Asset Class designation for Account Type Savings

Miss Elise
Miss Elise Member
edited January 7 in Investing (Windows)
How can I create an asset class for account types that are savings accounts? For example CD's and savings accounts at banks. When I click on edit account details there is no provision to identify the asset class.

Comments

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited December 2022
    "Asset classes" are a designation that can be applied to securities in Investment Accounts.  Within an Account Type of Checking or Savings there's no way to apply asset classes. 
    You can go into the "Display Options"  of a Checking or Savings Account and change the "Account intent" to "Investment."  The Account will move into the Investing section of the Account Bar but will retain their Types as Checking or Savings. 
    The other way of going is to create new Investment Accounts for savings and CDs and create pseudo "securities" for various CDs and savings and apply the appropriate asset class to those "securities."
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    You *should* be able to include banking account assets in your Cash allocation by setting the Account Intent to Investing, but unfortunately it does not work. I consider this a bug in Quicken.

    One way you could work around this limitation would be to create a manual investing account that is normally marked Separate so it is not included in your reports. When you want an Asset Allocation report that includes the cash in your banking accounts, you would manually set the balance of this account to match your total  banking account balance and un-check the Separate box.
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