Steps for Setting Up Memorized Payees in Quicken
Make Entering Financial Transactions Faster
When Quicken downloads transactions the software looks at the vendor's name and will assign it to a category. However, by setting up memorized payees, you speed up manually entering transactions, and make sure that the correct categories are associated with each downloaded transaction. Quicken is a finance management software that is available in several different configurations including some designed specifically for individuals, businesses, and rental property management.
In order to properly track your spending, it is suggested that you create categories to know exactly where your money is being spent. Although Quicken automatically does categorization for you on typical categories (i.e. Whole Foods will automatically be assigned in the category Food & Dining: Groceries), you will have to create a category for uncategorized transactions (downloaded transactions unable to be identified), such as your rent payment, or Lemonade (renter's insurance).
Set Up Memorized Payees in Quicken
- Bring up the Memorized Payee List in Quicken: Press Ctrl + T or click on Cash Flow, Memorized Payee List.
- On the bottom left or at the top of the Memorized Payee List, click on New. The Create Memorized Payee window will open.
- Use the drop-down list next to Type of Transactions to enter the type of transaction you would typically have with the payee, for example, a deposit or a payment.
- Enter the name of the payee.
- Use the drop-down list next to Category to choose the category or categories you would most likely use for this payee. For example, if the payee is a gas station you may typically use the category, "Auto." If the payee is a department store, you might want to select multiple categories that you would typically use when shopping there.
- You do not have to enter an amount to create the Memorized Payee, but doing so is helpful if you usually spend the same amount for transactions with that payee.
- Click on the Cleared checkbox if you want to mark transactions from this payee with a cleared status automatically.
- Click OK.
Memorize Payees With Quicken QuickFill
If you prefer to let Quicken memorize payees for you as you use Quicken, use Quicken QuickFill. The Memorized Payee List in Quicken allows you to save frequently used information about payees, such as categories, amounts, and memos, to avoid entering it with each transaction.
It's convenient to set up Quicken to automatically memorize payees as you use the software. Up to 2,000 payees can be memorized, more than you'll probably ever need. QuickFill preferences give data entry and automatic updating options in Quicken. You can override QuickFill options for individual transactions when you want to.