What happens when I download and link to an existing account.

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CraigT
CraigT Member ✭✭
edited March 2022 in Download, Add/Update Accounts (Mac)
I have finally found a way (I think) to link my retirement accounts to QuickenMac. It's let me through all the steps until it's ready to go. But before I push the button it gave me pause. Every record in my retirement accounts (three classes of qualified accounts) I have entered myself over the years. Now, when I can finally automatically download, the retirement firm has consolidated all accounts into one qualified account. My concern is if I link the download to my 401k it will take all 3 accounts and merge into one. I guess I can live with that (there is no tax consequence or cost basis to be concerned about) but what is actually happening? Is it wiping out all past entries and adding new? Or is it adding new and putting it along side what I already have (maybe a date is off by a day and it thinks it sees 2 transactions, etc)? I don't want to lose everything I've entered manually in the past if this doesn't pan out. Or can I link it to a "new" account on Quicken and see what happens? Then, if I like it, what are my next steps? Would appreciate any thoughts on the matter.

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
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    Hi @craigtodd

    In full disclosure, I am a Windows user, so there may be differences between how Q works in Mac.  That being said, here are my thoughts:

    • First you should make sure you have a good backup of your datafile before you initiate any download function in Quicken.
    • If I were in your shoes, I would probably opt to start downloading in a New Quicken account, rather than trying to merge and/or link to your existing accounts.  You can do this on a "trial" basis - just to see how transactions and balance download.  That will at least give you more information than you have now.
    • From what your said above, I believe that you have 3 separate accounts in Quicken for this "plan" (not one account).  If that is true I doubt that you'll be able to "link" to each/all of them in Quicken (although Q Mac may be different from Q Windows). In Windows, one cannot link a single FI account to more than one Quicken account. But you may be able to consolidate the three current "manual" accounts before you initiate the first download. And if you decide to go this route - I suspect that the initial download will not delete any existing transactions in the account(s).
    • And finally, if you have a good recent backup file, you should be able to do whatever testing you'd like before you make a decision, just make sure that you have at least one (I'd recommend 2 or more for safety sake) good backup file.
    Hope this helps.

    Frankx

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  • CraigT
    CraigT Member ✭✭
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    Good approach, Frankx. I'm working thru it.
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