How do I set a money market fund as my brokerage "cash" account?
John Burgess
Member ✭✭
I have multiple brokerage accounts at Fidelity.
In one, it uses "FIDELITY TREASURY MONEY MARKET FUND" (ftmmf - my abbreviation, not the ticker symbol) as the "cash" account.
When I get a dividend from ftmmf (or any mutual fund) it stays as "cash".
Another brokerage account uses "FIDELITY GOVERNMENT MONEY MARKET" (fgmm) as the cash account. However, whenever I get any dividend, it "buys" fgmm to keep the "cash" at zero. How can I get fgmm to be treated as cash, just like ftmmf is in my other account? Is this a setting in Quicken? Or is it something I have to set on each Fidelity account at Fidelity?
I'm using Quicken Mac Delux 2018, v5.7.2 (the latest, I think).
I apologize if this has been asked and answered. I searched and couldn't find anything.
In one, it uses "FIDELITY TREASURY MONEY MARKET FUND" (ftmmf - my abbreviation, not the ticker symbol) as the "cash" account.
When I get a dividend from ftmmf (or any mutual fund) it stays as "cash".
Another brokerage account uses "FIDELITY GOVERNMENT MONEY MARKET" (fgmm) as the cash account. However, whenever I get any dividend, it "buys" fgmm to keep the "cash" at zero. How can I get fgmm to be treated as cash, just like ftmmf is in my other account? Is this a setting in Quicken? Or is it something I have to set on each Fidelity account at Fidelity?
I'm using Quicken Mac Delux 2018, v5.7.2 (the latest, I think).
I apologize if this has been asked and answered. I searched and couldn't find anything.
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Comments
I wouldn't bother with recording manual Buy or Sell rollover transactions. I've stopped doing that years ago with my investment accounts.
For recording interest or cash dividend transactions I have created a Mutual Fund entry, but the cash I receive stays in the account's cash balance.
Bottom line: Any cash invested in these MMFs stays in my account's cash balance. When I reconcile my investment account against the monthly statement, I reconcile the cash balance against the sum of uninvested idle cash plus any MMF shares reported by the broker.
In the case of Fidelity they don't send any buys/sells for the "cash security".
As such I do exactly what UKR does and just leave it as the cash balance.
In the case of Vanguard they send buys and sells in and out of their "cash security".
So I accept them in and there isn't any cash balance in those accounts.
It is basically just picking the path of the least resistance.
If I was to force Fidelity's "cash" into securities I would have to put in buys/sells manually.
If I was to force Vanguard's "cash" to be stored in Quicken cash balance I would have to delete those buys/sells.
Thanks for clarifying.
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Retired "Certified Information Systems Auditor" & Bank Audit VP
That is why I said take the path of the least resistance.
If there are buys and sells leave them. If there aren't don't add them.
If there is buys, but no sales or the other way around, well that is a reason to complain to Fidelity for doing it wrong. I will say that isn't what I'm seeing in my Fidelity account. They send neither buys or sells of the "cash security", so I just maintain it as a cash balance.