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Option for creating cash account linked to new investment account is missing

I just added two new investment accounts. Unfortunately the General tab on the Edit Account Details doesn't allow me to link a cash account like I have setup on my other investment accounts. The "show cash in a checking account" question is missing. How can I fix this?

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Answers

  • BoatnmaniacBoatnmaniac SuperUser ✭✭✭✭
    edited July 31
    Linked cash accounts are not available for IRA/401k accounts and perhaps some other tax deferred and tax exempt accounts.  I'm not sure of the reason for this but I'm guessing it has to do with taxes and that most such accounts are not permitted by the brokerage company to have checking privileges.  Non-retirement investment accounts can often be set up at the brokerage with checking privileges so it makes sense to allow these accounts in Quicken to have linked checking accounts.
    (QW Premier Subscription: R28.10 on Windows 10)
    If my reply has helpful to you, please "Like" it so others can know it might help them, too.
  • JonMJonM Member
    I have other IRA accounts that have cash accounts linked. See screenshot.
  • JonMJonM Member
    Thanks. This is helpful. My Ameriprise account was probably setup in 2009. I am thinking it might be something that Vanguard has disabled. Rather than having a cash account it looks like proceeds from sales are put in a Money Market Fund, which is tracked in the Vanguard investment account instead of a cash account.
  • BoatnmaniacBoatnmaniac SuperUser ✭✭✭✭
    edited August 2
    @JonM - You are welcome. Many investment companies now hold cash in MMFs instead of the more traditional cash sweep accounts which are more like savings accounts.  Since your money is being held in a MMF security and reported that way to Quicken it makes no sense to have a linked checking account in Quicken for it.
    There are some investment companies (like Fidelity) that hold cash in MMFs but then report it to Quicken as both a MMF holding and as Cash which creates account balance issues in Quicken and some needed workarounds to get everything back into balance.  But that's a different issue and another story so I won't go into detail about it here since it doesn't apply to your situation.
    Have a great day!
    (QW Premier Subscription: R28.10 on Windows 10)
    If my reply has helpful to you, please "Like" it so others can know it might help them, too.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    @JonM by any chance were those IRA accounts, that had an LCA, originally created in MS Money?
    MSM allowed such configuration, and Q allows the import of such, but you can't directly create such in an retirement type account in Q.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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