This topic provides detailed information about the categories and tags that you can associate with your transactions.
It is important for you to associate categories with your financial transactions. This is because categorized transactions drive key features such as reports, graphs, tax reporting, and budgets.
Tags add another layer of classification to help you manage your transactions and view reports. Although optional, they are useful in many situations. Learn more about categories, tags and the differences between them.
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That said, we recommend that new customers start by using the default categories. This is especially important when you are using connected services to download transactions. These downloaded transactions are automatically categorized so you do not need to manually categorize transactions. Using the default category list will result in better automatic categorization. As you become more familiar with the capabilities of Quicken and you start having different needs, you can create new categories.
Finally, don't worry about something going wrong. Quicken makes it easy to bulk re-categorize many transactions at once, or change your existing category structure.
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You have the following options to create new categories:
- When entering a new transaction: Enter the name of the new category in the Category field. The new category is automatically created when you save the transaction.
- In the Category field, click Edit Categories.... In the Categories window, select New Category. Provide the required information and click Save.
- In Quicken, choose Window > Categories and create a new category as described in the above option.
Once the new category is created, you can associate it with your transactions. If the category is for a tax-related income or expense, you can optionally assign tax line items to categories, which will then be used to populate the Tax Summary report.
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