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How can I attach a brokerage account to property?

Jay Duff

I just upgraded from 2017 Premier (Windows) to HB&RP 2019. My rental income gets deposited into my LLC's Schwab Brokerage account, but Quicken won't let me attach the brokerage account to my property asset in the Rental tab. It looks like Quicken will only allow me to attach my checking and saving accounts.

Since my rental property is owned by my LLC, and Schwab Bank is personal only, I have to use Schwab Brokerage for the LLC's finances. I can't be the only Quicken user to have this problem.

What is the recommended practice for tracking my rental with a brokerage account?

Thanks!

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Comments

Tom Young

I've never used the rental version so I can't quite grasp the "attach" aspect of the question. I'd guess the rental version uses Tags to associate rental income to property and the Investment Accounts don't allow the use of Tags.

One workaround - if I've guessed correctly - would be to set up a "dummy" bank Account, one not associated with any Financial Institution, and make your "deposits" there. That would allow the use of a Tag as part of the transaction. Then you zero out the dummy account with a Transfer to the brokerage Account where the deposit actually occurs. The transfer, of course, has no Tag that connects it to the rental unit.

It's a little more work but the use of memorized transactions should reduce the effort somewhat.

unknown

I've never used the rental version so I can't quite grasp the "attach" aspect of the question. I'd guess the rental version uses Tags to associate rental income to property and the Investment Accounts don't allow the use of Tags.

One workaround - if I've guessed correctly - would be to set up a "dummy" bank Account, one not associated with any Financial Institution, and make your "deposits" there. That would allow the use of a Tag as part of the transaction. Then you zero out the dummy account with a Transfer to the brokerage Account where the deposit actually occurs. The transfer, of course, has no Tag that connects it to the rental unit.

It's a little more work but the use of memorized transactions should reduce the effort somewhat.

Note it is actually possible to use tags in an investment account, using a "backdoor".
Wherever you have a category you can enter: category/tag.

Note I tested this with a cash transaction it worked, but it might surprise you on how it works. When you leave the category text box the tag will "vanish". This is because it is transferred to a hidden tag field. But if you record the transaction and look at the category you will see it. You can see this a bit clearer in a non investment account where you are showing both the category and tag. When you do this it will "vanish" out of the category field and go into the tag field.