New investment accounts
I recently wrote a check to my financial advisor to set up new investment accounts. I have downloaded the information from my investment and have that set up in Quicken. My question is how do I treat the check I wrote from my bank account so it doesn't look like I spent thousands of dollars?
Answers
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In the check transaction in the bank account, enter a transfer to the new investing account by using the account name in [square brackets] as the Category.
In the investing account, you should see this transfer as an Xin transaction. Delete any other transactions that moved money into the account.
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I would have if it were that straight-forward. I forgot to mention that the total of the check was divided among several investments so it isn't one-to-one.
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OK, once you have recorded the cash transfer into the new account, you should see several Buy transactions to purchase the securities. Each Buy should reduce the cash. Is this what you see, or are they Added transactions or something?
Or did you set up a different investing account for each security you hold? Usually that is not necessary; you can have one brokerage account that holds all the securities. But some brokers - T Rowe Price and American Funds for example - require a different account for each security when you download transactions, and do not allow the account to hold cash. In Quicken these are called Single Mutual Fund accounts. If that is what happened, please post back for more instructions.
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