How to add additional transfer accounts to the ENTER TRANSACTION screen.

Geerald146

On the Enter Transaction screen in my borkerage acct it only gives me the option to transfer interest earned into my main checking account. I want to transfer this interest to a money market acct. When I click on the down arrow next to the "Transfer account" it does not open up any other accts. I cannot type over the checking account name in the block to make the change. Suggestions of how this can be changed?

UKR

"Tax free" is not equal to the "Tax deferred" setting (which is used only for retirement accounts).

Get rid of the Tax deferred setting and the Interest Income transaction dialog will have a list of Transfer to accounts available for you to use.

If your brokerage shows two transactions, one for Interest received and one for cash transferred out of account, then you should record this as two transactions.

If the Money market account is an internal "Sweep account", used to automatically roll over excess cash in the account:
Does the brokerage download sweep transactions?
If not, I wouldn't bother with recording sweep transactions, coming or going either way, and just simply have the amount of money swept into the MMF account as part of your cash balance. Less manual work and the account will just reconcile fine of you reconcile to the sum of (Balance of MMF account + unswept cash balance in investment acct)

Rocket J Squirrel

Is your brokerage account "linked" to your checking account? Setting up an account that way is the only way I can reproduce your problem.

In the brokerage account, click the gear in the upper right and choose "Edit Account Details". Is "Show cash in a checking account" set to Yes or No?

Geerald146

It is set at "no". I think I tried changing this to yes and it began to download lots of transactions that had nothing to do with the brokerage account. Thanks for your help. Hope you can tell me how to get this fixed.

Rocket J Squirrel

I don't know. Never seen this before. All my accounts appear in the Transfer Account field.

Try the usual troubleshooting steps if you haven't already.

Boatnmaniac

@Geerald146 - I have not been able to replicate your described issue, as well, except in the case where the brokerage account has a linked checking account in which case the only account the cash could be transferred to is that linked checking account (Quicken does that automatically). 

Can you be more specific about what kind of transaction you are trying to enter into your brokerage account?  "Inc - Income (Div, Int, etc.)" or "Cash Transferred out of Account" or "Withdraw" or ???

Also, is your brokerage set up as a tax deferred account or was it at one time set up as a tax deferred account? 

Accounts set up as tax deferred accounts will not allow the option of transferring cash in "Inc - Income" transactions to any outside account.  Instead, you would need to let the cash be deposited to the tax deferred account first and then enter a separate "Cash Transferred out of Account" transaction to accomplish that. 

But I was surprised to find out that when I changed a tax deferred account to "No" it still would not let me transfer cash from an "Inc - Income" transaction to an outside account.

Geerald146

In the account I have the "tax deferred" block checked yes. The account contains tax-free state bonds. I was attempting to record the interest earned on the bond and at the same time transfer it to my money market account which is what the bank does. I do this with my stock earnings and the earnings are transferred to my checking account. Maybe I need to just record the interest earned straight into the money market account and give up trying to have it also recorded under the bond. Thanks for your interest and help.

UKR

"Tax free" is not equal to the "Tax deferred" setting (which is used only for retirement accounts).

Get rid of the Tax deferred setting and the Interest Income transaction dialog will have a list of Transfer to accounts available for you to use.

If your brokerage shows two transactions, one for Interest received and one for cash transferred out of account, then you should record this as two transactions.

If the Money market account is an internal "Sweep account", used to automatically roll over excess cash in the account:
Does the brokerage download sweep transactions?
If not, I wouldn't bother with recording sweep transactions, coming or going either way, and just simply have the amount of money swept into the MMF account as part of your cash balance. Less manual work and the account will just reconcile fine of you reconcile to the sum of (Balance of MMF account + unswept cash balance in investment acct)

Boatnmaniac

@Geerald146 - If turning off "tax deferred" for the account still won't let you select your checking account for the cash transfer (it didn't work for me when I tested it), let me know.  I've got an idea that my test shows works and it will also help ensure that Quicken's tax reporting and tax planning features are accurate.

BTW, to make sure your income from your tax-free bonds is not counted by Quicken as income, go to Edit Security Details for each of your tax-free bonds and make sure the "Tax free" box is checked.

Geerald146

Thanks for your help with this.

Geerald146

I checked the tax free box on each of the bonds. They were not checked.