How to link a settlement account to a brokerage account?

martianewell

I just converted from Q for Windows to Mac. IRA and Non-IRA accounts both had settlement funds which were linked. (I don't download from brokerage houses - just record keeping). I know these accounts are technically money market accounts with their own symbol. Do I need to change the account setup for the settlement accounts to make them link to the IRA and Non-IRA accounts? If I do, will cash balances resulting from sell transactions show up in the settlement account?

John_in_NC

Quicken for Mac doesn't support "linked" accounts. (Perhaps that is how you had QWin setup to show cash in a separate account.) 

While you do not download transactions, many brokerages will simply report this as "cash" and hide the fact that it is held in an underlying MMF. Other brokerages, however, will show the Buy/Sell, etc. transactions going into purchases of said MMF ticker. While the latter is technically correct, this adds a lot of transactions.

The Mac investment accounts can show cash balances within the register, and it will likely be easiest if you represent the cash there unless it is indeed a separate account. Then you would have to use cash transfers between the two accounts and show the subsequent buy of the MMF. Different brokerage houses do things differently regarding cash/settlement/sweep funds, so how you approach this is unique to you. 

Yes, you can write checks, reconcile the cash balance, etc. from the brokerage account if needed.

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John_in_NC

Quicken for Mac doesn't support "linked" accounts. (Perhaps that is how you had QWin setup to show cash in a separate account.) 

While you do not download transactions, many brokerages will simply report this as "cash" and hide the fact that it is held in an underlying MMF. Other brokerages, however, will show the Buy/Sell, etc. transactions going into purchases of said MMF ticker. While the latter is technically correct, this adds a lot of transactions.

The Mac investment accounts can show cash balances within the register, and it will likely be easiest if you represent the cash there unless it is indeed a separate account. Then you would have to use cash transfers between the two accounts and show the subsequent buy of the MMF. Different brokerage houses do things differently regarding cash/settlement/sweep funds, so how you approach this is unique to you. 

Yes, you can write checks, reconcile the cash balance, etc. from the brokerage account if needed.

martianewell

This is exactly the information I was looking for. Many thanks.