How do I use an existing brokerage security as my linked checking account for that brokerage account

Question

For the first time, I downloaded data from my brokerage into a Quicken file.  But the money market account associated with the brokerage account did not download into Quicken as a linked checking account.  Instead, it downloaded as a security in the brokerage account.  How do I make this security my linked checking account for the brokerage account?

Chris_QPW · Answer

A linked checking account in Quicken doesn't work that way.  It isn't an account at the financial institution.  The linked check account is a "virtual" account in Quicken.

When you select to have a linked checking account what Quicken does is push any "cash transactions" to the linked checking account.  The financial institution is still sending information for one brokerage account.

On the subject of whether the transactions for the money market fund are treated as cash transactions in the brokerage account or as a security, well that is up to the financial institution.  And it is usually best to just go with what the financial institution is doing.  If it is buy/selling a given security, you let it do that.  If just taking cash from the cash balance, you let it do that.

Using a linked checking account is more about making it easier to enter transactions like entering a check.