Category vs Type in Schwab (SHB) Brokerage account
Before SHB, an entry for a T Bill would be like this > ACTION = Payment/Deposit; SECURITY / PAYEE = US Treasury; Description / Category = T Bill Interest or T Bill Investment. All was fine, everybody got along great.
In SHB the T Bill is listed by name (this is fine), under Category the interest earned is listed as US Treasury. When I click on the category to change it, and go to the Transaction Detail page, there is no Category any more, only TYPE.
A note pops up in a ball saying the interest will go to my cash balance. This is not good when tax season comes around and I need to add that stuff up.
Suggestions ?
Comments
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@neon45, thanks for posting your inquiry to the Community!
Assuming that you're referring to Investment Transactions in Quicken Simplifi, it looks like the only Type that allows a Category (and a Payee) is Payment/Deposit. All other Types refer to investing actions and instead use a Security. With that, would you mind providing more detail as to what specifically this looks like in Quicken Simplifi for you, and what your ultimate goal is? I'm also not sure what you're referring to when you say "A note pops up in a ball saying the interest will go to my cash balance" — is this some kind of Linked Transfer in Quicken Simplifi?
Please let us know so we can best assist!
-Coach Natalie
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Yes, we are talking about Investment Transactions. Forgive the ramble. Hope this makes sense and you can follow it.
SHB has labeled the transaction a Payment / Dividend, under Action instead of Income Dividend in this example.
TDA had labeled them as Payment / Deposit.
AND, I just had an Ah-Ha moment. There is a drop down menu that includes Payment… under the ACTION header. THAT is turn presents the CATEGORY selection.
Original download from SHB. You could only select Type if you selected the stock name under Category.
I inside the circle >>> "A cash distribution of a portion of earnings to the shareholder. The dividend will be added to your cash balance."
BUT… Changed the Payment / Deposit to Income Dividend with that down carrot and the selection under it. This action brought up the Category selection instead of TYPE.
Sure hope I can make some Rules so I don't have to do this for every transaction in every account.
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Thank you for your reply,
You should be able to use rules to change those transactions, provided that the Payee name is consistent. I tested in my investment account, and the only barrier I encountered to using a rule to bulk change the category was that the financial institution my investment account is with sends very detailed payee information, which makes the payee for each transaction unique. If the financial institution your investment account is with does the same thing, and if the extra information in the Payee name isn't information you need to keep in your Quicken Simplifi, you could get past that problem by creating a Payee rule to make the Payee for the transactions you need to correct consistent, then create a Category rule to change the category for all transactions with that Payee.
If you need more information about creating Payee or Category rules, please click here.
Please let me know how it goes!
-Coach Kristina
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Thanks for the reply. Time delay here with Memorial Day.
This is going to be a zoo, a labor intensive one, it would seem. It might be ok with 2 accounts, but I have a number of them that I watch over.
My goal is to be able to run a search on a Category so I can tell the Accountant how much I will earn for CD interest, T Bond income, dividends and interest. I was able to do that before the change from TDA.
It seems that Schwab (SHB) is reporting everything different than TDA did. At least the Action part and »>
?? How was it that TDA was always a Payment / Deposit in Simp ??
If we don't change to Payments we can not Categorize any Dividend, Interest Payment or whatever…
?? We can not do a search on a "Type" or modify the Type list, correct? ??
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@neon45, thanks for the reply!
Some users would probably consider themselves lucky that their Investment Transactions are downloading with the proper investing action instead of as a Payment/Deposit based on the feedback we've received here:
However, in your case, I can understand how that causes more work for you with needing to assign them a Category that you can report on. This is definitely more than likely due to how Schwab provides the data versus TD Ameritrade. At this point, I think your best bet is to leave your feedback on the post I shared just above for Investment Transactions, and also add your vote and feedback to this existing request:
We also have these requests you may be interested in:
I hope this helps!
-Coach Natalie
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Exactly: This is definitely more than likely due to how Schwab provides the data versus TD Ameritrade.
Is there a way to Search on Type?
Is there a way to Add "Types" like you can Categories?
Can we search on Types?
Is there a way to somehow make a rule to turn the interest into a payment?
I could live with doing 2 searches two searches; one for category and one for Type.
Thanks…
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@neon45, I was personally able to search the Action column, which is the 'Type' —
I shared this Idea post above, as the ability to bulk edit the Type for Investment Transactions would be a viable solution for you if it were available:
As for Transaction Rules, it looks like Coach Kristina did some testing above and confirmed that you can create Rules for the Category of an Investment Transaction. However, since Payment/Deposits are the only Type that allows a Category, this wouldn't work for you. You instead need something like the ability to use Transaction Rules for Investment Transactions specifically to automatically change fields like the Type, which would be covered by this Idea post (also shared above):
Sorry for not having a better solution for you, but I hope being able to leave your feedback on these existing topics for our product team helps!
-Coach Natalie
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Thanks for the reply.
So, just to verify, there is no way to create new Types the way we do Categories?
Which raises the question, where did the existing selection of Types come from?
I could work around the Payment - Income limitations if I could add more Types.
Thanks…
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Thank you for your reply,
That is correct; Types are a pre-made list of investment transaction types supported by Quicken Simplifi. There currently isn't a process to add a custom type. There is currently a request to be able to create different income types for investment transactions:
You can also create a new Idea post if you're looking to add more than just income types. For information on creating a new idea post, click here.
I hope this helps!
-Coach Kristina
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I was afraid I'd hear those words. That's really too bad. It's going to be a whole lot of unnecessary work on my part keeping track of my income from dividends, money markets, capital gains, CD's and Treasuries. 😖☹️
"There currently isn't a process to add a custom type." Correct, One request vote. I made it 2.
I'm not going to bother creating a new Idea post as they all seem to dissapear into the abyse.
ps. no, it doesn't help 😒
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