Cannot record transfer. You do not have a position in the destination account.

Question

I am trying to enter balances into Quicken 2019 Deluxe from a previous version that stopped downloading properly mid year. I have entered zero entries that are supposed to be the same thing as a journal entry many times before. I chose the checking account to enter the balances in, the offset line to zero the transaction is to category "Opening Balance". I get the message "Cannot record transfer. You do not have a position in the destination account.". I've never seen this message before in any version of Q and I've been using Q since 1994. I don't know why it thinks it's a transfer. Anyone know how to get around this?

Sherlock · Accepted Answer

The error message typically appears when attempting to apply a transfer funds to a single mutual fund brokerage account that has not yet had its fund assigned.  To resolve the brokerage account issue, either allow the account to hold multiple securities or assign the mutual fund (for example, by adding and deleting a holding).  Note: Quicken does use a self-referencing transfer transaction to establish an opening balance.