Adding a certificate of deposit account to Quicken 2018

Steven BoyleSteven Boyle Member
edited November 2018 in Investing (Windows)
It is impossible to follow the instruction Quicken 2018 for PC provides for adding a certificate of deposit account as a security.  I cannot get past step 2.  The instructions are plainly wrong.

Comments

  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited November 2018
    Step # 2 is "Click "enter Transactions".  Is that where you're going wrong?


    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • SimonSezSoSimonSezSo Member ✭✭
    edited October 2018
    I think you first need to determine what type of CD you have.  Is it a "brokerage" CD or a "bank" CD?  A brokerage CD is set up in an investment account as a security.  A bank CD is represented by cash held in a bank account and  is not a security.  It is very important to set up the CD properly (investment vs. bank account) or you will not be able to set up online services for your CD.

    If it is a bank CD, set up a separate savings account and track your interest just like you would in a savings account.  The interest payment frequency depends on what you and the bank agreed upon when you bought the CD.  The interest is usually calculated and compounded daily and paid monthly.

    If it is a brokerage CD, set up a brokerage account (if you don't have one already).  You will need to add the CD as a security with a security type of "CD".  CD prices are in 100s, so if you bought a CD for $100,000.00 at par, you would need to buy 1000 shares a price of 100.00.  You will need to get the investment ID (CUSIP) from your financial institution.  If the CD security is set up correctly, daily prices should be updated each time you download updates from the financial institution.   The prices for a brokerage CD hover around 100, and are usually bought at 100 (a new issue), but when the CD matures it will always be at 100.  Brokerage CDs also have interest payments and the frequency depends on the CD.
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited November 2018
    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • SimonSezSoSimonSezSo Member ✭✭
    edited October 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    Mshiggins that is not true.  I have several brokerage CDs set up on Quicken and they work just fine.  I also have several bank CDs and they work just fine.  Both are set up for online services and work just fine.  There is a "CD" security type that I used, and it seems to work just fine.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited October 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    BUT, there's no CD account type.  What mshiggins stated is 100% true.

    A CD is a Security ... not an Account.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • SimonSezSoSimonSezSo Member ✭✭
    edited October 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    NotACPA - yes there is an account type of "CD".  I would provide a screen print if you want.  A CD is a security yes, but a bank CD is accounted for like a savings account.  When you download information  for a bank CD from your financial institution, it acts like savings account - interest posts like a savings account.  A brokerage CD is a security that gets daily price updates and interest payments like any other investment.  When you assign a security type of "CD" to a security it allows for a maturity date and pricing based on 100s (like a bond).  I have had both kinds of CDs on Quicken for years with online services.  So I know how they work on Quicken.
  • QPWQPW Member ✭✭✭✭
    edited October 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    Well produce that screenshot because Quicken doesn't have an account type of "CD".
    image
  • QPWQPW Member ✭✭✭✭
    edited October 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    Note I have two CDs that download as savings accounts, that doesn't make the type in Quicken "CD".  The account type is "Savings".
    image
  • SimonSezSoSimonSezSo Member ✭✭
    edited October 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    I agree.  I do the same for my bank CDs.  please see my first post on this topic.  You would set up bank CDs as a savings account.
  • SimonSezSoSimonSezSo Member ✭✭
    edited October 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    I meant to say that there was a SECURITY TYPE of "CD".  I misread NotACPA's comment.  My mistake.  
  • Steven BoyleSteven Boyle Member
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    The instructions provided in the Quicken help menu for setting up a CD account is worthless (it's wrong).  
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    But you've never said HOW it's wrong.  You just keep 'Chicken Littling - the sky is falling, the sky is falling".   And we're not mind readers, so we can't fathom where you've gone wrong.

    Also note, that both  C.D. Bales and QPW have stated that they have set up CD's in Quicken ... so why were you unable to do so?  What happened?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • SimonSezSoSimonSezSo Member ✭✭
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    Steven Boyle - please see my post in this string of comments.  I have both Bank CDs and Brokerage CDs.  I have set up both successfully in Quicken for many years.  Please let me know if you have any questions
  • SimonSezSoSimonSezSo Member ✭✭
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    The instructions on how to set up a CD in Quicken are lacking.  I just know how they work and how they should be set up because I worked with them as a profession.
  • Steven BoyleSteven Boyle Member
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    I'm using Quicken Home, Business, and Rental Property 2019.  Try following the directions.  You will see in about 30 seconds how wrong the CD setup directions are.
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited November 2018

    Step # 2 is "Click "enter Transactions".  Is that where you're going wrong?


    Perhaps he is referring to these online instructions
    https://www.quicken.com/support/how-add-certificate-deposit-cd-quicken-security-list

    Instructions
    1. Choose Investing menu > Security List.
    2. Select New.
    3. Enter a meaningful name, such as CD 07-15-2018, where 07-15-2018 is the maturity date. If you have more than one CD, make sure the name is unique.
    4. Click Next.
    5. Select Add manually.
    6. In the Security Type list, select CD.
    7. Click Next and follow the on-screen instructions.
      • Asset Class: Select Cash.
      • Maturity Date: Enter the date the CD will mature-when the funds will become available for withdrawal.
    -- There is no "New" option on the Security list, it is "Add Security"
    -- On the Add Security to Quicken dialog, you should skip the Name box, the Next is grayed out, you click on "Click here" at the bottom.
    -- On the next dialog you enter the name, select CD as the type, and Next takes you to step 7

    So the instructions are confusing at best, and do not cover "bank" CDs, which as others note are tracked as banking accounts one CD per account and do not go on the security list.

    -- Jim QWin Premier subscription
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    @Simon and @NotACPA,

    Please see my new comments near the top of this thread about the online instructions for setting up CDs. I was not able to find any in-product Help on setting up CDs, only how to record interest for CDs that are already set up in a brokerage account

    Are you supposed to use the Bonds Bought transaction to buy CDs in a brokerage account? That is certainly not clear from the Help. 
    -- Jim QWin Premier subscription
  • SimonSezSoSimonSezSo Member ✭✭
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    No, don't use Bonds Bought.  Use a "Buy - Shares Bought" transaction.  The interest posted would be a regular "Intinc" transaction.

    The downloaded prices would be in 100s, so you need to adjust your shares bought accordingly.   A 100,000 CD would have 1000 shares purchased at a price of 100
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited November 2018
    mshiggins said:

    From C. D. Bales:



    There is no such thing as a Quicken "certificate of deposit account".



    If you able to and intend to download the CD transactions, you will have to create an account type that is determined by the financial institution - in my experience, typically a Savings account.



    If you do not intend to download the CD transactions, you can create any asset account type you like ... but it still will not be a "certificate of deposit account", except perhaps in your eyes.



    If you want to track the CD in a Quicken investment account, you may create a security designated as a CD, but there is no particular Quicken recognition/treatment of such a security.

    Thanks.

    The in-product Help > Tracking Bonds and CDs section that NotACPA shows at the top of this discussion only talks about buying bonds, so one might easily be led astray.
    -- Jim QWin Premier subscription
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