Quicken 2014 Essential Training
Illustration by Neil Webb

Quicken 2014 Essential Training

with Sally Norred

Video: Categorizing transactions

When you take the time to categorize your transactions, you're able If we're entering a transaction for a Fitness Club I can select the main, Health and Fitness category, if I want to track categories.
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  1. 47s
    1. Welcome
  2. 10m 45s
    1. What is Quicken 2014 Premier?
      2m 45s
    2. Defining common Quicken terminology
      2m 58s
    3. Touring the Quicken interface
      5m 2s
  3. 36m 42s
    1. Setting up your Intuit ID
      2m 54s
    2. Using the Account Bar
      2m 46s
    3. Understanding account types
      3m 59s
    4. Adding your first account
      3m 11s
    5. Updating your accounts
      3m 44s
    6. Setting up your Password Vault
      2m 55s
    7. Adding other spending and savings accounts
      5m 15s
    8. Adding investing and retirement accounts
      4m 45s
    9. Adding property and asset accounts
      2m 44s
    10. Adding loan and debt accounts
      4m 29s
  4. 42m 13s
    1. Understanding spending account registers
      4m 59s
    2. Searching, sorting, and filtering transactions
      2m 31s
    3. Downloading transactions for a specific account
      1m 53s
    4. Entering spending transactions manually
      2m 15s
    5. Understanding transaction categories
      2m 42s
    6. Categorizing transactions
      4m 37s
    7. Customizing the Category List
      3m 54s
    8. Recording split transactions
      3m 31s
    9. Transferring funds between accounts
      1m 21s
    10. Saving time with memorized payees and QuickFill
      4m 30s
    11. Reconciling accounts
      4m 8s
    12. Using the Spending tab
      2m 28s
    13. Creating and understanding spending reports
      3m 24s
  5. 20m 8s
    1. Using the Bills tab
      4m 6s
    2. Setting upcoming bill reminders
      5m 11s
    3. Setting upcoming income reminders
      4m 6s
    4. Projecting future account balances
      2m 54s
    5. Using Quicken Bill Pay
      3m 51s
  6. 24m 39s
    1. Using the Planning tab
      2m 34s
    2. Creating a budget
      5m 48s
    3. Creating a debt-reduction plan
      3m 53s
    4. Using the Lifetime Planner
      3m 32s
    5. Using the Tax Center
      3m 29s
    6. Creating savings goals
      5m 23s
  7. 18m 11s
    1. Using the Investing tab
      4m 22s
    2. Viewing your portfolio
      4m 45s
    3. Tracking your portfolio performance
      3m 10s
    4. Monitoring asset allocation
      3m 46s
    5. Creating and understanding investment reports
      2m 8s
  8. 10m 58s
    1. What is the Quicken mobile app?
      2m 51s
    2. Installing the Quicken mobile app
      3m 59s
    3. Quicken mobile app overview
      4m 8s
  9. 33s
    1. Next steps

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Watch the Online Video Course Quicken 2014 Essential Training
2h 44m Appropriate for all Jun 19, 2014

Viewers: in countries Watching now:

Remove the mystery from your finances with Quicken 2014, the one-stop shop for managing your money and charting your financial future. In this course, Sally Norred takes you on a tour of this powerful personal finance tool, showing how to connect with your bank, and integrate your savings, retirement, loan, and credit card accounts to see the big picture of your financial health. Learn how Quicken automatically tracks and categorizes your spending, and then see how to customize this tracking to suit your needs. Walk through setting up bill and income reminders to stay on top of important payment dates and developing a budget that gives you the information you need to make sound financial decisions. Once you understand the basics, discover Quicken's tools for helping you get out of debt as soon as possible and create savings goals for your next big purchase. Last, see how to get the most out of your investments and check out the Quicken mobile app, which allows you to track purchases using photos of receipts taken with your mobile device.

Topics include:
  • Touring the interface and setting up an Intuit ID
  • Understanding account types
  • Adding and updating accounts
  • Tracking spending
  • Searching, sorting, and filtering transactions
  • Categorizing transactions and customizing categories
  • Reconciling accounts
  • Creating and understanding spending reports
  • Projecting future balances
  • Using Quicken Online Bill Pay
  • Creating a budget
  • Creating a debt reduction plan and savings goals
  • Using the Lifetime Planner and the Tax Center
  • Tracking investments
  • Viewing your investment portfolio
  • Creating and understanding investment reports
  • Using the Quicken mobile app
Sally Norred

Categorizing transactions

When you take the time to categorize your transactions, you're able to easily create Quicken reports that show how much you're spending in particular areas, such as on entertainment, on groceries, or how much you're earning from different sources or across different periods of time. Remember, in Quicken, categories track the source of a deposit such as your paycheck, the reason for an expenditure such as dining out, or the name of an account to which you're transferring funds, such as a savings or a retirement account. It's a good idea to categorize your transactions in your register whether you're adding them by hand or downloading them from your bank.

Let's take a look, at how we categorize transactions from within an account register in Quicken. I'll show you, using Jeannie's Primary Checking account. Start by opening the Account, from the Account bar. If we're entering a transaction for a Fitness Club payment, once we've added the date of the transaction, the check number if applicable, and the payee the next detail we need to add is the category. Click on the empty field, in the Category column, and then click that tiny little square with the down arrow on it and you'll see a smaller pop up version of the category list.

I can scroll down to find the category or I can just start typing to search for the category. I can select the main, Health and Fitness category, if I want to track categories. Then I'll click the bold words Heath and Fitness, and it'll be added. The pop-up disappears and Health and Fitness is entered in the category line. I can click on the next field or the next line to save that category. If I want to select a subcategory as well, all I need to do is click that category field, and I'll select the Gym subcategory underneath the Health and Fitness category.

You'll notice that it enters the category and the subcategory. As Health and Fitness colon Gym, to distinguish the category from the subcategory. If you download your transactions from your bank, Quicken attempts to categorize your transactions for you automatically. Often, Quicken categorizes your transactions correctly but sometimes, Quicken will leave the category blank as in the case of a personal check, or they'll get the category wrong. Such as, in the case of a restaurant name that's not recognized by the Quicken software. It's a good idea to review your downloaded transactions each time you download to make sure they're categorized correctly.

Here's a transaction that was downloaded from Jeannie's bank that was not categorized correctly. It's a clothing store where she made a purchase. The Quicken category is automatically, as a restaurant. I'll click on the current category, Food and Dining, Restaurants. And I'll change the category, to Shopping Clothing. Another way to add the category,once you start to know the categories well, is to start typing the category in the Category field. Quicken will pop up the category list, and select the closest category that matches. I'll show you how to do this with the Health and Fitness category.

I type HE, and Quicken finds the Health and Fitness category. And I can use my mouse to click directly on Health and Fitness and Gym. Let's take a quick look, at how to add an income category. This deposit was downloaded from the bank, but Quicken didn't categorize it. I'm going to click on the Category column for this transaction. I'll click the little down arrow to get to the Category list. I'm going to click on Net Salary, since this is Jeannie's paycheck. I'll click Enter on my keyboard and it'll save. When you're adding a Credit Card category, you have two options.

If you've not added the Credit Card account to Quicken, select the bills and utilities category and select credit card payment. If you have added the credit card account to Quicken, select the Transfer category. And select the name of the Credit Card Account as a subcategory. This will keep your spending report accurate, since the Credit Card payment is not counted in both the credit card account and the checking account. Similarly, if you're transferring money from one account to another, use the Transfer category, and select the account you're transferring money to or from. For instance, if you are transferring money to your Savings Account from your checking account.

Select Transfer and the select the Savings Account. I'll show that since Jeannie is transferring $50, from her checking account to her savings account. I'll select Transfers, and Jeannie's Savings Account. Enter the amount, and click Enter. In the account bar, if you click on Jeannie's Savings, you'll see a new $50 deposit, in the Savings Account register. If you want to save time when you're categorizing transactions, just use the main categories and skip the subcategories for your expenses. You'll still get a great snapshot, of your overall spending in your reports, and the categorization process will be much faster.

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