- posted
14 years ago
Cash (MMF) in a Brokerage Account
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- posted
14 years ago
Hi, JRoss.
Yep. That?s how I have been handling my Merrill Lynch CMA account for about
20 years.This might not work for some brokerages because each has its own way of handling "sweep" accounts.
RC
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- posted
14 years ago
I think Fidelity often does not download the correct transactions.
But I can't think of any reason why you couldn't manually enter a reinvestment transaction - remembering that a dividend reinvestment transaction ("Reinvest-Income Reinvested") is a different Quicken transaction than a dividend transaction ("Inc-Income (Div, Int, etc").
You should also be able to "Edit" a dividend transaction and change it to a dividend reinvested transaction.
On the other hand, you may prefer to just leave it as cash. Some financial institutions allow this directly (though I think you can do it anyway). To see if Fidelity does, click
Investing > Investing Activities > Adjust Cash Balance (with the Fidelity account open).
If you see a "Cash Representation" button in the resulting dialog, click that.
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- posted
14 years ago
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- posted
14 years ago
WHOA! WHOA! WHOA!
Using a dividend from one security to purchase another security is
NOT NOT NOT
a reinvestment. It's a dividend and a purchase.
No wonder Q can't figure it out ... 'cause you can't either.
And Q can't possibly record what you can't understand!
db
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- posted
14 years ago
I didn't understand from your original post that you were using the dividend to buy shares in a different fund. As noted elsewhere, that's not a reinvestment.
Just let the plain dividend transaction increase the cash in your account, then use that cash to Buy shares in the other fund.
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14 years ago