Can I change an Investment account to allow a cash balance (a "div" transaction)?
The stock accounts I set up a long time ago as single-stock accounts don't allow a cash balance. That was fine while I was reinvesting dividends on those stocks.
Now I'm receiving direct-deposit dividends on some of those stocks into a checking account. I want to record a "div" transaction in the stock account, then turn the direct deposit transaction in the Checking account into an "xfer".
But I can't do that, because those accounts don't allow a "div" transaction.
Thanks,
Scott
Answers
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Yes you can.
- Edit the Account Details.
- Set the option for Single Mutual Fund to No.
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Thanks for responding. That option isn't available for these accounts. The only two options are "Tax Deferred" and "Show cash in a checking account".
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Can't you use a divx transaction then?
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Thanks for responding.
I tried using a "divx" but it creates a duplicate transaction in the Checking account. I suspect I can't delete the downloaded transaction without causing the download process to complain.
My workaround is to create a new Account "Stockname Direct Dep". I can enter the "div" transaction there. Then update the downloaded transaction as an xfer from the "Stockname Direct Dep" account.
It works, but it separates direct-deposit dividends from all the other stock's transactions.
Thanks,
Scott
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The only accounts that "don't allow a cash balance", that is, do not have a Cash Balance column, are those set up as Single Mutual Fund accounts, or those with the "Show cash in a checking account" option selected as Yes. I took your reference as to "single stock accounts" to mean the first applied.
If it is the second case, "Show cash in a checking account" option selected as Yes, you should be able to reset that to No and thereby resurrect the Cash Balance column. You should have a "[Brokerage]-Cash" spending account with the Yes that goes away with the No selection. Under the current (?) Yes state, cash dividends automatically get directed to the "[Brokerage]-Cash" account as DivX transactions.
I suggest you be sure you have a good backup before changing from Yes to No, just in case something unexpected happens.
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Yes, I originally set the accounts up as a single stock/fund accounts. There seems to be no way to alter that. These are DRIP stocks, so there was no brokerage involved. I didn't realize the limitation until I stopped the reinvestment of dividends.
Still, since such an account can be a stock it seems like a defect that it can't have a cash balance. Oh, well.
Thanks for replying.
Scott
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When you do a divx it willcreate a deposit in the assciated transfer account. If there is already a downloaded deposit for the same amount in that checking account, then just delete it. The downloaded process won't "complain".
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