how to track a YieldStreet investment
Using Quicken Classic Deluxe for Windows
Of course, YieldStreet does not support Quicken, so I had to create an offline "other investments" account with complete tracking, not tax deferred, not showing cash in a checking account.
To fund the account, I tried Xin transfer from an online savings account, but Quicken insists on logging it as a MiscExp. I am unable to edit the entry because it pops up and disappears immediately.
When I try to enter an interest payment, the same thing happens. Immediately changes to a MiscExp, amount does not appear in the register, and I am unable to edit.
What am I doing wrong?
Answers
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How did you try to input that initial transfer? In the Savings account, the category of the transfer should have been the name of your YieldStreet account enclosed in square brackets.
And, if you're unable to edit the erroneous transaction, can you just delete it and try again?
Also, why "other investments" and not Brokerage? What do you actually hold in the account? If, on the Add Accounts screen you hover your mouse over the term "other investments", those accounts are somewhat limited in what they hold.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP1 -
Do you have the account set up as a Single Mutual Fund account? See account details.
Same direction - does the account transaction list have an Opening Cash Balance transaction or any other transaction shown?
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Where @NotACPA says to use the brokerage is your answer. SMF and Other Investment accounts too limited.
Use the transfer from Savings into new "YieldStreet Brokerage" account and buy the interest bearing "investment" units with the transfer. It may have daily NAV you can price?
Create an Income transaction to record the payment. Assuming it is an Interest payment.
I made some assumptions, but I use this method to track investments in secondary markets.
Quicken user since 1994.
Quicken Forum/Community Contributor since 2005.0 -
FWIW: The only end-result difference I see in an investment account created through the Other Investment selection versus the Brokerage selection is the the Brokerage account details offers the SMF classification while the Other Investments does not. The Brokerage process takes the user through the Cash, MM, Securities prompts but the final structure of the account and the available transactions appear to me to be the same. An Other Investments account created this way is not the same as a more general, less flexible other Asset Account.
I am referring to the top and bottom options here:
Prior to this discussion, I had never poked at the Other Investments options for an offline account. Seems to work fine as I see it creating an account with these details:
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