Creating a NEW Investment Account

Using Quicken 2012
I have several investments. Today I created a Fidelity account which will encompass several of my existing accounts plus have the cash amount. The
cash amount has been given to Fidelity already to create the account but not currently invested in any stocks, MF,..... ect.
My question is this: What type of account should I create? I know how to create MF and Bank Acct., but not an account that can implement a wide variety of investments types. Or should each individual investment get tracked in it’s own new account? This seems like it could be messy trading in and out of accounts. I suspect the cash amount that I currently have is very similar to a Bank Account until I start transferring into other avenues.
Thanks in advance for you answers.
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"JCO" wrote:
Using Quicken 2012
I have several investments. Today I created a Fidelity account which will encompass several of my existing accounts plus have the cash amount. The cash amount has been given to Fidelity already to create the account but not currently invested in any stocks, MF,..... ect.
My question is this: What type of account should I create? I know how to create MF and Bank Acct., but not an account that can implement a wide variety of investments types. Or should each individual investment get tracked in it’s own new account? This seems like it could be messy trading in and out of accounts. I suspect the cash amount that I currently have is very similar to a Bank Account until I start transferring into other avenues. ---------------------------------------------------------
Assuming it's not a retirement account, I would just create a plain Quicken "brokerage" account. When you tell Quicken the financial institution name, and fill in the logon credentials, Quicken (and Fidelity) should do the rest of the work for you. The downloaded data will contain the necessary information for Quicken to create one account, or many accounts ... it's the financial institution that controls the process.
If the real-world account is a true brokerage account, I think you'll get a single brokerage account in Quicken.
If the real-world "account" is really multiple mutual funds (where Fidelity treats each fund as an account); I believe the account setup process will create one Quicken account for each fund (each downloaded "account").
I would backup first.
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Well I did figure out the Brokerage Account and I have the cash value inputted already. I have not made any investments nor have I moved any of my existing accounts under the Fidelity umbrella yet. That is where I'm not to sure how to do it. It would be cool if you could select an existing fund in your quicken account and simply group it under the brokerage account. I never looked to see if that is possible, but based on what you've already said, I doubt it would be as easy as that.
Also, I don't know why it would matter if the funds are IRA vs. Non IRA because Fidelity handle those details as to what I pay on capital gains and what is is not paid. They would keep the funds separate for me and give me one single statement.
Another question: The account is named (automatically) as "Brokerage AccountInvestment xxxxx", where xxxx represents my account number. If I rename this account, will it still download (import) everything okay? I ask this because I have an issue with a Visa account. As I import transaction for reconciling, it creates an account with a different name. I just do a "Move" on all the transactions then delete the account when I'm done. I was just wondering. Maybe better if I repost?
"John Pollard" wrote in message
"JCO" wrote:
Using Quicken 2012
I have several investments. Today I created a Fidelity account which will encompass several of my existing accounts plus have the cash amount. The cash amount has been given to Fidelity already to create the account but not currently invested in any stocks, MF,..... ect.
My question is this: What type of account should I create? I know how to create MF and Bank Acct., but not an account that can implement a wide variety of investments types. Or should each individual investment get tracked in it’s own new account? This seems like it could be messy trading in and out of accounts. I suspect the cash amount that I currently have is very similar to a Bank Account until I start transferring into other avenues. ---------------------------------------------------------
Assuming it's not a retirement account, I would just create a plain Quicken "brokerage" account. When you tell Quicken the financial institution name, and fill in the logon credentials, Quicken (and Fidelity) should do the rest of the work for you. The downloaded data will contain the necessary information for Quicken to create one account, or many accounts ... it's the financial institution that controls the process.
If the real-world account is a true brokerage account, I think you'll get a single brokerage account in Quicken.
If the real-world "account" is really multiple mutual funds (where Fidelity treats each fund as an account); I believe the account setup process will create one Quicken account for each fund (each downloaded "account").
I would backup first.
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"JCO" wrote
Well I did figure out the Brokerage Account and I have the cash value inputted already. I have not made any investments nor have I moved any of my existing accounts under the Fidelity umbrella yet. That is where I'm not to sure how to do it. It would be cool if you could select an existing fund in your quicken account and simply group it under the brokerage account. I never looked to see if that is possible, but based on what you've already said, I doubt it would be as easy as that.
Also, I don't know why it would matter if the funds are IRA vs. Non IRA because Fidelity handle those details as to what I pay on capital gains and what is is not paid. They would keep the funds separate for me and give me one single statement.
Another question: The account is named (automatically) as "Brokerage AccountInvestment xxxxx", where xxxx represents my account number. If I rename this account, will it still download (import) everything okay? I ask this because I have an issue with a Visa account. As I import transaction for reconciling, it creates an account with a different name. I just do a "Move" on all the transactions then delete the account when I'm done. I was just wondering. Maybe better if I repost? ---------------------------------------------
If you're going to have holdings moved between accounts at Fidelity, it would probably be better if you moved them in Quicken first ... then let the downloaded transactions "match" the transactions you created in Quicken.
You can use the Quicken "Shares transferred between accounts" pseudo-transaction to move holdings from one Quicken account to another.
The reason for caring about whether the Fidelity account is a retirement account or not, is that when you start the new account process in Quicken, you need to choose between "Brokerage", IRA, or 401k. If the Quicken account type doesn't match the downloaded account type, you'll have problems.
I don't think the Quicken account name should play any role in the process. You should be able to give it any name you like, and change it to any other name you like, at any time.
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