Best way to log investment action = transfer money?
Quicken Classic Deluxe for Mac, Version 7.4.2 on MacOS 12.6.1
While manually entering transactions from my broker's statement into Quicken, I used Transfer Shares of the sweep MMF from an IRA to a taxable account (RMD) because I couldn't find a way to move cash from one account to another, as you could do in Quicken Mac 2007. Quicken created many small transactions to purchase shares in the receiving account. But this is not optimal and makes it hard to resolve errors. Is there a way to log a transfer of cash from one account to another? Or should I just use Misc. Expense in the sending account and Misc. Income in the receiving account? Quicken Mac 2007 handled this very well using the Transfer Money action.
Best Answer
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In the register of your IRA account, enter a transaction with type Payment/Deposit and in the Transfer column enter the name of the account you want to move the cash to. If you don't see the Transfer column, you can select the Columns button in the lower right corner & select it from the list.
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Answers
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In the register of your IRA account, enter a transaction with type Payment/Deposit and in the Transfer column enter the name of the account you want to move the cash to. If you don't see the Transfer column, you can select the Columns button in the lower right corner & select it from the list.
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Jon,
Thanks so much for your help! That worked like a charm. I hadn't known how to bring up the Transfer column until you described the Columns button in the lower right corner. I am very grateful.
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Also, if you go into Settings and on the Registers tab check the box labeled "Allow creation of linked transfers using the category field", then you don't need to use the Transfers column to enter a transfer, you can just enter the transfer in the Category field. For example, to transfer money from your IRA to an account named "Savings", you would enter "Transfer:[Savings]" as the Category when entering the transaction in the IRA register.
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