How to Handle Unrecognized Payee Names in Quicken

Overview

Quicken has implemented Automatic Categorization Engine (ACE) functionality in an effort to make entering downloaded transactions easier and more uniform across multiple users. ACE learns and evolves based on user-modified data and, as such, may display different names than you would expect.

Here is an example of ACE evolution:

• Six users all have transactions to a payee named ABC Finance
• Five of those users rename ABC Finance to MY LOAN
• ACE teaches Quicken that ABC Finance is really called MY LOAN by users and renames future transactions to that payee accordingly
• The sixth user now downloads transactions and sees the payee name of MY LOAN but doesn't recognize that name because they've never called it MY LOAN

What if I don't want to use the common ACE name on my transactions?

You don't have to keep the ACE-defined name on your transactions. There are different methods of dealing with this situation:

One-time Transactions

If you find that the ACE-defined name is affecting only 1 or 2 transactions, you can simply revert the transaction(s) to the original, OFX-defined name. 

1. Right click the transaction in question
2. Choose REVERT TO (the original transaction name)
3. Enter the transaction

Note: This procedure can be performed in either the Register or on the Downloaded Transactions tab prior to Accepting the transaction into the register.

Multiple or Recurring Transactions

If the transaction(s) in question will occur regularly and you don't want to REVERT TO each time, you can utilize Renaming Rules. Get more information about creating, editing and using Renaming Rules.

Turn off Auto Categorization

As a last resort, you can always turn off Auto Categorization. We save this for last, because turning off this preference can cause the User extra, unnecessary work when entering transactions in Quicken. When this Preference is off, you have to manually enter the names and Categories each time you download. If you decide to turn off the preference:

1. From the Edit menu in Quicken choose Preferences>Quicken Preferences
2. Click on Register
3. In the Transaction Entry section, remove the check from Use Automatic Categorization
4. Click OK