I am using Quicken XG 2006. In real life scenario, I have a CAD stock account. From this account, I can buy and sell CAD and USD stocks (ie, Nortel - CAD, or Pfizer - USD).
When Pfizer gives dividends, on my statements I see the following: Dividends - $ 1.05 in CAD. Withholding Tax - ($ 0.06) in CAD.
Now, in Quicken, I am forced to enter this into a USD based account. But I can do Transfer to Canadian Account.
From the USD account, I can do a DIV transaction with transfer to
Canadian account and have $1.05 seen on the CAD account. I use the MiscExp for the Withholding tax ($0.06) and enter the TAX category. When I try to transfer this amount to CAD, Quicken tells me that I am sending 0.06$ from Cad to US.
What is the best way to track USD withholding tax on dividends and have the amounts transferred to CAD side? Can I keep the TAX category for this type of transaction that is transferred to CAD account?
Any help will be greatly appreciated.
Thanks