Posting Question

Churchlady

We are considering pulling excess funds from our 4 checking accts. and moving that lump sum into a CD. How would I post this while still needing to track amounts contributed from each of the 4 accounts? Will this impact our budget line items, reports etc?

Jim_Harman

Once the funds are combined into one account, Quicken does not have a way to track them separately. For example, would you want to split the interest earned in the CD based on how much was contributed from each checking account? That might get messy.

But budgets and spending reports are tracking income and expenses, not account balances, so in general it would not matter which account the money is in.

[adding]

You could use the transfers in and out of each checking account to track how much each account has contributed and withdrawn from the common account. I suppose if you want you could divide the interest among the four contributors, but as I noted above it would get messy if the common account allows for deposits and withdrawals at different times. Maybe that would not be a problem for a CD.

volvogirl

Do you want to keep tracking the contributions from each account after you buy the CD? When you open the CD and transfer the funds to it, I would make 1 opening entry in the new CD account and split it as transfers from the 4 accounts.

NotACPA

How about buying 4 cd's, one for the amount transferred from each of the 4 accounts?

volvogirl

They probably get a higher rate for a larger CD.

NotACPA

https://community.quicken.com/discussion/comment/20533997#Comment_20533997

I should have been more specific. I meant, recording the purchase of 1 CD as being 4 CDs in Q.

Jim_Harman

recording the purchase of 1 CD as being 4 CDs in Q.

That is a good idea. The downside would be that you would have to enter the transactions and divide up the interest manually rather than downloading. You might enter the CDs as fake securities in an offline investing account, to keep the total amount consistent with the value of the real CD.