What Kind of Account Should I Use for Morgan Stanley

Zoolook

So I have 2 accounts with Morgan Stanley, one of which is a 'hybrid' checking account with the ability to invest. I cannot get Quicken to connect to any of my MS Wealth Management accounts (I've reported this, as Banktivity and YNAB are not having this issue) but I would like to know what kind of account I should create in Quicken Mac to be able to do most regular cash transactions, and also buy stocks. As far as I can see, an investment account won't let you pay your credit cards, and a checking account won't let you buy Mutual Funds.

MontanaKarl

Your hybrid account (basically an investment account with checking feature) should be set up as a Brokerage account (or IRA, etc from the pop-up list).

To pay your credit card bill from an investment account, you create a new transaction ("+") button, set the type to "Payment/Deposit" and set the Description/Category to "Transfer:[Name of your Credit Card Account]" with the payment amount in the Cash Out field.

Morgan Stanley Wealth Management connects with Quicken perfectly fine via Direct Connect, at least with Quicken 2020 Mac. Not sure what might be amiss if you cannot set up the connection.

MontanaKarl

Your hybrid account (basically an investment account with checking feature) should be set up as a Brokerage account (or IRA, etc from the pop-up list).

To pay your credit card bill from an investment account, you create a new transaction ("+") button, set the type to "Payment/Deposit" and set the Description/Category to "Transfer:[Name of your Credit Card Account]" with the payment amount in the Cash Out field.

Morgan Stanley Wealth Management connects with Quicken perfectly fine via Direct Connect, at least with Quicken 2020 Mac. Not sure what might be amiss if you cannot set up the connection.

Zoolook

MontanaKarl said:

Your hybrid account (basically an investment account with checking feature) should be set up as a Brokerage account (or IRA, etc from the pop-up list).

To pay your credit card bill from an investment account, you create a new transaction ("+") button, set the type to "Payment/Deposit" and set the Description/Category to "Transfer:[Name of your Credit Card Account]" with the payment amount in the Cash Out field.

Morgan Stanley Wealth Management connects with Quicken perfectly fine via Direct Connect, at least with Quicken 2020 Mac. Not sure what might be amiss if you cannot set up the connection.

Thanks - I tried again and it worked. I think it is sensitive to the type of account you try and set it up as.

The downside is that the typical reports and summary income/expenditure you get on regular banking accounts won't be available for this account.