Setting up a money market account in an IRA

njcarson8

I've set up an IRA and entered our stock and mutual fund investments. There is also some money in the brokerage's generic money market that does not have a ticker symbol. What's the best way to set that up, and then enter monthly dividends/interest? Thanks!

Frankx

Hi @njcarson8,

You just need to set up a new security in Quicken that won't have a ticker symbol, then you'll need to enter income and potentially other transactions manually.

To set it up: (N.B. - these instructions are from the Windows version, so they may differ slightly from the Mac version):

1) Go to "Tools" and then "Security List" and click on "Add Security";
2) At the bottom of the pop-up you should see a "click here to enter it manually" button - click it.
3) That should take you to a screen where you can enter the "name" of the money market fund and select "Money Market as the "type";
4) On the next screen select "Single Fund" and "unclassified";
5) Click done.

Let us know how this works for you.

Frankx

NotACPA

The stray cash in our (mine & wife's) retirement brokerage accounts I just leave as CASH.

Much simpler than manipulating all of the buy and sell transactions of the MMF anytime that there's a change in stock/fund holdings or dividends.

Frankx

Hi @njcarson8,

You just need to set up a new security in Quicken that won't have a ticker symbol, then you'll need to enter income and potentially other transactions manually.

To set it up: (N.B. - these instructions are from the Windows version, so they may differ slightly from the Mac version):

1) Go to "Tools" and then "Security List" and click on "Add Security";
2) At the bottom of the pop-up you should see a "click here to enter it manually" button - click it.
3) That should take you to a screen where you can enter the "name" of the money market fund and select "Money Market as the "type";
4) On the next screen select "Single Fund" and "unclassified";
5) Click done.

Let us know how this works for you.

Frankx

njcarson8

Thanks! I will try it when I get home tonight and let you know, but I'm sure it will do the trick. Much appreciated.

NotACPA

The stray cash in our (mine & wife's) retirement brokerage accounts I just leave as CASH.

Much simpler than manipulating all of the buy and sell transactions of the MMF anytime that there's a change in stock/fund holdings or dividends.

njcarson8

Frankx approach worked fine ... I see that the CASH approach would pretty much do the same thing. Thanks to both of you for you help, very much appreciated.