Money Market account treated as a cash account

I purchased a new money Market fund and chose to treat it as a cash account what I set up the investment in Quiken. I now want to treat it as an investment. Can I change the way the money market account is accounted for?
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Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    It sounds like you are not downloading from the financial institution.  Downloading from the institution will automatically set up the account for you in Quicken with the correct type of account.  And that can be important because if you bought a MMF (mutual fund) from investment brokerage it would be set up as an investment account.  But if you are talking about a MMF purchased from a bank, it most likely will be downloaded and set up as a savings account.
    If indeed you have set up and are managing the account manually:
    • What you can try is to go to Account Details > upper right Gear icon > Edit Account Details > Display tab > change the Account Intent to "Investment".  If that gets you what you are wanting to see then, great.
    • If not, then you will need to create a new investment (brokerage?) and then delete the cash account.  You will not be able to change the currently established account type from Cash to Investment.
    Does this answer your question?
    (QW Premier Subscription: R42.21 on Windows 10)
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Are you talking about an "Account Type" within Quicken itself, e.g., Checking, Brokerage, Asset, etc., or are you referring to how the security (my assumption) is being reported within the Quicken Account?  Within a Quicken Account Money Market Funds - which are securities - can either be reported as securities or as "cash."
  • I was wanting the money market to be reported as a security, not cash. How do I elect that option?
  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    The ability to make a choice on that seems to be dependent on whether the financial institution itself offers that option in the way it downloads information to Quicken. Since your initial comment indicates you were once given an option to do that, the discussion in the link below may help you find how to switch it back. My FIs do not allow switching MMFs/Cash handling so I can't test it for you.
    Switch money market fund back from cash to mutual fund? — Quicken
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited September 4
    I was wanting the money market to be reported as a security, not cash. How do I elect that option?
    Are you downloading the MMF account from a financial institution or are you manually entering the data?
    If you are manually entering the data you can set up the account however you want to.  To be able to enter it as a security you will need to set up an offline (manual) Investment account and then you can manually add the MMF security and manually enter your MMF purchase(s).
    If you are downloading from a financial institution:  Who is the financial institution?  And which MMF is it?  (The ticker information would be helpful.)
    As I mentioned in my previous post, you cannot change the account type for the account you already have set up in Quicken...so, you cannot change it from a Cash account to an Investment account.
    (QW Premier Subscription: R42.21 on Windows 10)
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Assuming you are doing this manually and not downloading transactions, you would set up the money market fund as a security and if you don't already have one, an offline investing account to hold it.

    Then in the investing account you could click on Enter Transactions and enter a Buy transaction with the Cash source being the banking account you have already set up. If you have $1,234.50 in the banking account, you would buy 1,234.5 shares of the money market fund at $1.00 each. You will be left with no money in the banking account and 1,234.5 shares of the money market fund in the investing account.
    QWin Premier subscription