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US5842185A Expired / Lapsed US ⏱️ 0.0 years remaining

Method and system for electronically tracking financial transactions

Assignee: Intuit Inc
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Filing: 1994-07-14
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Granted: 1998-11-24
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Expires: 2014-07-14
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Abstract

Abstract A system and method automatically enters financial transactions such as credit card transactions into a financial account stored in a computer. A financial statement incorporating the transactions is provided in an electronic form understood by the computer, such as a computer data file, for updating the financial account. For a credit card account, the electronic statement includes one or more credit card transactions such as purchases. Before accepting the electronic statement, the process verifies that the electronic form of the statement has not been altered since its creation and therefore correctly reflects transactions in the original statement. In the process of entering the transactions, they are tracked by automatically assigning them to expense categories. First the process determines from the electronic statement if a payee for a transaction is of record in the computer and, if so, assigns the transaction to a category already associated with the payee. If not, the process next determines from the electronic statement a merchant category code such as a Standard Industry Code (SIC). The merchant category code is associated with a category recognized by the computer, and the transaction is assigned to the recognized category. If no recognized category exists, the process prompts the user for a category to which the transaction can be assigned.

Inventors

  • 👤 Jason D. Chancey
  • 👤 Scott D. Cook
  • 👤 Lisa Jean Borden

Bibliographic Details

Application Number —
Jurisdiction US
Data Source google_patents
Last Synchronized 2026-11-05 10:54
CPC Classifications
G; G06; G06Q; G06Q20/00; G06Q20/04; G06Q20/08; G06Q20/10; G06Q20/102; G06Q20/14; G06Q30/00; G06Q30/04; G06Q40/00

Claims Analysis

Total Claims: 40
Claim 1
Independent Claim 176 words
A computer-implemented process for entering transactions included in a remotely compiled electronic statement into a financial account stored in a local computer system including a processor and a storage device, 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 payee, 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; for at least one transaction in the electronic statement: determining with the processor if a payee of the transaction is the payee of a previous transaction stored in the storage device; if the payee for the transaction is the payee of a previous transaction stored in the storage device, assigning with the processor the transaction to a category associated with the previous transactions; and storing the transaction with the assigned category in the financial account in the storage device.
Claim 2
Dependent Claim 176 words
A computer-implemented process for entering transactions included in a remotely compiled electronic statement into a financial account stored in a local computer system including a processor and a storage device, 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 payee, 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; for at least one transaction in the electronic statement: determining with the processor if a payee of the transaction is the payee of a previous transaction stored in the storage device; if the payee for the transaction is the payee of a previous transaction stored in the storage device, assigning with the processor the transaction to a category associated with the previous transactions; and storing the transaction with the assigned category in the financial account in the storage device.
Claim 3
Dependent Claim 25 words
The computer-implemented process of claim 1 wherein the communication medium is an electronic telecommunication link coupling the remote computer system and the local computer system.
Claim 4
Dependent Claim 16 words
The computer-implemented process of claim 1 wherein the communication medium is a portable non-volatile storage medium.
Claim 5
Dependent Claim 83 words
The computer-implemented process of claim 1, further comprising the steps of: displaying the electronic statement on a display of the local computer system for acceptance or cancellation by a user; receiving an input for canceling or accepting the electronic statement; if accepted, prompting the user on the display to generate a financial transaction for paying a bill associated with the electronic statement; generating the financial transaction for paying the bill; and storing the financial transaction in the financial account in the storage device.
Claim 6
Dependent Claim 31 words
The computer-implemented process of claim 1, wherein: the financial account is a credit card account; the transactions are credit card transactions; and the electronic statement is a credit card electronic statement.
Claim 7
Dependent Claim 124 words
The computer-implemented process of claim 1, wherein each transaction in the electronic statement includes a merchant category code, the process further comprising the steps of, if the payee for the transaction is not a payee of a previous transaction stored in the storage device: 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; and if the merchant category code is associated with a category in the storage device, 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.
Claim 8
Dependent Claim 70 words
The computer-implemented process of claim 6, further comprising the steps of, if the merchant category code is not associated with a category in the storage device: prompting on a display of the local computer system for an input by a user of a category for associating with the merchant category code; associating with the processor the merchant category code with the category; and, storing the association in the storage device.
Claim 9
Dependent Claim 54 words
The computer-implemented process of claim 6, wherein the step of determining with the processor if the merchant category code is associated with a category in the storage device comprises the substep of consulting a look-up table stored in the storage device, the look-up table associating each category with at least one merchant category code.
Claim 10
Dependent Claim 57 words
The computer-implemented process of claim 1 further comprising the steps of: determining with the processor if the financial transaction in the electronic statement has been manually entered as a transaction into the financial account and stored in the storage device; and if the financial transaction has been manually entered, ignoring the financial transaction in the electronic statement.
Claim 11
Dependent Claim 35 words
The computer-implemented process of claim 1, further comprising the step of, before storing the transaction, verifying with the processor that the electronic statement has not been altered since its creation by the remote computer system.
Claim 12
Dependent Claim 59 words
The computer-implemented process of claim 10, wherein the verifying step comprises the substeps of: calculating with the processor a checksum for the electronic statement; and comparing with the processor the calculated checksum with a checksum value determined by the remote computer system and stored within the electronic statement prior to communicating the electronic statement to the local computer system.
Claim 13
Dependent Claim 202 words
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.
Claim 14
Dependent Claim 202 words
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.
Claim 15
Dependent Claim 73 words
The computer-implemented process of claim 12, further comprising the steps of, if the merchant category code is not associated in the storage device with a category: prompting on a display of the local computer system for an input by a user of a category and associating the merchant category code with the input category, associating with the processor the merchant category code with the category; and, storing the association in the storage device.
Claim 16
Dependent Claim 25 words
The computer-implemented process of claim 12 wherein the communication medium is an electronic telecommunication link coupling the remote computer system and the local computer system.
Claim 17
Dependent Claim 16 words
The computer-implemented process of claim 12 wherein the communication medium is a portable non-volatile storage medium.
Claim 18
Dependent Claim 74 words
The computer-implemented process of claim 12, further comprising the steps of: displaying the electronic statement on a display of the local computer system for acceptance or cancellation by a user; and if accepted, prompting the user on the display to generate a financial transaction for paying a bill associated with the electronic statement; generating the financial transaction for paying the bill; and storing the financial transaction in the financial account in the storage device.
Claim 19
Dependent Claim 31 words
The computer-implemented process of claim 12, wherein: the financial account is a credit card account; the transactions are credit card transactions; and the electronic statement is a credit card electronic statement.
Claim 20
Dependent Claim 35 words
The computer-implemented process of claim 12, further comprising the step of, before storing the transaction, verifying with the processor that the electronic statement has not been altered since its creation by the remote computer system.
Claim 21
Dependent Claim 59 words
The computer-implemented process of claim 18, wherein the verifying step comprises the substeps of: calculating with the processor a checksum for the electronic statement; and comparing with the processor the calculated checksum with a checksum value determined by the remote computer system and stored within the electronic statement prior to communicating the electronic statement to the local computer system.
Claim 22
Dependent Claim 54 words
The computer process of claim 12, wherein the step of determining with the processor if the merchant category code is associated with a category in the storage device comprises the substep of consulting a look-up table stored in the storage device, the look-up table associating each category with at least one merchant category code.
Claim 23
Dependent Claim 258 words
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.
Claim 24
Dependent Claim 258 words
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.
Claim 25
Dependent Claim 24 words
The system of claim 21 wherein the communication medium is an electronic telecommunication link coupling the remote computer system and the local computer system.
Claim 26
Dependent Claim 15 words
The system of claim 21 wherein the communication medium is a portable non-volatile storage medium.
Claim 27
Dependent Claim 30 words
The system of claim 21 wherein: the financial account is a credit card account; the transactions are credit card transactions; and the electronic statement is a credit card electronic statement.
Claim 28
Dependent Claim 92 words
The system of claim 21, wherein the processor of the computer system is further programmed to: determine a merchant category code included in the transaction if the payee of the transaction is not a payee of a previous transaction stored in the storage device; 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 storage device.
Claim 29
Dependent Claim 34 words
The computer system of claim 25 wherein the processor determines if the merchant category code included in the transaction is stored in association with a category in the storage device with a look-up table.
Claim 30
Dependent Claim 26 words
The computer system of claim 21, wherein the processor verifies that the electronic statement has not been altered since its creation by the remote computer system.
Claim 31
Dependent Claim 53 words
The computer system of claim 27, wherein the processor is further programmed to: calculate a checksum for the electronic statement; and compare the calculated checksum with a checksum value determined by the remote computer system and stored within the electronic statement prior to the communicating the electronic statement to the local computer system.
Claim 32
Dependent Claim 331 words
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.
Claim 33
Dependent Claim 331 words
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.
Claim 34
Dependent Claim 50 words
The computer-implemented system of claim 29 further comprising a look-up table, wherein the the processor stores the association between each merchant category code and a category in the look-up table, and wherein the the processor determines from the look-up table if the merchant category code is associated with a category.
Claim 35
Dependent Claim 62 words
The computer-implemented system of claim 29 further comprising in the local computer system a display device, wherein the processor, responsive to the merchant category code not being stored in association with a category in the storage device, prompts on the display device for an input by a user of a category for associating with the merchant category code in the storage device.
Claim 36
Dependent Claim 24 words
The system of claim 29 wherein the communication medium is an electronic telecommunication link coupling the remote computer system and the local computer system.
Claim 37
Dependent Claim 15 words
The system of claim 29 wherein the communication medium is a portable non-volatile storage medium.
Claim 38
Dependent Claim 29 words
The computer system of claim 29, wherein: the transactions are credit card transactions; the transactions are credit card transactions; and the electronic statement is a credit card electronic statement.
Claim 39
Dependent Claim 26 words
The computer system of claim 29, wherein the processor verifies that the electronic statement has not been altered since its creation by the remote computer system.
Claim 40
Dependent Claim 52 words
The computer system of claim 35, wherein the processor is further programmed to: calculate a checksum for the electronic statement; and compare the calculated checksum with a checksum value determined by the remote computer system and stored within the electronic statement prior to communicating the electronic statement to the local computer system.

References Cited (Backward Citations)

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USPTO Annuity & Maintenance Windows

Annuity Stage Window Opens Payment Deadline Surcharge Period Until Estimated Fee Status
3.5 Years (Year 4) 2001-11-23 2002-05-25 2002-11-24 $2000.00 Window Closed / Lapsed
7.5 Years (Year 8) 2005-11-23 2006-05-25 2006-11-24 $3760.00 Window Closed / Lapsed
11.5 Years (Year 12) 2009-11-23 2010-05-25 2010-11-24 $7700.00 Window Closed / Lapsed

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