Entering Schwab Wealth Advisor Expenses in Quicken

breace2

My Wealth Management account in Schwab makes a charge each quarter for their expenses. They show it as a Cash entry but no account to show receiving it.

Quicken wants an account where the money is going. Anyone know a way around that, or a good way to record it?

[Deleted User]

@breace2 create an expense category for the quarterly charge. It can be anything you want such as

"Financial Planning:Financial Advisor Fees"

"Fees & Charges:Quarterly Wealth Mgmt Fees"

In the Memo field you can add further details about the fees.

q_lurker

The transaction should not go into Quicken as an XOut transaction which requires an account. A transaction such as MiscExp, Withdraw, or WriteChk is preferable because they are Category oriented.

breace2

Maybe. It looked like it still wants a Transfer Account, which I don't have.

I used Miscellaneous Expense as the Transaction name, but seems to be missing something. I'll play with it more…

[Deleted User]

@breace2 a Miscellaneous Expense is usually used for security or fund related expenses. It doesn't allow you to use a payee.

If you use a Withdrawal transaction, you can use a payee for the fee.

q_lurker

I used Miscellaneous Expense as the Transaction name, but seems to be missing something. I'll play with it more…

I was suggesting MiscExp as an Action, not as a “Transaction Name” suggesting a payee.