How to record and manage purchases of Certificates of Deposit from a bank account?
Options
SSA99
Member ✭✭
Quicken Help suggests managing the CD's as a "Security:" and while can record the security, yet, the cash disbursement to buy it, and then the receipt back of the proceeds, plus interest... well I am struck on how to do that.
Any ideas or work arounds???
Any ideas or work arounds???
0
Best Answers
-
Create an investment accountTransfer cash into it from your bank accountPurchase CDsWhen they mature, Sell the particular CD for principal + Interest.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP2 -
From C. D. Bales:
Quicken Help suggests managing the CD's as a 'Security'"
I would not blindly follow Quicken Help.
Your discussion title says that your CD's are in a "bank account".
If your bank provides downloads of its CD accounts and you want to take advantage of those downloads, you will have to use the Quicken account type that the bank downloads: almost always, a "savings account" type.
If your bank does not provide downloads, it's up to you to decide how to deal with the CD accounts. You can still treat them as Quicken Savings accounts - which is probably the simplest approach. Or you can do as Quicken suggests: create each as a Security, then Buy, Sell, and Reinvest in them in Quicken investment accounts.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list8
Answers
-
Create an investment accountTransfer cash into it from your bank accountPurchase CDsWhen they mature, Sell the particular CD for principal + Interest.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP2 -
From C. D. Bales:
Quicken Help suggests managing the CD's as a 'Security'"
I would not blindly follow Quicken Help.
Your discussion title says that your CD's are in a "bank account".
If your bank provides downloads of its CD accounts and you want to take advantage of those downloads, you will have to use the Quicken account type that the bank downloads: almost always, a "savings account" type.
If your bank does not provide downloads, it's up to you to decide how to deal with the CD accounts. You can still treat them as Quicken Savings accounts - which is probably the simplest approach. Or you can do as Quicken suggests: create each as a Security, then Buy, Sell, and Reinvest in them in Quicken investment accounts.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list8
This discussion has been closed.