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Automatic Classification of Dividend and Interest Income
Jack_Malin
Member Posts: 5
In my imported transactions, I have a number of "Dividend Income", or "Dividend Received", "Interest Income" and similar entries.
It would be nice if Wave could tentatively pick a category like Dividend Income or Interest Income, instead of me have to manually classify each one of them.
If someone has found a solution to trigger it, any help would be greatly appreciated.
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Hey @Jack_Malin!
I'm afraid that there's no way to trigger or set an automatic categorization for specific transactions. However, the auto-categorization feature should get better over time and learn to categorize certain transactions as necessary overtime.
I realize that that isn't an ideal answer to your question, but please note that this is something that our dev team is always working on and improving. Out of curiosity, how long have the dividend related transactions been importing into your Wave account?
Understand the answer, but I was assuming that after over one year of manual categorization Wave would "learn", but maybe the learning happens some other ways... Also, if I remember well in Quickbooks and Quicken you could write "rules".
Regarding your question: Dividend Income (and Interest Income) has been importing from a Fidelity Cash Management Account at least since January 2019 when I started linking that account into "Personal".
Fidelity Cash Management Account imports quite well income and expense transactions, not very well buy and sell security transactions (you can hold securities in that type of Fidelity account, just like in a Fidelity Brokerage Account) -- I enter/adjust the securities buy/sell manually and fortunately they are not that many in that account. I also have to make balance adjustments with journal entries - I do at the end of the year.
Of course Fidelity Brokerage Accounts do not seem to work well (or at all) with direct connection and CSV importing has never really worked well for me. It requires a lot of cleanup of the CSV file before it imports correctly.
It is a bit curious that the Cash Management and Brokerage accounts behave quite differently, because on the surface they are very similar.
Also, in my experience Schwab CSV imports does not work at all for me and after several attempts I gave up on that completely.
I know Fidelity and Schwab brokerage support are discussed in other threads, but allow me to repeat how important that would be to a customer like me.
PS: How do you create line breaks in your posts? I tried with one, two and three new lines, but does not seem to work
Hey @Jack_Malin , thanks so much for this thorough and helpful insight! Our relevant product teams are improving auto-categorization continually, and feedback like this helps us to understand exactly how these improvements can impact your usage of Wave. So thank you!
As for how to create line breaks, I am on a laptop (rather than mobile), so I'm not sure if that is impacting your formatting abilities or not, but in order to make my paragraphs separate, I hit return/enter twice
and then
there is space!
Alternatively, typing underscores can create a visual line across the comment as well.
Thanks for your message!
@CallieP about line breaks.. hitting return twice works indeed after you POST, BUT it does not work in PREVIEW, that why I was confused
I’d love to see proper integration of corporate brokerage accounts into the rest of the platform. Wave already pulls over/syncs my data from a cash account at Fidelity. It’d be so great if the attached brokerage would sync, too. Not just for the financial one view, but because I regularly use checks from it and debit card transactions—for bone fide business purposes. Please consider bringing this!! Again, the link is already there (Fidelity Investments). Thanks!!