How do I set up a checking account with a brokerage firm as checking, not brokerage (Q Mac)

JoeJ

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.

jacobs

@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. 

Just Me and Not Someone Else

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

@Just Me and Not Someone Else  You've provided an answer for Quicken Windows to a Quicken Mac question. 

JoeJ

@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

@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. 

JoeJ

@jacobs I see that now - that is what I was looking for. Thanks!

skshimer

Thanks for the information. I am new to Quicken online running on an M1 Mac. I am trying to set a UBS brokerage account as a checking account. When I open Account Settings I see the "Type" menu but there is no Payment/Deposit option, just 401, trust, other, etc. Am I looking in the correct place? Thanks.

jacobs

"Type" on the account settings screen is the type of account. In this case, it sounds like your account Type should be Brokerage.

"Payment/Deposit" is the Type option you select when entering a transaction in an investment account, when you want to record money into or out of the cash in the account:

NotACPA

Just Me and Not Someone Else said:

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. 

Fidelity Investments is a brokerage firm ... NOT a bank.  By law, they can NOT offer a checking account.  What you've got (and I do also) is a share draft account against the money market fund in your brokerage account.

Fortunately, there are workarounds in Q, both Win and Mac, that allow you to operate what seems to be a "checking account" from Fidelity ... but there are legal differences between it and a true checking account.

skshimer

Thanks for the help. Maybe there is something else I need to set for allowing transactions as the "Transactions" menu is greyed out for all my UBS brokerage accounts.

jacobs

@skshimer If Transactions is grayed out, that account or accounts have been set to "simple investing", where Quicken maintains the balance but doesn't record the actual transactions. Click settings on each such account and set the Investment Tracking Method to Detailed.

BarbGB

When did this change? In a previous version I was able to set up a checking and savings account at my brokerage. Now it only allows brokerage. What is the workaround?

jacobs

To the best of my recollection, this hasn't changed since the debut of modern Quicken Mac in 2014. If you have separate real-world accounts at the financial institution, you can likely set them up as separate accounts in Quicken. If Quicken forces the type to be Brokerage, but it's really a Savings account, just use it as is; as noted above, the only difference is the presence of the Type field which you're set to Payment/Deposit for every transaction.

skshimer

Thanks for all the help. I am making progress and have set the accounts to Detailed. However I still have no option in Type to select Payment/Deposit. All options are investments or "Other." I was trying to add my UBS checking account to Bill Pay but it only shows my TD Bank account and I cannot add any of my UBS accounts. Any ideas?

jacobs

skshimer said:

I still have no option in Type to select Payment/Deposit. All options are investments or "Other." 

It sounds like you are on the Settings screen, selecting Type for the account. "Payment/Deposit" is a menu option in an investment's transaction register. Please re-read my post above.

Sorry, I can't help with Bill Pay as I don't use that feature.