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credit union setup

Steve29

I am a member of a credit union where I've got three accounts: savings, money market and a cd. I've got the savings and money market accts already set up in Quicken 2007 Mac. I now want to add the CD. Should I add that as a third account, and set up the CD as a security? Or is there a way to put all of this together into a single account? Dumb question, I know -- and thanks to anybody who can help.

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UKR

Have you tried setting it up as a simple Savings Account?

Steve29

Interesting. I like the simplicity, but it's really three things that are all listed separately on the statement with interest accumulating separately for each thing. So I'd have to be able to assign interest and dividends to each. I could call them securities, but that's not what they are...

UKR

That's why I'm saying "set it up as if it was another savings account", separate from your "regular savings account".

Steve29

Right. Three accounts. That's what I have now. I was just looking to make it one account - for simplicity. But then I have to treat it as three securities within the account...

unknown

Two ways:

1 Set up a separate savings account for the CD, keeping it separate from the other two accounts. You can assign the interest and dividends as you need to.

2 Set it up as a security. Name the security "ABC" CD, have the price set to $1 a share, purchase shares to equal the amount of the CD. Enter the interest as reinvested interest (or dividends).

Either way should work well.

Steve29

Okay, got it. I did it via your method #2.

Thanks very much gmalis.

volvogirl

Why do you want them all in one account? You can customize a report and just include the 3 accounts to give you the total.

unknown

Personally I use both ways depending on the circumstance.
I have multiple savings bonds, I also have two CDs.
The savings bonds are recorded as securities in one account.
The CDs each have their own account.

Why?
My financial institution for the CDs allows me to download the transactions, and they have them setup as two savings accounts.

The Savings Bonds I can't download them, and if I was to put them each in their own account, I would have at one time had 10 accounts just for them on my account bar. It is just easier to have them as securities. Note I'm not really using anything special "bond actions". I just put in their starting value and do interest income transaction when interest comes in for them.

Steve29

Great. Thanks everybody. That makes perfect sense -- two options. Separate accounts, or separate securities in one account.

Thanks for the help --