About Renaming Payees
Your financial institution's way of listing payee names may contain irrelevant detail (such as a store number or exact location) that can quickly clutter your Memorized Payee List. When you update transactions with your participating financial institution, Quicken can use renaming rules to standardize payee names and avoid this problem.
Renaming rules are guidelines that tell Quicken to always use a standardized payee name (for example, Anytown Coffeehouse) when an equivalent payee is downloaded (for example, Anytown Coffeehouse 005 PLEASANTON 945). You can have Quicken suggest renaming rules for you (easiest method), or you can create and manage them yourself (you can always edit them later, no matter how they were created). Renaming rules do not change transactions already recorded in your register; they affect only downloaded transactions that you are in the process of reviewing and accepting and transactions that will be downloaded in the future.
Note that renaming rules are available only for online-activated accounts.