How do I set up a checking account with a brokerage firm as checking, not brokerage

I have an Ameriprise ONE account which is a checking account. When I add the account in Quicken, I start by adding it as "Checking" but when the Direct Connect finds "Ameriprise" it forces the categories as traditional brokerage accounts. The impact is that my transaction options have details for trades (buy/sell, basis, etc.) whereas I just want to enter transactions as credits/deposits or debits/expenses with appropriate transaction details. This is even an issue because the account download when I connect is only 90 days and Ameriprise does not have a download file that is compatible with Quicken, so I have to manually enter my transactions. Thank you in advance for your insight.

Best Answer

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Accepted Answer
    @JoeJ  The trick to know about doing checking-type transactions from your investment accounts in Quicken Mac is that you must select the transaction type "Payment/Deposit". (It's the last item on the drop-down menu in the Type field.)

    Once you select Payment Deposit, the fields for the transaction change to what you'd see in a checking account, so you can enter category, memo, tags, check number, and create splits. 
    Quicken Mac Subscription • Quicken user since 1993

Answers

  • I had a similar issue with my Fidelity account which in Fidelity's mind is a brokerage account, but in my mind it is a checking account.  On the brokerage account details tab I selected Show Cash in a Checking Account.


    This created a separate checking account with the same name as the brokerage account with something like "checking" added to the end of the account name.  You can rename the associated checking/cash account if you want.  When I run one step all the cash transactions show up in the checking account and not the brokerage account. 

    Downside
    1) You may see the cash settlements for your investment trades clearing in the checking, but it does keep the cash balance for the brokerage account separate from the value of securities held in the account.       
    2)  Reconciling the cash account works differently than regular checking accounts.  It will download transactions and mark them as cleared, but you don't get the option of reconciling in the same way as other bank accounts.

    Upside 
    1)  The checking/cash account synchs like any other banking or savings account to the mobile app or web.
    2)  You can now use the Quicken bill pay using the new checking account tied to your brokerage account.   

    Download File Problem/Question:
    Depending on the financial institution it seems that Quicken will only go back between 30-90 days and download history.  I have never seen it go back any further than 90 days.  Only way I know to enter transactions back further than 90 days is manually from a website or enter them manually.

    Make sure you make a backup copy of your Quicken file prior to turning on this feature in case you don't like the way this works so you can go easily revert back to the old way Quicken handled your account.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    @Just Me and Not Someone Else  You've provided an answer for Quicken Windows to a Quicken Mac question. 
    Quicken Mac Subscription • Quicken user since 1993
  • JoeJ
    JoeJ Member ✭✭
    @Just Me and Not Someone Else Thanks for the response. I am new to Quicken and cannot find the "brokerage account details tab" that gives me those options. When I select "settings" within the account, I don't get those options. As @jacobs mentioned, I am using Quicken for Mac.

    I am comfortable manually entering my 2020 transactions for this account, but the fields available when I create a new transaction are brokerage fields, not checking fields.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Accepted Answer
    @JoeJ  The trick to know about doing checking-type transactions from your investment accounts in Quicken Mac is that you must select the transaction type "Payment/Deposit". (It's the last item on the drop-down menu in the Type field.)

    Once you select Payment Deposit, the fields for the transaction change to what you'd see in a checking account, so you can enter category, memo, tags, check number, and create splits. 
    Quicken Mac Subscription • Quicken user since 1993
  • JoeJ
    JoeJ Member ✭✭
    @jacobs I see that now - that is what I was looking for. Thanks!
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