Method and system for electronically tracking financial transactions

A computer-implemented process for entering transactions included in a remotely compiled electronic statement into a financial account stored in a local computer, comprising the steps of:

• compiling with a remote processor in the remote computer system an electronic statement including at least one transaction, the transaction including a merchant category code, the electronic statement in an electronic data format processable by the local computer system;
• communicating the electronic statement to the local computer system via a communication medium;
• storing the electronic statement in the storage device of the local computer system;
• associating with the processor at least one merchant category code with at least one category, and storing each association in the storage device;
• for at least one transaction in the electronic statement:
• determining with the processor from the electronic statement a merchant category code included in the transaction;
• determining with the processor if the merchant category code is associated with a category in the storage device;
• if the merchant category code is associated in the storage device with a category, assigning with the processor the transaction to the category associated with the merchant category code;
• and
• storing the transaction with the assigned category in the financial account in the storage device.

A computer system for entering transactions included in a remotely compiled electronic statement into a financial account stored in a local computer system, comprising:

• a remote computer system, remotely situated from the local computer system, including:
• a remote processing device programmed to compile from at least one selected transaction in the remote storage device an electronic statement in an electronic data format processable the local computer system, the electronic statement including at least one transaction, each transaction including a payee;
• a communication device, operatively coupled to receive the electronic statement from the remote processing device, the communication device electronically communicating the electronic statement to the local computer system via a communication medium;
• and
• a local computer system including:
• a storage device for storing transactions, and categories in the financial account;
• an input device having a communicative coupling with the communication medium to receive the electronic statement, the input device further coupled to the storage device to store therein the electronic statement;
• a processor operatively coupled to the storage device for fetching transactions and categories from the storage device, the processor programmed to:
• determine, for at least one transaction in the electronic statement received from the remote computer system, if the payee of the transaction is a payee of a previous transaction stored in the financial account in the storage device and, is so, for assigning the transaction to a category associated with the previous transaction in the financial account;
• and
• further programmed to store the transaction witht he assigned category in the financial account in the storage device.

A computer system for entering transactions included in a remotely compiled electronic statement into a financial account stored in a local computer system, comprising:

• a remote computer system including:
• a remote processing device programmed to compile an electronic statement in an electronic data format processable by the local computer system, the electronic statement including at least one transaction, each transaction including a merchant category code;
• a communication device, operatively coupled to receive the electronic statement from the remote processing device, the communication device electronically communicating the electronic statement to the local computer system via a communication medium;
• and
• a local computer system including:
• a storage device for storing transactions in the financial account, and for storing a plurality of merchant category codes, and categories;
• a first input device having a communicative coupling with the communication medium to receive the electronic statement, the input device further coupled to the storage device to store therein the electronic statement;
• a second input device operating to receive categories input by a user;
• a processor operatively coupled to the storage device and the input device for fetching transactions, merchant category codes, and categories from the storage device;
• the processor programmed to:
• associate a merchant category code with at least one category received with the second input device, and to store the merchant category code in association with the received category in the storage device;
• to receive the electronic statement from the remote computer system via the communication medium and to store the electronic statement in the storage device;
• to determine for at least one transaction in the electronic statement received from the remote computer system the merchant category code included in the transaction;
• to determine if the merchant category code included in the transaction is stored in association with a category in the storage device;
• and
• to assign the transaction to a category stored in association with the merchant category code, and to store the assigned transaction in the financial account stored in the storage device.