How to Set Up Tags in Quicken 2013 or 2014

Quicken 2013 and 2014 provide a tool called tags, which lets you summarize transactions in addition to the way you summarize transactions with categories. (In previous versions of Quicken, tags were known by another name: classes.)

Now, typically, tags are not something you need to worry about — especially if you’re just using Quicken to regain control over your personal finances. However, tags can be very useful if you’re using Quicken in a business or if you’re investing in rental real estate.

To set up a tag (or several tags), take these steps:

  1. Display the Tag List window.

    To do this, choose Tools→Tag List.

  2. Click the New button in the Tag List window.

    Quicken displays the New Tag dialog box.

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  3. Enter a short name for the tag.

    Move the cursor to the Name text box and type a name. Use as short of a name as possible to clearly identify the tag. You use this tag name every time you want to tag a transaction.

    (If you’re using tags to identify real estate rental properties — which is probably their most common use — you might want to use the street name as the tag: Winston as the tag for the duplex on Winston Street, Roosevelt as the tag for the cottage on Roosevelt Avenue, and so on.)

    The reason real estate investors tag transactions is this: By tagging each income or deduction transaction with, for example, the property name, Quicken easily produces a profit and loss statement for each property using the categories and tags to slice and dice the data.

  4. Enter a description for the tag.

    Move the cursor to the Description text box and then describe the tag. Quicken uses the tag description on reports that show the tag. If you don’t add a description, Quicken just uses the tag name. You don’t need a description, obviously, if your tag name is, well, adequately descriptive.

  5. Click OK.

    Quicken adds the new tag in the Tag List window and then redisplays the window. And that is that.

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