Can I mirror the cash transactions in a Brokerage account with transactions in a Bank account?

Options
TJTex
TJTex Member ✭✭

I have bank accounts with Bank of Montreal and a Brokerage account with BMO InvestorLine. One of the 'features' of this is that BMO sets up a bank account called "Other Investment" which mirrors the cash transactions and cash balance of the Brokerage (Investment) account with the 'Other Investment' bank account as they are actually 'linked'. It make it very easy to transfer cash online between your checking account and your Investment account.

Of course the downside is that Quicken treats these as totally separate accounts which screws up your 'Net Worth' calculations, among other things. Plus you need to manually enter transactions between the 'Other Investment' Bank Account and the Brokerage Account in Quicken in order to keep track. It's quite a mess to deal with.

So, is there anyway to make the cash transactions 'mirror' one another between the two accounts?

Running Quicken Classic Deluxe Canadian version for Windows Version R52.28

Windows 11 Pro

Best Answer

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Answer ✓
    Options

    There is no way to have a "mirror" account. The closest thing in Quicken is an investment account with a linked checking account where the transactions are downloaded into the investment account and any cash transactions are pushing into the linked checking account (with no cash showing in the investment account).

    If interested in this; the investment account type has to be Brokerage, not any kind of retirement account, and then setting is in the Account Details.

    Signature:
    This is my website: http://www.quicknperlwiz.com/

Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Answer ✓
    Options

    There is no way to have a "mirror" account. The closest thing in Quicken is an investment account with a linked checking account where the transactions are downloaded into the investment account and any cash transactions are pushing into the linked checking account (with no cash showing in the investment account).

    If interested in this; the investment account type has to be Brokerage, not any kind of retirement account, and then setting is in the Account Details.

    Signature:
    This is my website: http://www.quicknperlwiz.com/
  • TJTex
    TJTex Member ✭✭
    Options

    Well, that kind of works in that it splits the cash from the investments. But when I do that I can no longer use 'Reconcile' on the brokerage account to reconcile transactions because it tells me that the cash balance will always be zero. When I try and do that it tells me that I must go to the linked bank account.

    So if I do set this up as a brokerage account with cash in a checking account, how do I reconcile the investment transactions?

This discussion has been closed.