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Understanding transaction categories


From:

Quicken 2014 Essential Training

with Sally Norred

Video: Understanding transaction categories

In Quicken, transaction categories are labels that track how much you're spending on particular items, such as rent, groceries, or dining, and how much you're receiving each month for income. With Quicken, you can categorize transactions that are downloaded from your bank, as well as those transactions you've entered into your register by hand. To get the most out of Quicken,. Assign one or more categories to each transaction. Categories track the source of a deposit such as your paycheck. The reason for an expenditure such as dining out. Or the name of the count to which you're transferring funds such as the savings account.
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  1. 47s
    1. Welcome
      47s
  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
      33s

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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
Subject:
Business
Software:
Quicken
Author:
Sally Norred

Understanding transaction categories

In Quicken, transaction categories are labels that track how much you're spending on particular items, such as rent, groceries, or dining, and how much you're receiving each month for income. With Quicken, you can categorize transactions that are downloaded from your bank, as well as those transactions you've entered into your register by hand. To get the most out of Quicken,. Assign one or more categories to each transaction. Categories track the source of a deposit such as your paycheck. The reason for an expenditure such as dining out. Or the name of the count to which you're transferring funds such as the savings account.

Quicken category list provides a selection of commonly used categories. The category list, then becomes the central location from which you can add, edit, delete, and otherwise manage categories. When you 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. Let's take a look at the transaction categories that are available in Quicken. To see the category list, select the Tools menu, and click Category List.

As you see, along the left side of the category list pop-up window, there are several category types. Business income, business expenses, personal income, personal expenses, investment, and transfers. Investments and transfers, are for custom transactions that you'd set up yourself. Transfers and investment will automatically populate with your investment account names. To track your spending and income, you'll use the personal income categories for transactions like your paycheck, and the personal expense categories, for transactions like bills and purchases.

When we look at the personal income categories and we scroll down the list, we notice that there's all kinds of categories and even sub-categories within these categories. Same with the personal expenses categories. For instance, for the auto and transport categories, there are six sub-categories for auto. These labels include fuel, insurance, loans, registration, and service. When you're categorizing a transaction you can just use the main category in the bold label, or you can use the sub-category which will classify the expense on more detailed level.

You can edit, delete, or add to these categories and sub-categories using this category list. If your categories or sub-categories look different than what you're seeing in this video, don't worry. Quicken's always updating categories and sub-categories, and you can always change yours to suit your needs. When you're just starting out with Quicken, the most efficient thing to do is just to use the categories that came with Quicken. You'll get up and running fast, and you can always add more detail later.

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