Learning About Categories and Tags in Quicken for Mac
Associating categories with your financial transactions is a fundamental part of Quicken. Categorized transactions drive several key features: Reports and Graphs, Tax Reporting, and Budgets.
Tags add another layer of power to reporting and managing your transactions. They can be useful in many situations. However, you should consider the use of categories as required, whereas Tags are optional.
What are categories and subcategories?
In Quicken, categories and subcategories are used to classify and group your transactions. This grouping is displayed in reports and graphs that help you easily analyze your transactions.
Quicken provides a comprehensive list of default categorizes. However, you are free to customize the category list to fit your specific needs. You can add new categories and sub-categories, rename existing categories, merge similar categories and delete categories you don't need.
In this image, the categories can be seen in the left dropdown and the more specific subcategories can be seen on the right.
That said, we recommend customers new to Quicken to start by using the default category list and customize this list as you become more familiar with the capabilities of Quicken.
What are tags?
Tags provide an additional way to classify and group your transactions. They help you to group and analyze all transactions related to a specific event.
Let's understand this with an example. You went for a vacation with your family and you need to keep track of all the expenses related to this vacation. Just create the tag vacation and associate all your related transactions, from multiple categories, with this tag. Here are some transactions that you might associate with this tag:
- Dinner: Categorized as Food & Dining
- Fuel: Categorized as Auto & Transport
- Clothing: Categorized as Shopping
Later, to see the total cost of your vacation, run a custom report by including all transactions with the vacation tag.
For more information on working with categories and tags, see the articles below: