Can you change type for account to other choices, like from Investment Brokerage to Banking Cash?

schodorf

On my Quicken for Mac: When setting up my brokerage, IRA and Cash accounts (cash account is where I can write a share draft, ie a check) with Fidelity, all the accounts fall under the "Investments" area of my accounts (but when I set up Wells Fargo checking and savings accounts, they fall under "Banking". I can not seem to change my Fidelity cash account from "Investment" to "Banking". It belongs in my opinion under "Banking". (The Cash account under investments does not let me see my cash availability all in one place - ie "Banking".

Can Quicken for Mac allow the changing of an account by Type to whatever they want, so that the end user (who knows how they want to organize their data best), can get the best out of their Quicken for Mac application?

Quicken Anja

Hello @schodorf,

Thank you for reaching out to the Community with your question.

Could you please provide which version of Quicken you have currently running?

• Quicken > About Quicken

You can change account types through the Account Settings by navigating to the Settings gear icon on the bottom-right corner of the Account Register. Once Settings opens, you should see a section titled "Account Type" with a dropdown list to choose which type you would like to assign to it. 

Please, keep in mind that changing the account type will change the entire account to the type you choose to select. So, if the account is in fact supposed to be an IRA, you may want to leave it like that and instead create a linked Cash account.

I hope this helps!

John_in_NC

Yes and no. Yes, you can switch account types as Quicken Anja noted, but that only works in certain cases-and it won't work for trying to switch investment accounts to cash/credit (Banking) accounts. So, no, you're not going to be able to make your Fidelity account show up under Banking.

There are no linked cash accounts in Quicken for Mac, and that is really what I suspect you are concerned with. (You use this investment account (which it really is) for daily cash activities.)

I don't know if it helps, but you might wish to show columns such as check number, category, etc. in this investment account to make it feel like a more traditional banking register. It certainly will work for that.

schodorf

Anja: Quicken version: Version 6.0.3 (Build 600.37136.100) on MAC.
My Fidelity Cash Management Account is under Investing (predetermined by Quicken when setting up the account by logging into Fidelity). Quicken will not let you change "Type" on this type of account, its grayed out.

John_in_NC: Thank you for responding, I appreciate your input.
I believe you are correct on switching accounts - it depends.

BTW, Fidelity calls the account I would like to move to Banking "Fidelity Cash Management Account" and is comparable to a bank in its function. There are no brokerage type activities in this type of account. Yet when setting up the account and logging into Fidelity to get transactions, Quicken decides what "Type" of account this is. From that point - it is not editable. (hence it depends!)

The real reason I wanted to switch "Type" is so that my Fidelity Cash Management Account is consolidated under the Banking section, so I would have an actual running total of my Cash - all in one place.

Does anyone know how to request a new feature in Quicken for MAC? I find it unfortunate that Quicken makes these "Type" decisions on accounts, not the end user.

Chris_QPW

schodorf said:

Does anyone know how to request a new feature in Quicken for MAC? I find it unfortunate that Quicken makes these "Type" decisions on accounts, not the end user.

Actually the decision was made by Fidelity not Quicken.

All investment accounts are Direct Connect.  When Quicken first goes to connect such accounts it asks the financial institution what accounts are available, and in that response along with other things there is the account type.  That is how Quicken knows what type of accounts you have.

Fidelity has sent the account type of "investment" instead of "checking/savings".
And most likely they did it for a reason like it can in fact hold a security and as such has to be called an investment account instead of a checking account.  That last part I might have wrong, but for sure it is Fidelity that decides what to tell Quicken as far as what kind of account it is. Quicken doesn't have a clue about that and certainly can't change the account types just because the user wants it.  The transactions/information that is sent for each type are different.

schodorf

Chris_QPW, thank you for your comment.

Fidelity cash management account does not have any brokerage services, as I stated earlier. Its a good theory that fidelity sends the account type!

I feel this is incorrect: "Quicken doesn't have a clue about that and certainly can't change the account types just because the user wants it"

The entire point is the account is not a brokerage account, and it should have the ability to be changed to the proper type.

Do you know how I can request an enhancement to future versions of quicken?

Quicken Anja

@schodorf said:

Do you know how I can request an enhancement to future versions of quicken?

To request new features and/or feature enhancements for future implementation, what you can do is create an idea post and add your vote. Our development team frequently uses our idea posts in order to improve Quicken and implement new features requested by customers. This way other users who have the same or a similar request can vote on your idea.

I hope this helps!

gvbmd

Using Quicken subscription for MAC. Had the same problem with a Wells Fargo IRA account the was classified as a brokerage account and not a retirement account. Could not change the type in account settings as the dropdown box was grayed out. I deactivated the direct connect download and then reactivated it. During that process you choose the type of account and that is where I corrected it and now the issue is resolved. GVBMD

cwiener

> @gvbmd said:
> Using Quicken subscription for MAC. Had the same problem with a Wells Fargo IRA account the was classified as a brokerage account and not a retirement account. Could not change the type in account settings as the dropdown box was grayed out. I deactivated the direct connect download and then reactivated it. During that process you choose the type of account and that is where I corrected it and now the issue is resolved. GVBMD

I had this issue with my Fidelity accounts. When setting up and downloading the accounts for the first time, I chose the correct account type from the drop-down menu (i.e., Brokerage, IRA, Roth IRA) but these selections were ignored and all the accounts were set up as Brokerage.

Following @gvbmd’s advice I disconnected the affected accounts, selected the correct account type, and reconnected the account. Not ideal but it gets the job done.

fletch11

I have the same issue with Schwab. The account is a cross between a banking account (I write checks from and deposit on a regular basis) and an investment account where I periodically put money into funds. In my opinion, it should show up as a "banking" account so that I can easily categorize transactions, set up bill pay, etc. I believe Quicken needs to create a way to treat this type of account - it's really part investing, part banking. These are becoming more and more common and if we can't treat it like we do our other bank accounts, we'll be unable to use Quicken for day to day banking activity.

fletch11

I created a new idea post for this. If you have time, could you please cast a vote for it? Search for "Create Investment/Banking Hybrid Account"

almcate

Having same problem, disconnecting doesn't help. Reconnecting defaults type to brokerage from Fidelity and it can be toggled to a retirement type before downloading, but when finished, Quicken reverts to brokerage and the option to toggle type in settings in greyed out.