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

Unknown
Unknown Member
edited July 2018 in Investing (Windows)
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

Comments

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    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
    Unknown Member
    edited January 2017
    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
    Unknown Member
    edited June 2017
    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
    Unknown Member
    edited June 2017

    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
    mshiggins SuperUser ✭✭✭✭✭
    edited June 2017

    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.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
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