How to setup Fidelity cash management account as Checking vs Brokerage ? (edit)
It seems that the Fidelity cash management account has to be set up as a brokerage account instead of checking. This causes a problem if I try to enter a manual check into Quicken as it only accepts the entry of shares instead of checks. Can anyone give me advice on how to set up the cash management account as a true checking account?
Answers
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Hi, iansmith:
While Quicken for Mac doesn't support "linked" checking accounts, that doesn't mean you can't use the one set up as a brokerage account to perform the same:
Click on "Columns" at the lower right (or right click on any column header), and you can choose to display more checking style columns such as check #, Payee, Category, Tag, etc. Drag the columns around to your liking.
This should allow you to use this account more like a traditional checking register. You can even write checks for printing from an invetment account if needed.
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John, thanks for this. I have already customized the columns to add check #, etc. The issue is the input screen for a manual entry doesn’t allow entry of the check number, just stock price, # of shares, etc. However, when Quicken downloads my cash management transactions it does download check number so the register is accurate. The problem is with tracking uncashed checks. I may send someone a check but unless it is cashed I won’t know it’s outstanding without using a manual tracking system. I will look at the check writing feature you mentioned. Maybe I can create a check in Quicken, not print it and send the bank check, assuming I can enter the bank check number.0
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@iainsmith When you're entering a new check set the transaction type to "Payment/Deposit". The input screen will change to let you enter check #. And if you add the CLR column you can see which transactions have cleared; the status will update automatically when you update your accounts so you don't need to track that manually.
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And when you have these as Payment/Deposit (aka cash transactions in investment accounts), you can schedule transactions (Bill Reminders) and Reconcile the cash side as needed just like a checking account.
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John, thanks for the update. I added the CLR column to the register but am struggling with changing the transaction type to Payment / Deposit. Here's what's happening: From the register I select New transaction and the security entry form pops. I don't see any option to change the input screen to Payment / Deposit. There is a drop down for transaction type that does allow me to choose Payment / Deposit but this seems to filter my register, not give me an entry screen for a check. When I select Payment / Deposit transaction type I lose the entry screen. I then press clear filter and see a blank transaction with 0 shares. Where am I going wrong?0
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It does put you back into the register, you should go ahead & finish entering your check at that point, just as you would if this was a bank account.
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You don't want to change the Filters to Payment/Deposit (which you doing)-you want to change the Transaction Type in the transaction itself when entering:
Once you switch the transaction type there, the other fields become active as shown above. All your cash transaction options are also available as well for adding splits, printing checks, etc.
When you enter the Type field, you can simple enter P and it will autofill with the Payment/Deposit.
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John, Your screen shot really helped. My screen didn't have the Type field but I was able to add it. Problem solved. Thanks very much.0
