How to set up a checking account at a brokerage

quartet Member ✭✭
Decades ago (I can't believe I can say that) I began using Quicken on a Windows machine with a company called CheckFree that did bill paying. Then I moved to the Mac and moved away from Quicken. I've just installed the latest version on my Mac and have a few questions on the best way to set things up.

My first question is about how to set up a checking account at a brokerage. I have a cash account at a brokerage where my money sits when it's not invested in stocks or mutual funds. When I buy or sell the cash account is where the money goes to or comes from.

But I have it set up as a checking account and it's where I do almost all of my electronic bill paying.

So my question is: Should I simply create the account as a separate regular checking account or should I let the brokerage handle all the transactions through online updating?

Thank you in advance.


  • J.E.D.
    J.E.D. Member ✭✭
    I write checks out of my brokerage account, but I just use the standard entry process on the brokerage account. Somewhere on the extensive list of entries you can make is the ability to withdraw funds and it allows you to enter a check number. When I download if I don't enter a check number then the it will show up at that point. I am using Quicken for Windows so it may not be similar in MAC.
  • quartet
    quartet Member ✭✭
    Thank you for sharing your experience with this function. I basically let Quicken set it up according to the downloaded data that were sent.

    Since then I've created future bill-pay entries right after making them at my brokerage site. Whenever Quicken has downloaded them it pops up a question that basically asks "Are these two transactions the same?"

    This functionality works fine for me.

    Again, thanks for your help.
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