How to use Money Market as a cash account

Mark256 Member ✭✭
edited October 2022 in Investing (Windows)
I have several investment accounts where the “cash” account is a money market account. When I buy a stock Quicken sees it as a sale of the money market account and wants to record proceeds “to this account’s cash balance.” Of course, this should be a deduction from the money market account since I purchased a stock.

This results in false balances in the money market and the non-existing “cash” account. This must be a common problem, so how do you all handle this? I know that I can create an affiliated cash account and use the money market account for that, but I already have a lot of investment accounts and this will make it confusing.

I use Quicken 2020 Home, Business, and Rental Property

Best Answers


  • Mark256
    Mark256 Member ✭✭
    Jim and Not CPA thanks, I would not have figured that out. You are geniuses.
  • Rich_M
    Rich_M Member ✭✭✭✭
    @Jim_Harman My Fidelity accounts technically keep cash in a core MMF, however they never properly transmit the necessary buy/sell transactions to Quicken to keep the core fund in balance in my register.

    As a result, to simplify things, I have always shown my core fund as cash, this works fine for me.
    Quicken 2017 Premier - Windows 10 Pro
  • Rick56
    Rick56 Member ✭✭✭
    edited November 2020
    Sure would be easier if Quicken allowed the stock purchase to come directly from the money market accounts instead of entering an additional transaction manipulating between money market and cash accounts for each purchase.
  • I am trying to use a Fidelity brokerage account as a checking account - record checks, balance account etc. - Can I do that???
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited September 2022
    DG@CP-nc said:
    I am trying to use a Fidelity brokerage account as a checking account - record checks, balance account etc. - Can I do that???
    Yes, you can do that. Have you read the earlier posts in this discussion? They should answer your question.

    Basically you go to the account's gear menu, select Edit account details, and select Yes next to Show cash in a checking account. If your account uses a money market fund to hold its cash, you would enter a Sell for the balance of that fund and delete or not accept any downloaded Buy and Sell transactions for that fund. The account's cash will then be shown in the linked checking account, which you can treat like any other checking account.

    Be sure to back up your data file before making these changes, in case you do not like the result.
    QWin Premier subscription
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