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Quicken for Mac: How to manage single fund account that does not support a cash balance?

circustown

On their website, my Franklin Templeton account has a single fund (e.g. "Strategic Income") that does not have a cash balance. In other words, money deposited is added as shares. When shares are redeemed, money is ACH-transferred to another institution. There is no support, nor display, of a cash balance.

In Quicken, downloaded transactions correctly display the buy/sell of shares. However, when shares are redeemed, the proceeds appear as the account "Balance" (i.e. cash in the account) because no ACH transfer is included in the .QFX download. In Quicken, the account has an ever-increasing cash balance.

Ok, I tried to either adjust the balance or transfer the cash to the appropriate other account in Quicken... But there is no option to enter a manual cash transaction to adjust it... All options are "share based" except "Misc expense"...

How do I adjust the cash balance in Quicken to reflect a zero (no cash) balance? I can't add/remove shares because they're already correct. I've contacted FT, but they say the account is a "share account" so there is no provision for downloading ACH cash transfer transactions.

Puzzled and confused... and hoping someone has solved this and will share their brilliant guidance...

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Accepted answers

J_Mike

Use the "Payment/Deposit" transaction type to enter the cash transfers.

You will have temporary cash balances shown for Buys, Sells, Div, etc., but you can zero out the cash balances with the appropriate transfers.

All comments

J_Mike

circustown

Thank you J_Mike
If I understand correctly, I should
* Add a payment/deposit transaction
* Payee is just a memo (e.g. "adjust balance") not another Quicken account
* Category/description (e.g. "adjustment")
* Check # (not required?)
* Memo (e.g. "adjust balance")
* Tags (if desired)

This will adjust (e.g. reduce) cash balance, leaving all these "adjust" notes in the register to explain the purpose...

Question: you mentioned that the balance would zero out "with the appropriate transfers"... but without actually transferring to another account. Right?

Thanks again!

J_Mike

My assumption is that you must have another account in QMac that carries the cash balance.
For a Buy or a Sell of "Strategic Income", where does the cash come from or go to?

Using the Payment/Deposit type transaction, you would enter a Transfer to/from the account holding the cash.

circustown

I have not added to the account, only the reinvestments cause buys, so no cash-in transactions on those. The redemptions FT automatically ACH transfers the proceeds to a Capitol One checking account. So they appear as ACH "from Franklin Templeton" in the CapOne account, because of the CapOne downloaded transaction. No corresponding transfer-out in the Franklin Templeton to be a matching transaction.

Thanks to your most recent "transfer" prod, I again checked the Description/Category field in adding a Payment/Deposit transaction. I had expected to find the other Quicken accounts (as destination or payee) as I had always in earlier Quickens. Now I find a Category of "Transfer" with the accounts beneath that.

If I add a Payment/Deposit transaction as "Transfer"->"CapOne checking" for the exact amount and date, will Quicken recognize it as a matching transaction? If so, this is way better than "adjust the balance" manual entries.

I've used Quicken since V2 (Windows), but the new user interface is so vastly different, it feels that I must relearn Quicken...

Thank you (in advance) for what appears to be a workable alternative to the brute force "adjust the balance and make a note" approach to reconciling...
Thank you again...

J_Mike

If I add a Payment/Deposit transaction as "Transfer"->"CapOne checking" for the exact amount and date, will Quicken recognize it as a matching transaction?

Yes, Mac should recognize the match.
If it does not automatically match, then drag/drop one transaction over the other to get the match.

circustown

J_Mike, you provided exactly what I had hoped! It is dramatically different than the earlier interface, and I appreciate your patience and ability to understand and explain. Thank you! (I'll mark your original as the solution)