Money market is wrong type

Posted by bcoffey2 on March 10, 2005, 2:09 pm

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I'm in Q2005H&B
This topic has been addressed somewhat in previous threads--My bank
tells me this is not an uncommon situation:
Years ago I set up 2 money market accounts through my bank as "type:
bank/cash flow". No problems, until the bank now has the option for
convenient direct downloads. The download won't recognize a bank-type
register. Has to be re-set-up as "investment." Then the redeems and
purchases can find matching fields.

>From previous posts, there is no easy way to convert a "bank" type

account to an "invest" type account. My understanding is that I'm
starting over-- have to create 2 new accounts as "invest" types. Here
are the steps I'm thinking of. Would appreciate confirmation:

1. Set a begin date of January 1, 2005
2. Create 2 new "invest" accounts to be the new money markets
3. Current-reconcile the old bank-type accounts.
4. They are not very active accounts; so I could, conceivably, take a
Saturday and hand-build the new accounts--re-enter all 2005
transactions, carefully re-linking with linking checking accounts
5. After rebuilding, call the bank and set-up download
6. "Hide" the old bank-type accounts ?

Am I missing anything ? Thanks in advance. Brad

Posted by Mike B on March 10, 2005, 3:42 pm

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> I'm in Q2005H&B

> This topic has been addressed somewhat in previous threads--My bank

> tells me this is not an uncommon situation:

> Years ago I set up 2 money market accounts through my bank as "type:

> bank/cash flow". No problems, until the bank now has the option for

> convenient direct downloads. The download won't recognize a bank-type

> register. Has to be re-set-up as "investment." Then the redeems and

> purchases can find matching fields.

>> From previous posts, there is no easy way to convert a "bank" type

> account to an "invest" type account. My understanding is that I'm

> starting over-- have to create 2 new accounts as "invest" types. Here

> are the steps I'm thinking of. Would appreciate confirmation:

> 1. Set a begin date of January 1, 2005

> 2. Create 2 new "invest" accounts to be the new money markets

> 3. Current-reconcile the old bank-type accounts.

> 4. They are not very active accounts; so I could, conceivably, take a

> Saturday and hand-build the new accounts--re-enter all 2005

> transactions, carefully re-linking with linking checking accounts

> 5. After rebuilding, call the bank and set-up download

> 6. "Hide" the old bank-type accounts ?

> Am I missing anything ? Thanks in advance. Brad

Yes, you are missing a whole lot.

1. Call your bank and set up download.
2. Create a new account in Quicken. When you tell Quicken which institution,
it will offer to do an onlline setup. Proceed with online setup. During
setup it will detect all accounts at that FI and offer to match them to
existing or new accounts in Quicken.
3. Match if you can, otherwise accept new accounts.
4. Let Quicken download the transactions, most probable it will download
transactions going back to the beginning of the year and the accounts will
be reconciled (correct balance) after the download.
5. Use your Saturday for something enjoyable.

--
Mike B