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Posted by JCO on May 18, 2008, 11:13 pm
Please log in for more thread options So I must of created the wrong type of account.... right?
I own this mutual fund and want to transfer money to this Mutual fund once
every month. I thought that is what a SMF is. I must be wrong?
> JCO wrote:
>> Things seem to be much easier before upgrading to Quicken 2008. I
>> think I like my 2006 version better. Anyway, I've created a new
>> account which is a Single Mutual Fund. It will have a monthly
>> deposit done and set up to transfer the amount from our checking
>> account. So I'm doing the first transaction and getting the
>> following error:
>> "Cannot record transfer. You do not have a position in the
>> destination account."
>>
>> What does this mean? It should be no different from the other MF
>> Accounts that are set up the same way.
>
> Sorry to tell you this, but a Single Mutual Fund account in Quicken is
> very much different than any "other MF Accounts". [If you have previously
> established Quicken SMF accounts, it is likely you forgot how you set them
> up.]
>
> You must tell Quicken what security you intend to own in that SMF account
> before you can transfer funds to the account. A "transfer" of funds to an
> SMF account will not create cash in the account; it will (is intended to)
> create a "BuyX" in the SMF account. That BuyX can not occur until Quicken
> knows what specific security to "buy".
>
> You can tell Quicken what security to hold in the SMF account when you
> establish it, even if you tell Quicken you own no shares in the security.
> Or you can enter a BuyX in the SMF account before you ever attempt to
> enter a transfer into the SMF account. Your choice.
>
> --
>
> John Pollard
> First initial underscore Last name at mchsi dot com
> Please reply to newsgroup
>
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