Managing categories with the Category List

The Category List is a tool for organizing and tracking financial transactions. It allows you to create and manage categories and subcategories, helping you classify transactions accurately. The list also includes accounts, which function as transfer categories for tracking money moved between accounts in Quicken.

Understanding the Category List

• Categories and subcategories: Categories appear in bold and represent broad classifications, such as Rent or Income. Subcategories provide more detail and appear below their parent category, such as Rent: Utilities or Income: Salary.

• Accounts as transfer categories: Account names appear in [square brackets] on the Transfers tab. When you assign an account name as a category in a transaction, Quicken treats it as a transfer between accounts.

• System categories: Categories that begin with an underscore (_) are system-generated and reserved for Quicken, primarily for investment transactions. These categories are hidden by default and cannot be edited or deleted. Quicken adds them as needed.

Accessing the Category List

To open the Category List:

1. Select Tools from the top menu.

2. Select Category List.

Keyboard shortcut
Press Ctrl+Shift+C to open the Category List directly.

Managing categories

Adding a category

1. In the Category List window, select New Category.

2. Enter a Category name.

3. To create a subcategory, check Subcategory of and select a parent category.

4. (Optional) Enter a Description.

5. To track tax-related transactions, select the Tax Reporting tab and enter the tax information.

6. Select OK.

Editing a category

1. Right-click the category you want to edit and select Edit.

2. Modify the Category name, Subcategory of, or Description.

3. To edit tax information, select the Tax Reporting tab.

4. Select OK.

Deleting a category

1. Select the category you want to delete.

2. Select Delete.

3. Confirm the deletion.

If the category is assigned to existing transactions, Quicken prompts you to reassign those transactions to a different category. This change affects reports and historical data.

Using the Tax Reporting Tab

The Tax Reporting tab in the New Category window allows you to configure a category for tax-related tracking. This feature is particularly useful for identifying and organizing transactions that need to be reported for tax purposes.

Steps to configure the Tax Reporting tab

1. Enable tax tracking:

   • Select the Tax related category checkbox to designate this category for tax purposes.

2. Choose a tax line item list:

   • Select either:

     • Standard line item list: Use this option for commonly used tax categories.

     • Extended line item list: Select this option for more detailed tax categorization.

3. Select a tax line item:

   • Use the Tax line item for this category dropdown menu to assign a specific tax line item that corresponds to this category.

4. Add a description:

   • Optionally, provide more information in the Tax line item description field to clarify the purpose or usage of the category.

5. Save the configuration:

   • After completing the tax-related information, select Save to finalize your changes.

Tips for using the Tax Reporting tab

• Consult a tax professional: Ensure you assign the correct tax line items to categories, as errors can impact your tax reporting.

• Use descriptions for clarity: If you share financial data with others, providing detailed descriptions can help them understand the purpose of the tax-related category.

• Review regularly: Update tax-related categories as your financial or tax situation changes to maintain accurate records.

This section integrates seamlessly into the procedure and adds clarity to using tax-related features in the Category List.

Tips for effective category management

• Review regularly: Ensure your categories align with your financial tracking needs.

• Use subcategories: They provide more detailed insights into spending and income.

• Customize as needed: Adapt your categories to match your personal or business financial tracking requirements.