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Can I change an Investment account to allow a cash balance (a "div" transaction)?

Scott_S

The stock accounts I set up a long time ago as single-stock accounts don't allow a cash balance. That was fine while I was reinvesting dividends on those stocks.

Now I'm receiving direct-deposit dividends on some of those stocks into a checking account. I want to record a "div" transaction in the stock account, then turn the direct deposit transaction in the Checking account into an "xfer".

But I can't do that, because those accounts don't allow a "div" transaction.

Thanks,

Scott

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q_lurker

Yes you can.

Edit the Account Details.
Set the option for Single Mutual Fund to No.

Scott_S

Thanks for responding. That option isn't available for these accounts. The only two options are "Tax Deferred" and "Show cash in a checking account".

Bob_L

Can't you use a divx transaction then?

Scott_S

Thanks for responding.

I tried using a "divx" but it creates a duplicate transaction in the Checking account. I suspect I can't delete the downloaded transaction without causing the download process to complain.

My workaround is to create a new Account "Stockname Direct Dep". I can enter the "div" transaction there. Then update the downloaded transaction as an xfer from the "Stockname Direct Dep" account.

It works, but it separates direct-deposit dividends from all the other stock's transactions.

Thanks,

Scott

q_lurker

The only accounts that "don't allow a cash balance", that is, do not have a Cash Balance column, are those set up as Single Mutual Fund accounts, or those with the "Show cash in a checking account" option selected as Yes. I took your reference as to "single stock accounts" to mean the first applied.

If it is the second case, "Show cash in a checking account" option selected as Yes, you should be able to reset that to No and thereby resurrect the Cash Balance column. You should have a "[Brokerage]-Cash" spending account with the Yes that goes away with the No selection. Under the current (?) Yes state, cash dividends automatically get directed to the "[Brokerage]-Cash" account as DivX transactions.

I suggest you be sure you have a good backup before changing from Yes to No, just in case something unexpected happens.

Scott_S

Yes, I originally set the accounts up as a single stock/fund accounts. There seems to be no way to alter that. These are DRIP stocks, so there was no brokerage involved. I didn't realize the limitation until I stopped the reinvestment of dividends.

Still, since such an account can be a stock it seems like a defect that it can't have a cash balance. Oh, well.

Thanks for replying.

Scott

Bob_L

https://community.quicken.com/discussion/comment/20426359#Comment_20426359

When you do a divx it willcreate a deposit in the assciated transfer account. If there is already a downloaded deposit for the same amount in that checking account, then just delete it. The downloaded process won't "complain".