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Subject Author Date
Mutual Fund Monet Market Accounts Dick 04-24-2008
Posted by Dick on April 24, 2008, 2:09 pm
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 What is the proper category for MM accounts with check writing? Does it
belong in the Cash accounts or the Investment accounts? Or do you put it in
the investment account and then open a cash account and when you need to
process a check you can sell and transfer the funds from the investment
account to the cash account then write the check against the cash account.
Maybe I'm making a mountain out of a ant hill but I would like to do it the
simplest and correct way.



Posted by TomYoung on April 24, 2008, 4:43 pm
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> What is the proper category for MM accounts with check writing? Does it
> belong in the Cash accounts or the Investment accounts? Or do you put it in
> the investment account and then open a cash account and when you need to
> process a check you can sell and transfer the funds from the investment
> account to the cash account then write the check against the cash account.
> Maybe I'm making a mountain out of a ant hill but I would like to do it the
> simplest and correct way.

If it's a pure stand-alone MM account I'd probably put it in the Cash
section since that's really what it is. You may think about it as
money you're squirreling away ("an Investment") but from an accounting
standpoint it's pretty much cash since the chance of gain or loss is
slight and it's immediately available.

If it's a MM account inside an Investment (e.g., a "sweep" account
inside a brokerage account) there's a theoretical argument to be made
for establishing the account in the Cash section, but the practical
aspects of such an arrangement (i.e., record every "sweep" transaction
within the brokerage account as a Transfer in Quicken, having to add
the Cash and Investment accounts together to balance to the broker's
month-end statement) persuades me to just leave the whole thing in the
Investment section.

Tom Young

Posted by R. C. White on April 24, 2008, 5:40 pm
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Hi, Dick.

I agree with Tom on the treatment of Money Market ACCOUNTS.

Just note that Money Market FUNDS are a different animal.

An MM account pays you interest at a rate based on the 'money market". An
MM fund is a special kind of mutual fund that buys and sells very short-term
instruments. If you own shares of an MM fund, you will receive dividends,
not interest (although those dividends are usually paid out of the fund's
interest income.)

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Quicken 2008 Deluxe in Vista Ultimate x64 SP1)

> What is the proper category for MM accounts with check writing? Does it
> belong in the Cash accounts or the Investment accounts? Or do you put it
> in the investment account and then open a cash account and when you need
> to process a check you can sell and transfer the funds from the investment
> account to the cash account then write the check against the cash account.
> Maybe I'm making a mountain out of a ant hill but I would like to do it
> the simplest and correct way.


Posted by Bob Wang on April 24, 2008, 6:30 pm
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Dick:

What I do in Quicken 2008 H&B is to keep investments with check-writing in
the Investing section.
I have the "Show Cash in a Checking Account" checked, so there is a separate
register in Cash Flow, or Business.
If you don't write a lot of checks, it may be simpler to not use the "Show
Cash" feature.
But, if you write a lot of checks, you may want the separate check register.

Bob

>>>>
What is the proper category for MM accounts with check writing? Does it
belong in the Cash accounts or the Investment accounts? Or do you put it in
the investment account and then open a cash account and when you need to
process a check you can sell and transfer the funds from the investment
account to the cash account then write the check against the cash account.
Maybe I'm making a mountain out of a ant hill but I would like to do it the
simplest and correct way.


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