the transaction. All of my KTC

transactions now automatically use this category. Works like a charm for me.

You will need to go into the Memorized payee list and delete the existing transactions for the Keep the Change entry so that it will memorize the new category. It may take a couple of transactions for it to remember the new category.

Reply to
Oilcan

In theory it should net to zero over time. There can be a balance due to timing differences at the end of the month. The transfer between the 2 accounts does not always happen the same day.

Reply to
Laura

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.