Payments/Deposits in Investment Accounts
Simplifi promises management of investments and daily finance transactions. Virtually every brokerage today offers investment accounts with checking, debit cards, billpay and more. And yet Simolifi insists on treating “investment accounts” as if they only include investments, thereby excluding payment/deposit transactions in these accounts from the summary view of transactions, and making it impossible to assign payment/deposit transactions in these accounts to business clients and projects, etc. Why?
Is it not natural for me to deposit my business income into a brokerage account? Is it not natural for me to make payments for business and personal transactions using funds in an investment account? Does anyone even need or want a low interest checking account anymore when this is possible with an investment account?
Why does Quicken impose these limitations? Since all these payment/deposit transactions in investment accounts are already easily identifiable by simplifi, why exclude them from the summary list of transactions? Why not allow them to be linked to clients and projects? Why treat them any differently at all just because of the “type” of account they are in?
given that these transactions are identifiable, and similarly given that investment transactions are identifiable, why impose restrictions at the account level instead of transaction level?
Comments
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From Simplifi FAQ: “Quicken Simplifi treats cash accounts with brokerage-like behaviors as investment accounts, excluding their transactions from Spending Plans and certain tracking features by design, as they are intended for investments, not daily spending.”
That final statement, “…as they are intended for investments, not daily spending,” is simply false.Cash accounts with brokerage-like behaviors (aka, brokerage accounts that include features like checking, debit cards, billpay, direct deposit, etc.) are absolutely intended for daily spending.
Inexplicably, despite spending and investment transactions in these accounts being readily identifiable as distinct, quicken limits what can be done with the payment/deposit transactions in these accounts (and in some of its standard features it simply ignores them) simply b/c of their account type. Their proposed workaround—to create manual accounts for the cash—defeats the purpose of the app (automation and transaction download).Since countless people in the real world deposit business income into brokerage accounts with checking features, and use these same accounts for billpay and spending, Simlifi is inexplicably making itself unworkable for many prospective customers who are likely to be squarely in Simplifi’s target market.
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I understand your frustration. You can include Payments/Deposits in the Spending Plan and Reports. Go to Settings:Accounts and make sure that your brokerage accounts are not set to exclude automatically. Note: All other transactions other than the ones you mark as payments/deposits will still be excluded.
Also, if you haven't already done so, please vote on the feature request below:
I don't know for sure if you wish your brokerage account treated as a checking account, but it sounds as though you would. Another lack of cash spending in brokerage accounts is that you cannot split those transactions!
Thanks!
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 20090
