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Record & Tranasfer: Dividends

Several Quicken versions ago, I set up scheduled transactions to deposit my dividends into my bank checking account. The flow was to record a dividend in the "Stocks" account and automatically transfer the amount to the bank. The transactions were always identified as "DivX" and everything seemed to flow neatly into the appropriate Tax schedules of Turbo Tax.

Now that I'm running Quicken H&B 2005, I've noticed that the scheduled transaction is showing up as an "OutX" entry in my "Stocks" account which throws my cash balance out of wack. I've simply been going back and changing it to the "DivX" I've been familiar with in the past and the balances seem to fall back in line. I've examined the scheduled transaction but I can't find anything wrong with the way it's set up. though there doesn't seem to be much information given. The "Edit All Future Transaction" window shows my bank account as the first item listed, the transaction is "Deposit" (cause there's no other chose close to a dividend receipt and transfer), the payee is the Stock involved, amount, and then the scheduling information. Nothing else. I would think the "Transaction method" would be something more descriptive to indicate it's a deposit coming from an investment account but apparently not.

I'm sure I'm missing something her but I can't find it. Can anyone point me in the right direction please?

Reply to
John Gregory
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A scheduled investment transaction must be set up as a 'Group'

I'm doing this in QW06 but, as I recall, QW05 was same or very similar.

In the brokerage account; memorize the 'DivX' transaction - this will show up in the memorized investment transaction list. Open the Scheduled Transaction List Select 'Create New' Select 'Account to Use' = your investment account. Set desired schedule Select 'Options' > Select 'Group' Assign name for group. Check 'Investment' transactions and check your memorized transaction. Your done.

Reply to
JM

I saw those comments about "Group" in the Scheduled Transaction window. When I pull mine up, the "Assign Group" doesn't allow me to click the "Group" button; it's shaded. That's probably because the transaction is set up as a Deposit. I never explored further because under the Assign Group section is a comment that says: "Use this feature to create investment transaction groups in order to schedule recurring investment transactions. Not needed for regular dividend or investment payments." I didn't know how to interpret that last sentence. Don't I have just a "regular divided"?

Reply to
John Gregory

Might need one of our QW05 users to jump in and help here.

When you opened the 'Create New Memorized Transaction' window - make sure you select the investment account as account to use; i.e., approach this from the investment account side, not the cash flow account side.

I ran a quick check in QW06 just to verify the steps before posting and it worked ok for me.

Reply to
JM

Several comments, as JM requested.

1.) Actually, for scheduled transactions there is a "Dividend" choice in the "Transaction method" drop down for Q2005 (and Q2006 ... can't speak for earlier versions) - IF you choose the investment account as the "Account to use". 2.) But that choice will not accomplish exactly what you seem to want. It will just create a dividend transaction in your investment account ... no "transfer". 3.) I think that if you want to have a scheduled dividend and transfer the funds from your investment account to some other account, you will have to take one of two approaches (happy to find out there are even more choices). 3a.) Create two scheduled transactions: one, a dividend in the investment account as noted above; and two, a cash transfer from the investment account to whatever other account you want it transferred to 3b.) Create a memorized investment account DivX transaction and a Group scheduled transaction that schedules the memorized investment account transaction
Reply to
John Pollard

JohnP's 3b was what I intended in the original reply.

Hadn't noticed the option '1)'.

To JohnG - looks like the comment "Not needed for regular dividend or investment payments." is referring to the case where the dividend is simply deposited to the account [don't need to use Group]. Would recommend the Group route since you want a 'DivX'.

Reply to
JM

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