Hi there, I'm curious what people find useful about cleaning up payees? I have a ton as I have never managed them at all. Is there a benefit to combining the crazy amounts of amazon into one payee and then adjusting on each imported transaction to be the "main" payee you created? What does this benefit?
I had a lot of payees I'd only used once and will never use again. Like the roadtrip gas station, for instance. I cleaned them up and all of those one-off payees are now simply "Gas Station" and are automatically categorized as Transportation. Doing this across the board gives me more peace of mind and enables me to find payees more quickly without all the junk.
Also, the Renaming Rules make it easy for me to auto-categorize things—like those pesky Amazon charges! Anything that contains "Amazon" is automatically renamed just "Amazon" and is auto-categorized to Household.
The other real benefit to me is reporting, I like to see how much I spend at Walmart, that's easy to do if every Walmart transaction is listed as Walmart, not quite as easy when they are Walmart, WAL-MART #1456, WAL-MART #1456 EVAN, WAL-MART #1456 SE2, WM SUPERCENTER #1456, WM SUPERCENTER #1456 307- etc..
I thought I just cleaned up but I am still struggling with PayPal transactions. I set some rules to be “contains such and such” like “NYT via PayPal “ and rename to exactly that. Otherwise I don’t think renaming rules are helpful with PayPal. Today I see one that is 35 for Starbucks. I didn’t refill my card so I know it is actually PayPal something. Unfortunately the iPad app doesn’t support looking at the bank details. I have to go another source to figure out what that was for. I want there to be no renaming for PayPal *unless*. Has anyone figured that out?