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Subject Author Date
Don't have a position in the Destination Account JCO 05-15-2008
Posted by JCO on May 24, 2008, 2:41 pm
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 I guess my problem that started many years ago.... I create a new account
for each new investment (mutual funds and so forth). I can't clean that
mess up. All I can do is try not to make it worse. I will study these
comments and see If I can the correct concept to work. I don't know why I
find this stuff confusing but it is. To make it worse.... My family is 100%
on Quickens. I don't just monitor stocks. I'm talking several Savings and
Several Checking accounts along with Mortgage accounts that go back 3- homes
ago (since you should never delete an account). So everything is on
Quicken... all grocery and gas expenses. Seems like I was doing the right
thing but obviously my investments into 10-15 Mutual funds are done wrong.
So investments have been cashed out but like I said... I don't delete
accounts once they have been created.

Thanks... and I will let you know how it goes. May be a few weeks before I
really get into it.


> JCO wrote:
>> Are you saying... to create two accounts
>> 1. Cash Account ... this is where my monthly automatic monthly drafts
>> go too.
>> 2. Create the Mutual Fund Account
>> Then each month, do a BuyX into the Mutual Fund from the Cash Account.
>
>
> No. The mutual fund is NOT an account. It is an investment held in your T.
> Rowe Price investment account. Think of it this way... You open an account
> at a brokerage. You buy and sell investments. When you sell off an
> investment, you still have the account, and you can buy other investments
> in that account. A mutual fund isn't like an account at all. It is one
> investment within an account. You can't buy and sell an account, only an
> investment.
>
> Create one investment account "T. Rowe Price Brokerage". That can hold
> cash, mutual funds, individual stocks, or any other investments. Transfer
> cash into the T. Row Price account. The cash should come from some other
> account, perhaps your checking account or your pay check. It should
> reflect what is really happening. That transfer will create a cash balance
> within the brokerage account. Use buy transactions within the account to
> buy the shares of your mutual fund. That will reduce the cash in the
> account.
>
> That is how it works in the real world. When you set up Quicken to mirror
> real world activity, it works much better, and provides the flexibility
> that is inevitably needed in investing.
>
> The way you are doing it is exactly how I did it at first. Then, I owned
> the same mutual fund in two different accounts. That was when I had to
> figure out how it really worked. Believe me, once you get this part
> straightened out in your mind, it all becomes much easier.
>
> --
> Jim


Posted by JCO on May 27, 2008, 12:14 am
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 Okay, I played with Quicken and understand. All that you said makes perfect
sense now. It also makes sense after realizing that the previous versions
of Quicken had a bug in the software which is why I was able to do some of
the things that I've done. In-fact, all of my Accounts prior to switching
to 2008 work the old way while only the new account works the new way. I
have an American Century Account that holds my Ultra. My transactions each
month go directly from checking to the account with a "BoughtX". It does
not transfer into cash, and force you to make a separate transaction with a
BoughtX.

But that is okay. The 2008 version is more like the real world works.

> JCO wrote:
>> Are you saying... to create two accounts
>> 1. Cash Account ... this is where my monthly automatic monthly drafts
>> go too.
>> 2. Create the Mutual Fund Account
>> Then each month, do a BuyX into the Mutual Fund from the Cash Account.
>
>
> No. The mutual fund is NOT an account. It is an investment held in your T.
> Rowe Price investment account. Think of it this way... You open an account
> at a brokerage. You buy and sell investments. When you sell off an
> investment, you still have the account, and you can buy other investments
> in that account. A mutual fund isn't like an account at all. It is one
> investment within an account. You can't buy and sell an account, only an
> investment.
>
> Create one investment account "T. Rowe Price Brokerage". That can hold
> cash, mutual funds, individual stocks, or any other investments. Transfer
> cash into the T. Row Price account. The cash should come from some other
> account, perhaps your checking account or your pay check. It should
> reflect what is really happening. That transfer will create a cash balance
> within the brokerage account. Use buy transactions within the account to
> buy the shares of your mutual fund. That will reduce the cash in the
> account.
>
> That is how it works in the real world. When you set up Quicken to mirror
> real world activity, it works much better, and provides the flexibility
> that is inevitably needed in investing.
>
> The way you are doing it is exactly how I did it at first. Then, I owned
> the same mutual fund in two different accounts. That was when I had to
> figure out how it really worked. Believe me, once you get this part
> straightened out in your mind, it all becomes much easier.
>
> --
> Jim


Posted by JCO on May 19, 2008, 6:11 pm
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It seems to work okay if I call this a Stock instead of a Mutual Fund. Then
it allows me to make monthly transfers.

> JCO wrote:
>> 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?
>
> Read my other reply ... carefully.
>
> You didn't necessarily create the wrong type of account (personally, I
> have never found a use for SMF accounts, but that's me); you just
> (apparently) didn't understand all the requirements that needed to be met
> before you could transfer money to the account.
>
> --
>
> John Pollard
> First initial underscore Last name at mchsi dot com
> Please reply to newsgroup
>

Posted by John Pollard on May 19, 2008, 10:48 pm
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JCO wrote:
> It seems to work okay if I call this a Stock instead of a
> Mutual
> Fund. Then it allows me to make monthly transfers.

I don't see why that would matter; you don't need to do that,
and you probably shouldn't. There are a couple of features that
want to know when a security is really a mutual fund (like
Morningstar ratings).

If you enter one BuyX in the investment account for the mutual
fund, you should be able to transfer into the account from a
non-investment account after that.

The way I would do it is the way that JimH suggested.



Posted by John Pollard on May 16, 2008, 8:33 am
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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.

I sent a reply to this yesterday, but it does not seem to have
gotten there: I'll try again.

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 must tell Quicken what security to hold in the SMF account
when you establish it, but Quicken will allow you to say you own
no shares of that security in the account ... and if you do
that, you will have "no position" in the account.

Assuming you created the account with zero shares of the single
security, just make your first transaction a BuyX in the SMF
account: that will establish a position in the account. From
that point on, you can intiate the "transfers" from any Quicken
account.

--

John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup



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