Allow users to classify an Investment Account as a non-investment account
This is really needed for Cash Management accounts from Fidelity and other Investment Firms that act like checking accounts. Generally they come with debit cards, bill pay and checking features. The cash in the accounts is generally tied to interest from Sweep Bank accounts or to a single cash fund such as a Government Money Market fund. So there isn't much need to keep up with myriad stocks and bonds.
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 2009
Comments
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Coach Natalie's response worked for me:
https://community.simplifimoney.com/discussion/6759/add-fidelity-cash-management-account-cma-as-checking
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@Dognose Hope you will upvote this because right now you and I have this classified as we like, but new users don't have the option. In addition, if we ever have to reconnect our Cash Management account, our only option will be a brokerage account, or we'll have to make it a manual account (which is what I currently have to do with Quicken Classic Mac).
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 20092 -
That's unfortunate.
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I’d prefer that they just fix the features in investment accounts so this wasn’t such a big issue (eg, permit split transactions and document uploads, and exporting of transactions, etc), but this would also permit the old workaround for most of those issues. Just seems like a huge flaw for a paid service to not permit users to categorize their own accounts however they want.
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@WJB You make a good point. It's now been at least two years since we gained the ability to have transactions in Investment accounts, and these accounts are still missing features. Recurring transactions is another one.
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 20090 -
@SRC54 agreed - it’s actually strange that this hasn’t been fixed when so many marginal added features have been rolled out in the interim. I’d appreciate a better explanation on what’s going on here.
At a minimum I would have thought the new tax feature would have driven categories in investment transactions and splits, given the different tax treatments applicable to various dividend and sale transactions. And the “solution” of locking investment accounts into the investment category to stop the workaround of switching them back and forth to permit exporting / categorization / splits seemed almost aggressive without an explanation / time frame for adding these features. Enough to make me wonder if they see some sort of user lock-in advantage from denying us these features but I can’t see it.
Hopefully we can get a little more information here from Simplifi?
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@WJB The wheels turn slowly it seems in Simplifi development. Some things happen quickly while others are on turtle time. Who knows whether it's marketing or the development team that drives this? Most likely a combination of both based on how complicated the programming is.
Initially, Simplifi didn't show investment transactions at all; you could only see the total investment balance and your holdings. It was all static. Even now with transactions, they are mostly ignored unless they are payment/deposits. And many users want those to be ignored too. The development did respond to those of us who wanted them to be available in the Spending Plan and Reports.
We've been told that Simplifi is now working on a solution for investment accounts that have checking account features, but we don't have a timeline nor do we know exactly what that means.
I have my Fidelity Cash Management set up as a Savings Account since I don't use it much yet. I somehow got it set there before the recent change that wouldn't let you move it out of Investments. In Quicken Mac, I had to make it a manual account to do this. So right now, we either live with the limitations of an Investment Account or we do a workaround.
I've used almost every financial app out there, and they all have their stubborn vagaries. I think it probably comes down to the original vision of the development team. And no doubt, how difficult the programming will be.
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 20090 -
@SRC54 and @WJB - Thank you for responding to my related post, although I think my post goes a bit further regarding this issue (brokerage accounts that also function as cash accounts) and suggests that Simplifi already has all the data needed to enable brokerage accounts’ cash transactions to be identified as such and treated as any other cash transactions is treated regardless of the account it resides in. I’ve upvoted your request. However, I think a more helpful feature would be to govern treatment of transactions at the transaction level rather than the account level.
See post here:
I should add that I know I can check a few boxes to include/exclude some cash transactions in brokerage accounts from reporting, but this does not solve the full set of problems with the current lack of functionality (as explained in my post).I should also add that I am a LONG time Quicken Classic user, and I am trying to set my kids up with Quicken Simplifi. I REALLY want it to work for them. But it doesn’t, largely b/c of problems like this.
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