How do I enter a paycheck when the destination is a Fidelity brokerage with a separate cash account

Hi,

I recently consolidated accounts at Fidelity, for several reasons. Fidelity uses UMB to be able to offer banking services (to other posters commenting Fidelity is not a bank).

I initially set up my paycheck as a recurring scheduled item to be deposited to the cash management account, which Quicken treats as a brokerage account. I checked 'yes' for 'show cash in a checking account' and my tracking method is 'complete - positions and transactions'.

It took the entry but the deposited amount disappeared and didn't show anywhere, however, the account shows a cash balance among its holdings.

Meanwhile, when I did the full Fidelity download, the deposited amount showed up in the separate cash account - with nothing to match it to. I accepted that as an entry - however, now the sum of the cash account + the brokerage account in Quicken are greater than the online balance of the account.

I switched the paycheck to be deposited directly into the -cash account (and then the deposit amount DOES show), but then if I try to match the downloaded amount to that it says "you should make this change from the investment account to avoid losing transaction detail. Click Go to Transfer from the Edit menu." I can click "go to matching transfer" in the edit menu and it goes to my paycheck entry in the main account but there's nothing to match there and if I try to edit it to go to the banking account again it complains in other ways.

Given all this - how do I set up my paycheck so that everything reconciles?

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭

    For your Fidelity taxable account, it sounds like you've got "Show Cash in a Checking account" turned on. Correct?

    In that case, direct your deposit to the Brokerage account (NOT the pseudo-checking account that was created) and Q will automatically transfer it to the checking account, as it does with ALL cash transactions in the brokerage account … including that download.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • debbieacog
    debbieacog Member ✭✭

    correct, and that’s what I initially thought but then do I ALSO add the deposit in the -cash account when it downloads from Fidelity (which is where it shows), or do I delete it? It must be that I delete it as otherwise the sum of the balances seems too high. I wish the actual deposit would show up somewhere as a deposit … when I had it going into the brokerage account nothing was showing as a deposit.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭

    NO, you don't need an extra txn in the cash account IF "Show Cash in a Checking account" is turned on for the brokerage account.

    Do EDIT, Account List and click EDIT adjacent to the brokerage account. That will show if this is turned on.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • debbieacog
    debbieacog Member ✭✭

    yes it is turned on (mentioned in first post). I’ll see if deleting the entries in the -cash account brings the total more into line … and delete future downloaded entries (paycheck deposits). And I’ll put my paycheck back to being deposited in the brokerage account. Thanks!