bank CD not showing up in reports

dave hulett

Been using Quicken for 25 years. With rates as they are I began purchasing CD's. No problem with CD's in my brokerage accounts but I recently purchased a bank CD that despite showing in the INVESTING page and downloading correctly, does not show up in ANY reports. From the Forum it looks like this has been in issue since at least 2020. Although the threads were closed I couldn't find a solution. There has to be one.

Quicken Classie Premier vR57.26 build 27.1.57.26

Correction: it does show up as an ASSET in a NET WORTH report. However it was set up as a savings account and in display options I have tried all four categories and none work.

Boatnmaniac

Bank CDs and Brokered CDs are two very different animals.

Bank CDs are a type of savings account, not a type of investment account. You are lucky that you were able to download your bank CD data because many banks do not support that.

Brokered CDs are investment securities that are held in investment accounts, much like bonds are. In fact, most investment companies treat brokered CDs as a variation of Bonds.

There is no way to change the account type for your CD savings account from "savings" to "investment". But you could do the following so that your CD does show up in an investment account.:

1. Add a new manual security for the CD. Name it whatever you want to call it. You can even give it a unique ticker but be careful to not give it a real ticker that is traded in the various stock exchanges.
2. Add an offline manual investment account. Set the start date to sometime before when you purchased the CD from the bank. Do not add any cash or securities to this account just yet.
3. Transfer cash from the account you used to fund your CD purchase at your bank from that account to the new offline investment account. Use the original CD purchase date for this transfer.
4. In the offline investment account register: Enter a buy transaction for the new manual security CD for the date you originally bought the CD from the bank. Use the cash in this account to fund the CD purchase.
5. Delete the CD account you downloaded from the bank. The CD and offline investment account will now show up in reports as such. And the CD savings account will no longer download from your bank into Quicken.
6. Whenever you get an interest payment from the CD you will need to manually enter it into the offline investment account as an Int - Income (Div, int, etc.) transaction. They will then be captured as investment income and returns in reports.

The positive of doing it this way is that the bank CD will now be captured in investment reports as an investment.

The drawbacks for this method are two-fold:

1. You will need to manually update/maintain this offline account and security. Downloading will not be possible.
2. If you use the Tax Reports and Tax Planner: The data will be captured as investments tax data, not as a bank account interest. The Tax Reports and Tax Planner will capture the data as investments interest instead of as savings account interest. The net effect on projected taxes due will likely be the same but it will be classified differently than what you will get in the end of year tax forms from the bank.

NotACPA

That would be because the Investing report only looks at investing type accounts … and a Savings account isn't an Investing account.

Boatnmaniac

Bank CDs and Brokered CDs are two very different animals.

Bank CDs are a type of savings account, not a type of investment account. You are lucky that you were able to download your bank CD data because many banks do not support that.

Brokered CDs are investment securities that are held in investment accounts, much like bonds are. In fact, most investment companies treat brokered CDs as a variation of Bonds.

There is no way to change the account type for your CD savings account from "savings" to "investment". But you could do the following so that your CD does show up in an investment account.:

1. Add a new manual security for the CD. Name it whatever you want to call it. You can even give it a unique ticker but be careful to not give it a real ticker that is traded in the various stock exchanges.
2. Add an offline manual investment account. Set the start date to sometime before when you purchased the CD from the bank. Do not add any cash or securities to this account just yet.
3. Transfer cash from the account you used to fund your CD purchase at your bank from that account to the new offline investment account. Use the original CD purchase date for this transfer.
4. In the offline investment account register: Enter a buy transaction for the new manual security CD for the date you originally bought the CD from the bank. Use the cash in this account to fund the CD purchase.
5. Delete the CD account you downloaded from the bank. The CD and offline investment account will now show up in reports as such. And the CD savings account will no longer download from your bank into Quicken.
6. Whenever you get an interest payment from the CD you will need to manually enter it into the offline investment account as an Int - Income (Div, int, etc.) transaction. They will then be captured as investment income and returns in reports.

The positive of doing it this way is that the bank CD will now be captured in investment reports as an investment.

The drawbacks for this method are two-fold:

1. You will need to manually update/maintain this offline account and security. Downloading will not be possible.
2. If you use the Tax Reports and Tax Planner: The data will be captured as investments tax data, not as a bank account interest. The Tax Reports and Tax Planner will capture the data as investments interest instead of as savings account interest. The net effect on projected taxes due will likely be the same but it will be classified differently than what you will get in the end of year tax forms from the bank.

dave hulett

Thank you. I figured it had something to do with the fact that it was an account, not a traded security. I'll leave it like it is as it's a small part of my portfolio anyway.

Boatnmaniac

https://community.quicken.com/discussion/comment/20445716#Comment_20445716

You are welcome. I think I would do the same as you are planning to do. For me it's more important to capture the CD interest in the appropriate buckets in Tax Reports and Tax Planner because I use those reports extensively when doing my tax returns and I don't want the data in those reports to vary, if at all possible, from the forms that the banks and investment companies send me. I also greatly value downloading of data over manually entering it because it requires less effort and generally is more accurate (i.e., not prone manual mistakes being made). But should you change your mind the process is, I think, pretty clearly spelled out here….and for others who might be interested.