By Stephen L. Nelson

Using categories isn’t the only way that you can summarize your financial records. Quicken 2015 provides tools called tags that let 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.

Yypically, tags aren’t something you need to worry about — especially if you’re just using Quicken to regain control of 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. Quicken displays the Tag List window.

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

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    Quicken displays the New Tag dialog box.

  3. Enter a short name for the tag.

    Move the cursor to the Name text box, and type a name. Use as short 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 may 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 straightforward. When you tag 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 longer description if your tag name is descriptive enough.

    The technical editor, David (who’s also a CPA), wants me to tell you that you should just ignore the Copy Number box. He’s probably right. But if you’re just dying to know what this box does, click the Tell Me More link.

  5. Click OK.

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