How to add a new mutual fund

Options
APosin
APosin Member ✭
in Investing (Windows)
Have purchased two new funds, can't remember how to set them up

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited February 2021
    Options
    Go to Tools > Security List > Add Security and follow the prompts.
    Or, if you download your investment transactions from your brokerage firm, the security will be added during the review and acceptance part of the OSU process.

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Options
    And once you have added the funds to your Security list, you must go to the investing account that holds them and enter Bought transactions with the number of shares purchased and the total cost.

    Generally you should not set up a separate account for each fund (a "Single mutual fund" account), but some fund companies require that setup if you are downloading transactions.
    QWin Premier subscription
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Options
    Jim_Harman said:
    And once you have added the funds to your Security list...
    I trust you meant to say you need to add funds to your Investment Account, not your Security list, right?

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Options
    Boatnmaniac said:
    Jim_Harman said:
    And once you have added the funds to your Security list...
    I trust you meant to say you need to add funds to your Investment Account, not your Security list, right?

    You need to add them to the Security List before you can BUY them in the investment account.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Options
    NotACPA said:
    Boatnmaniac said:
    Jim_Harman said:
    And once you have added the funds to your Security list...
    I trust you meant to say you need to add funds to your Investment Account, not your Security list, right?

    You need to add them to the Security List before you can BUY them in the investment account.
    Ahhh....twist on words.  I interpreted "funds" to mean "cash".  If "funds"
    instead means "Mutual Funds" then, yes, the Mutual Funds need to be added to the Security List first.  So, all of us have said posted the same thing here.

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Options
    Yes I was using the OP's terminology, "Have purchased two new funds ..."
    QWin Premier subscription
  • Dolores
    Dolores Member ✭✭
    Options
    I have a similar problem. I did add the security but when I write the check the money goes to a linked cash account not to the fund.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Options
    @Dolores,

    When you send the money to the broker, it goes to the cash in the account, either directly or into a linked cash account if you have it set up that way. Then you must enter a separate Buy transaction in Quicken to purchase the mutual fund.  
    QWin Premier subscription
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Options
    @Delores - If you want, you can turn off the linked checking account by ticking "No" for it on the General tab of Account Details.  That will move all of the cash transactions back into the investment account and that checking account will then be deleted.  The main advantage for having the cash shown in a separate linked checking account is for people whose investment account has checking privileges.  It makes it much easier for them to see and reconcile all the cash transactions without them being caught up in the middle of bunch of other securities transactions.  It's a matter of personal choice as to which option to use.

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

Categories