How do I set up a "cash" OR "money market" account for or within a brokerage account?

Question

Am using Quicken Classic Deluxe (version 7.10.1) on a macOS 12.7.6.  Problem started May 2024 when opening accounts with Edward Jones Investments.  Am unable to get "cash"  deposits to be separated until withdrawn and applied to purchase stock investments.  These data transactions are shown on statements I receive from Edward Jones Investments as "Fee Offset" which go to "cash."  Over time as the amounts grow, in what they call a "Money Market" account, they withdraw from it to purchase stock shares.  It does NOT necessarily go into one stock.  I have a diversified brokerage account which has 15 different fund holdings.  So far, I know not which one or "ones" of my holdings the cash is invested as currently, according to E.Jones statements to date, I have only $.13 in the "cash" or "money market" account.  Attached is an example from one of my statements showing the "Money Market" detail.  Please refer to page 6 of 7. Money Market Detail by Date section near bottom of the page.

jacobs · Answer

@plahrdgolf  I did glance at your PDF file before it was deleted. I've never had an account with Edward Jones, so I'm not familiar with their statements and terminology, but I think your description misunderstands what happened in your Edward Jones account.

On June 20, there was a $1,000 transfer into your Edward Jones account from some account you have at BMO Bank (the US subsidiary for Bank of Montreal). How the money accumulated in your BMO account would be tracked in your BMO account. I don't know if you initiated a transfer, or Edward Jones is set up to pull in money periodically. But once the $1,000 arrived in the Edward Jones account on June 20, on June 21 the cash was used for the 14 "Buy" transactions shown on June 21. Your Quicken accounts should mirror what happened in the real world: a transfer from your BMO account to your Edward Jones account on June 21, and then 14 Buy transactions on June 21. You do, indeed, have a 17¢ cash balance in the Edward Jones account as of the end of June.  If you are downloading from Edward Jones into Quicken, those transactions should mirror what is shown of pages 6-7 of your statement. All the other transactions in this month are reinvestments of dividends in the holdings you have in the Edward Jones account.

Does that make sense? I'm not sure where your confusion is about cash in the Edward Jones account. I'm not sure what the "Fee Offset" transaction is that generated the 17¢ in cash; it could be recorded in Quicken as Interest Income or Miscellaneous Income, or perhaps to reduce whatever expense category was used for the 6/11 "Program Fee" , which I assume is a service fee you pay to Edward Jones. (Perhaps someone who has an Edward Jones account can further explain these Fee items.)

P.S. If you're not aware, this is a Quicken community forum, so most of the people who post here (including me) are fellow Quicken users. (That's why you don't want to post personally identifiable data on the site.) There are also a few Quicken moderators who keep the forum organized and answer some questions. But this site is not the same as Quicken Support; if you have technical problems with Quicken, you can contact Support — which is free for either telephone or chat support — by following the Support link at the top of the page.

Jon · Answer

I went ahead and deleted the attachment.

I've never had an Edward Jones account, but the accounts I have had would either report the uninvested money to Quicken Mac as the cash balance, or they'd report it as being invested in a money market fund and would buy & sell shares of it as money came in & went out.

volvogirl · Answer

First of all you better delete that pdf.  It has all your personal info on it, like name, address, acct number, phone # etc.  It is not safe to post anything in a public user forum like this.

In my accounts like Vanguard and Wells Fargo Brokerage I set up a new security called MoneyMarket or Sweep Account.  Run the cash though that for $1 a share.  So a deposit would be  a buy or dividend etc. for  .17 shares at price $1, for 17 cents.   A withdrawal would be a sell.