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Author: SailsFroya Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 10363  
Subject: Query: Account Type ...? Date: 2/9/2013 5:14 PM
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Folks,

Can an existing account "type" be changed?

Once an account has been created, and updated from a broker, is it still possible to change the account "Type", say from IRA or ROTH to a stanbdard "Investment" account?

I ask because it is possible to mark a regular "investment account" as non-taxable and it would clear up some portfolio information and allow for a "cash" account for internal money market funds.

Thanks, in advance,


Sails

PS: Using Quicken 2011 Home & Business
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Author: Kurtv Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10100 of 10363
Subject: Re: Query: Account Type ...? Date: 2/10/2013 7:14 AM
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I don't understand why this would be an issue for you. Both types of accounts can handle cash in Quicken.

I have two Roth, and one rollover (from a 401k) IRA account in Quicken along with a joint taxable account I hold with my wife. The taxable account has a linked cash account, the others do not. Still items like dividend payments, reinvested dividends and transfers of cash into each account are not a problem in either.

I dare say most here do not like the linked accounts. I personally find it very clear and easy to use and it more closely resembles my statements, meaning the cash transactions are presented in one section and the securities in another. The IRA type just merges these transactions in one register. But both type accounts still handle pretty much the same transactions.

Are you having a problem entering certain transactions? What exactly are you trying to accomplish?

Kurt

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Author: SailsFroya Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10101 of 10363
Subject: Re: Query: Account Type ...? Date: 2/10/2013 2:16 PM
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Kurt,

Thanks, for the prompt reply. There is nothing wrong in the registers; however, in the portfolio view there is no specific line/row for cash. Instead, the cash shows up as a money market (MM Item; transfer) fund for the account; as such, it has several asterisks instead of figures. This can make the totals foul up.

Regards,


Sails

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Author: Kurtv Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10102 of 10363
Subject: Re: Query: Account Type ...? Date: 2/10/2013 4:33 PM
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I assume the MM fund you mention is the sweep account for that broker/account. Each of my accounts that have a sweep fund show a line for cash in the portfolio view. It's always the last line in each account.

When you go to the portfolio view in the Show: box select "Value" and in the Group by: box select "Accounts."

Does the cash show in this view? If not try clicking on the "Customize" button at the top of the page and in the "Customize Current View" dialog box click on the Securities tab. Make sure the "No Security (includes cash)" check-box is checked. Does the cash show up now?

I also have three Etrade sweep funds listed in that same dialog and each of them are also checked, though they do not show up separately, only as cash in each of the accounts.

Kurt

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Author: SailsFroya Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10103 of 10363
Subject: Re: Query: Account Type ...? Date: 2/10/2013 7:00 PM
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Kurt,

I am trying to help a friend with this ...

You wrote/my comment
____________________

I assume the MM fund you mention is the sweep account for that broker/account. Correct.

Each of my accounts that have a sweep fund show a line for cash in the portfolio view. It's always the last line in each account. In my Quicken portfolio this is true; not so for his ...

His do not show a line for cash; neither is he allowed to "show cash in a checking account" in the "Edit Account Details" dialogue box.

In my "Qucken" I have these "type" accounts: "Investing" & "Traditional IRA" each allows for Cash/Checking separately; and the line/row named Cash is visible, as you say, in the last line.

I also have my ROTH set up as an "Investing" account so that it WILL show "Cash" separately. I simply have it marked as "Tax Deferred" although there will be no taxes upon withdrawal.

He recently set up his accounts as ROTHS ... and now wants them to show the cash separately. We cannot get this to happen and thought about switching them to "Investment" or "Traditional IRA" to make that possible.

Everything else you wrote is set up as you infer/suggest. I never really checked those sdettings ... so they must have defaulted to the current settings.

It's all about having that separate line, labeled "Cash" for each account in the protfolio. Tha's why I asked if an account "type" coud be changed after it has been created....

Thanks, again,


Sails

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Author: SailsFroya Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10104 of 10363
Subject: Re: Query: Account Type ...? Date: 2/10/2013 7:10 PM
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Kurt,

You wrote,
"I dare say most here do not like the linked accounts. I personally find it very clear and easy to use and it more closely resembles my statements, meaning the cash transactions are presented in one section and the securities in another."

I agree! I have all of our accounts set up that way: Regular, ROTHs, and traditional IRAs. I can find stuff with a glance in the proper account....

Regards,


Sails

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Author: Kurtv Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10105 of 10363
Subject: Re: Query: Account Type ...? Date: 2/10/2013 10:27 PM
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Both of our Roth and the taxable accounts are set up as a "Brokerage" account and have the option of choosing a linked cash account though I only use it on the taxable account. The rollover IRA is listed as a "Traditional IRA" and it doesn't have the option of the linked cash account, though it still shows the line for cash in the portfolio view.

Has your friend considered exporting the data from the existing account and setting up a new account and then importing the same data? I've never tried this so I can't say whether it would work. It still sounds to me like a problem with how the broker communicates transactions to the sweep account is the real problem.

Personally I would not use the linked cash account on any tax deferred accounts simply because tracking cash is not important like it is in a taxable account.

Your friend's MMV,
Kurt

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Author: SailsFroya Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10106 of 10363
Subject: Re: Query: Account Type ...? Date: 2/11/2013 11:18 PM
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Kurt,

Thanks, again. I'll pass this information on to him.

Personally, I like to track the cash in all our accounts, Regular, IRA and ROTHs. I guess that's just a matter of preference.

We're getting closer to displaying his information in an easily usable format. When he first started, he had a bunch of asterisks in his totals' cells, indicating the figures were suspect at best.

My best regards,


Sails

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