Can I separate a money market checkbook register within a brokerage account? (Q Mac)

Phyllis Ann

Hi all, I have a brokerage account which is mostly for investment growth but is also sometimes used to pay bills. I have connected that account to Quicken automatically, which is very convenient, but I don't seem to be able to keep a record of those expenses anywhere, and I need to for tax purposes.

What I would like to do is keep the money market part of the account in a separate checkbook register, if possible, while still keeping the money in this brokerage account. Is that possible, or would I have to just open a separate checking account and forgo the convenience of having this all in one place?

Thanks for any instructions or advice you may have. -- P

jacobs

Does it not work for you to use your investment account itself as your "checkbook" for this account? That is, you can enter your payments in the investment account (using a transaction type of "Payment/Deposit"), just as you would in a checking account — and all those categorized expenses will show up in your reports. If the money market account is showing in the account as cash, leave it that way, and use the cash to pay your bills. If the money market fund is showing in the account as a separate security, you can do the same thing with an extra transaction: first, sell the shares from the money market fund, creating cash, then enter your expense using the cash. In either case, the value of your brokerage account at the financial institution will match Quicken.

jacobs

Does it not work for you to use your investment account itself as your "checkbook" for this account? That is, you can enter your payments in the investment account (using a transaction type of "Payment/Deposit"), just as you would in a checking account — and all those categorized expenses will show up in your reports. If the money market account is showing in the account as cash, leave it that way, and use the cash to pay your bills. If the money market fund is showing in the account as a separate security, you can do the same thing with an extra transaction: first, sell the shares from the money market fund, creating cash, then enter your expense using the cash. In either case, the value of your brokerage account at the financial institution will match Quicken.

Phyllis Ann

Thank you! I didn't realize this was a possibility.