Just opened a new investment account that takes the money directly from my bank. Bank Transaction downloaded. So, I created a new investment account with the security. Then, I tried to show a transfer in Q'06 from my bank to the investment account. I got the following error message:
"Cannot record transfer. You do not have a position in the destination account"
No error code, no help button, nothing. Did I do something wrong when I created the account?
Found the problem Bug in Q. Seems you have to own something, anything in the account before you can transfer anything in. So I created a shares in transaction, then transfered in the real one, then deleted the fake one. Traansfered in a second transaction to make sure. Works fine.
Man, what a waste of time...
These guys are like MS...spend more time adding features than fixing old bugs.
The only investment account you have to establish a postion in before transferring cash to it is a Single Mutual Fund account.
And the reason you have to establish a postion in a Single Mutual Fund account before you can initiate a transfer of cash to it from another account, is because a Single Mutual Fund account can not hold any cash; so any transfer of cash into the account must be converted by Quicken to a Buy transaction. In order to enter a Buy transaction, Quicken has to know what security to Buy ... hence the need for you to establish the single security that will be held in the Single Mutual Fund account before you can initiate the transfer of any "cash" to it from another account.
And you didn't have to use a "fake" SharesIn to establish the position; you could have just done the transfer process in reverse; entering a Buy-Shares Bought transaction in the investment account, taking the funds from the checking account. When you enter the first Buy transaction in the account, you will be required to choose a security, and that will establish the security ... and create a transaction that you can keep.
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I hate to rain on your rant, but it's not a bug.
The only investment account you have to establish a postion in before transferring cash to it is a Single Mutual Fund account.
And the reason you have to establish a postion in a Single Mutual Fund account before you can initiate a transfer of cash to it from another account, is because a Single Mutual Fund account can not hold any cash; so any transfer of cash into the account must be converted by Quicken to a Buy transaction. In order to enter a Buy transaction, Quicken has to know what security to Buy ... hence the need for you to establish the single security that will be held in the Single Mutual Fund account before you can initiate the transfer of any "cash" to it from another account.
And you didn't have to use a "fake" SharesIn to establish the position; you could have just done the transfer process in reverse; entering a Buy-Shares Bought transaction in the investment account, taking the funds from the checking account. When you enter the first Buy transaction in the account, you will be required to choose a security, and that will establish the security ... and create a transaction that you can keep.
First off, doing it in reverse is an unnecessary pain...the transaction already existed in my checking account. By doing in in reverse I create a duplicate transaction, and then have to transfer all the split info or whatever from the old transaction.
When I built the single mutual fund account, it asked me and I told it what fund to use. I just told it zero shares at start-up. In fact, at startup it only asks you shares which is goofy anyway...opening an account in the real world for a new fund requires buying the shares...I've never had shares just magically appear.
Once I have the account started it lets me transfer in funds and it takes the price from that day and assumes it all went to a purchase. I then edit for the actual price (if required) and the commission (if any) and it's done. Why can't it do that the first time with a zero balance? What's so hard about that concept? I shouldn't have to have a mysterious "sharesin" to start, and then delete it.
OK, so technically it's not a bug (unintended action) but rather a design flaw. A rather stupid one at that.
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