Designating a Sweep Fund

jadney

When I enter my brokerage account transactions, cash interest or dividends now require 2 separate transaction entries. It would be useful if Quicken allowed me the option to designate one of my holdings in that brokerage account as my "Sweep" or Settlement account and let the cash flow directly there in a single transaction entry. I can do this as 2 separate entries, but that's twice as many keystrokes and twice as many chances to make a typo.

This would be very much like reinvestments are now: The dividends are paid and reinvested in a single step, rather than 2 steps.

Rocket J Squirrel

Many of us choose to treat the money market sweep account simply as the cash balance in the Quicken brokerage account register. It seems more intuitive and is certainly less work. I take it you're manually entering all your transactions rather than downloading them? Have you considered this simpler approach?

jadney

I admit that I'm doing manual entry. I tried downloading credit card info ONCE and that got me a lot of garbage. Maybe I should try some of the other sources to see if they go better.

I can see the ease of just leaving this as cash, but that seems, well, sloppy. I'd prefer to assign this money where it belongs, in shares of a particular account, that also happens to earn interest. Not sure how I would enter interest in that if it were just "cash." Maybe that's simple.

Nevertheless, I'd still like to suggest that designating a sweep account would be a good and useful option for Quicken.

Jim_Harman

To deal with interest from the settlement fund, you can set up a security with the name of the fund but zero shares, and enter it as a Div from that fund.