How to best add HISA to my Brokerage account? (Q Win Canada)

TJTex

I have some cash in my brokerage account that I parked in a HISA (High Interest Savings Account). HISA is the term used by BMO for their high interest daily savings investment. It's not really an account but something similar to a GIC but cashable at anytime with interest calculated on a daily basis. There doesn't seem to be any investment type that matches a HISA other than a CD, but with a CD you have to enter a maturity date. I could just add it as a 'Stock' type but then it would be identified as a security and that would mess up my Asset Allocation report. I could set it up as a 'Mutual Fund' type and assign it as 100% cash in the "Mixture". Has anyone else dealt with this and what would the best way to classify this HISA?

Running Quicken Classic Deluxe desktop software version R52.28

Windows 11 Pro

Tom Young

If it's really cash, i.e., no need to buy or sell shares or units, then I'd just keep it as cash in the Quicken Account. I don't know if there's a "downloading" aspect in play here but assuming BMO is actually posting interest income transactions on a daily basis, I'd simply periodically - weekly, monthly - do "catch up" entries as deposits to the Account using an Interest Income Category. Or, you could create a "security" called "HISA" and use an IntInc action periodically to bring cash in Quicken aligned with what BMO is indicating.

TJTex

https://community.quicken.com/discussion/comment/20394530#Comment_20394530

Hi Tom.

There are buy and sell transactions associated with the HISA so I can't just keep it as cash in the account as my cash balance on my statement would not match. The interest is calculated on a daily basis but reported on the statement once a month.

What I did was use some of your advice. I created a new Security as a 'Stock' called HISA with OTC as the exchange and gave it an Asset Class of Cash. Now when I enter the Interest in the HISA I use the Reinvest Interest action in the account register and when I run a report I see the Interest as IntInc. So pretty much what I was looking for. Thanks for the tip.