How to transfer cash balance from one account to another at same brokerage (Q Mac)

Question

This seems simple but what I found here doesn't work.

I sold a position in one account at a brokerage. I transfered the cash balance to another account at the same brokerage and bought another position.

When I did the online update, the new account had that cash transfer as a deposit and did not have a corresponding debit from the old account. I need to show the transfer to the new account and change "deposit" to "transfer".

I don't see anything on the drop-downs to move cash.  The new account has the transfer option but only for shares.

The Ctrl-Shift-T I saw on another post did nothing on my Mac.

Help!

Quicken Classic Premier   7.9.1 for mac  MacOS 14.6.1

jacobs · Answer

If you've manually created a transfer transaction between the two accounts, as John suggested above, you should be able to simply delete the downloaded transaction showing the deposit in the destination account.

What you want is to mirror what happened in the real world: you sold a position in one account, you transferred the cash balance to the account, and bought a security in the latter. So in Quicken, you want the Sell transaction in the original account, the transfer of cash from that account to the other (the Type=Payment/Deposit transaction John showed above), and the Buy transaction in the other account. This can never be accomplished exactly via downloaded transactions, because the transactions from the brokerage can't automatically map to your accounts in Quicken. (The alternative is to have two unlinked adjustment transactions to make the money disappear from the first account and appear in the second account.)

snsokstan · Answer

I understand what you've shown me.  The problem is that the target account has an entry created when I sync'ed online for the amount of the transfer. However, quicken characterized it as a deposit of new money.

I created teh transfer as you illustrated. Now, I can't match the two transactions. The balances are correct in the target account but not in the sending account.

One issue I've always been plagued with is Quicken "misinterpreting" transactions that come from online connections. I had a Merrill Lynch account years ago that I finally closed when I got tired of multiple monthly editing.

John_in_NC · Answer

Howdy, snokstan:

It's not hard, and you can do it via the Category field ( [Destination Account Name in Brackets] ) or the Transfer field (Enter the Destination account.) You have to make sure the former and latter columns are visible. Here is a picture of how I do it when I transfer cash over to my Roth for my annual contribution. (I used the Transfer field method in this case.) It should be self explanatory: