I bought private company stock with a checking account. What is the best way to categorize this?

hbwilliams22
hbwilliams22 Member ✭✭
I purchased stock from the private company I work for. The funds I used were from a linked checking account. The private company account is not linked to Quicken. Is the best route to create a manually added "Company" Brokerage account? If so, what do I do with the purchase transactions int the checking account once the Brokerage account is manually created?
Quicken for Mac

Comments

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited December 2022
    Yes, you'll need a brokerage account to hold the company stock.  The funds in the checking account should be transferred to that brokerage account where you'll execute a BUY of the company stock.
    Isn't that the way that it happened in the real world?

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • hbwilliams22
    hbwilliams22 Member ✭✭
    @NotACPA I sold company stock and the proceeds were deposited in a Quicken-linked checking account. Do I need to transfer this deposit transaction from Checking to the custom Brokerage account and then "Sell" shares? When I do this, the cash balance of the custom Brokerage account zeroes out but shouldn't I have an equivalent cash balance that I then transfer back to the Checking account where it came from (and where it actually lives)?
    Quicken for Mac
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    @hbwilliams22 Was that company stock also held in a Quicken account?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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