Brokerage Cash Management Account

JDaily · June 29

I changed over from a bank to a brokerage Investment retirement cash management account with a major financial institution that is not used for investing, only as a regular checking account. I have interest income from the sale of a business that will not show in Quicken reports as it once did with a regular checking account. I've tried changing the account to a checking account… that won't work. I've tried to start over trying to make the account a checking account when added, but Quicken appears to only allow an account that's labeled in their system as a retirement account to only be a "retirement" type of account. Is there a way to add an account from a major brokerage company as a simple checking account?

Jim_Harman · June 29

What is the actual account type - IRA? Roth IRA? Taxable brokerage account? Something else?

If you want to download transactions for this account, it will probably need to have the same account type in Quicken as the real life account.

Depending on the account type, you may be able to choose the "Show cash in a checking account" option, which will treat the cash in the account as if it were a checking account.

Richard Schreyer · June 30

I have a financial cash management account with Fidelity Investments that I defined as a brokerage account with show cash in a separate checking account option selected. All cash transactions for this account display correctly in the checking account with the brokerage account displaying $0.00.

NotACPA · June 30

https://community.quicken.com/discussion/comment/20497347#Comment_20497347

I have the same setup with my, and wife's, Fidelity accounts. But the "Show cash" option is only available with taxable accounts …. and the OP hasn't responded re: account type.

[Deleted User] · June 30

@JDaily to expand on @Jim_Harman's comment. The "Show cash in a checking account" is not available for any account that is coded as a retirement account (401(k), IRA, 529). I am not sure why Quicken had decided to restrict these retirement account types. They should be made available, in my opinion. A managed retirement investment account may be restricted from cash management services, but it all depends on the agreement with the brokerage.

As an aside, cash management services for brokerage accounts are becoming more and more popular these days. Brokerages are partnering with banks to provide cash management services, and it's becoming a big selling point.

Jim_Harman · June 30

The "Show cash in a checking account" is not available for any account that is coded as a retirement account (401(k), IRA, 529). I am not sure why Quicken had decided to restrict these retirement account types.

But you can set up a regular brokerage account and then select both "Tax deferred" and "Show cash in a checking account" in the Account Details. If the Tax reports and Tax Planner are important to you, you would have to experiment with that combination to they work OK for you.

[Deleted User] · June 30

@Jim_Harman agreed, that is a workaround. Thanks for pointing that out. But once you code your account as an IRA you can't undo it. So you would need to know beforehand that you would be using brokerage cash management services at the time you are setting up the account on Quicken.

I haven't experimented with the settings to know what the ramifications of not using the coding for an IRA account on Quicken. But definitely you brought up a good workaround. But I still think Quicken should remove the restriction for accounts coded as IRAs at least.

Brokerage Cash Management Account

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