How do I split up a Morgan Stanley Cash Management Account

Nashvegas

I have a Cash Management Account that has three components to it: Checking, Savings, and CD. The problem is they all use the same Cash Management Account number. I'm trying to figure out how I can track them separately. I'm thinking I can just set up two separate accounts for the Savings and CD and just track those two manually. Any other ideas?

Tom Young

So all transactions - payments, deposits, transfers to and from savings, purchases of CD, maturity of CD, etc. - all run through the exact same account?  Do the statements themselves distinguish between the Checking, Savings and CD balances?  Does the statement make a distinction among the 3 when it comes to transactions, i.e., effectively you have 3 distinct statements on one "statement" from the financial institution.

Without actually seeing how information is presented to you it's a bit difficult to know the "best" way of accounting for this.  I was thinking of using Tags - checking, savings, CDs - as an approach but that would entail making some "self-referential" entries for "transfers" between the 3 products.  So, for example, if you took $1,000 from checking and moved it to savings and wanted to use Tags, you'd have to make two entries, both self-referring.  The first entry would be to deduct money from checking and the second entry would be to add money to savings, all without affecting the sum of checking/savings/CDs.

Assuming he checking activity in any given month far exceeds the savings and CD activity, probably making the savings and CDs separate Accounts would be the way to go, though depending on statement presentation you'd have to reconcile 3 different Accounts.