Cannot record transfer. You don't have a position in the Destination Account

Unknown

I setup a single mutual fund account in Quicken Premier 2016 and get the "Cannot record transfer.  You don't have a position in the Destination Account" message when attempting to enter in a transfer/buyx transaction from another account.  I tried entering a "Shares Added" transaction to jump start it but the "Security Name" drop down is grayed out and I cannot choose a security.  I know I set the SMF account up correctly but somehow I don't think quicken liked that I chose to enter transaction in manually. 

I have looked all around to see if I can link the account to one of my securities but have been unsuccessful. 

Thanks for your help in advance,
Gary

q_lurker

I'd restart the account creation process. Provide a security when prompted to jumpstart the account. What you say you did should have worked. I don't know why it didn't.



Option two. Go to the account details, set to not be a SMF account and move on, or then Add the security and try to reset back to SMF status.



FWIW, I would never voluntarily go the SMF route. I find it too restrictive.

Unknown

Going thru the process again made no difference.  However changing it to a brokerage account and setting the security did work. I was then able to change it back to SMF account.

Thanks

Unknown

I had exactly the same problem, and here is how I finally fixed it.  1. I created a "security" to describe the investment involved (this step likely optional for most people)   2. I created the account as a brokerage account ( it was of the type allowing multiple securities - I believe this was critical)   3. When creating the account I started with a one dollar cash balance.  4. I transferred funds into account and bought shares, no problem.
Comment: In my opinion this is a stupid and confusing problem that should not arise in the first place. At the very least the error message should suggest a solution. I don't know which of my steps was critical to avoiding the problem, but it works so that is all I care about at this point.

Unknown

fgriffintx Smith said:

I had exactly the same problem, and here is how I finally fixed it.  1. I created a "security" to describe the investment involved (this step likely optional for most people)   2. I created the account as a brokerage account ( it was of the type allowing multiple securities - I believe this was critical)   3. When creating the account I started with a one dollar cash balance.  4. I transferred funds into account and bought shares, no problem.
Comment: In my opinion this is a stupid and confusing problem that should not arise in the first place. At the very least the error message should suggest a solution. I don't know which of my steps was critical to avoiding the problem, but it works so that is all I care about at this point.

Since there is zero downside to NOT setting up your account as a Single Mutual Fund, why all the acrobatics to do so?  

Set it up, and keep it set up, where you can use multiple securities in an investment account.  

mshiggins

fgriffintx Smith said:

I had exactly the same problem, and here is how I finally fixed it.  1. I created a "security" to describe the investment involved (this step likely optional for most people)   2. I created the account as a brokerage account ( it was of the type allowing multiple securities - I believe this was critical)   3. When creating the account I started with a one dollar cash balance.  4. I transferred funds into account and bought shares, no problem.
Comment: In my opinion this is a stupid and confusing problem that should not arise in the first place. At the very least the error message should suggest a solution. I don't know which of my steps was critical to avoiding the problem, but it works so that is all I care about at this point.

If you transferred cash to the account, it can't be a Quicken SMF account.