How to link a checking account to an investment account

Lotus Mark

I have a Raymond James investment account which i use as a checking account. I set it up in Quicken as a checking account (RJA checking) and have been entering all the transactions manually for a couple years. I just read that there is a way to link a checking account with an investment account so all the cash transactions can be automatically downloaded. Can I set up a new Raymond James account as an investment account and link it to my existing Quicken RJA checking account?

Jim_Harman

There is no way to link an existing checking account to an investing account.

However you can set up a Raymond James investing account, either online or offline, set it up with a linked checking account, transfer the balance from your current account to the linked checking account, and start using the new account.

Start by backing up your data file in case something goes wrong.

If offline, enter your current security holdings when it asks for them and when it asks for the opening balance, enter the balance from your existing checking account. When the setup is complete, click on the gear at the top right of the account and select Edit account details. Set the Show cash in a checking account option to Yes. This will create a special linked checking account with a name like <your new account name> - Checking. You will see an Opening Balance transaction in this account. Delete this and transfer the balance from your existing checking account to the new one.

If you are setting the account up for online access, it will be a little more complicated. Follow the prompts for setting up the new account and when done, select the Show Cash in a Checking account option as above. This will put a bunch of downloaded transactions in the new linked account that duplicate ones that are already in your other account. You will have to delete these. When you are done, transfer the balance from your existing account to the new one. You may have to edit the Opening Balance in the new account so that the current balance is correct.