Best way to categorize drafts from bank account to Robinhood or other Brokerage account.

garej704

Little confused on the best way to categorize my transfer of money from my banking accounts to Robinhood. I have a lot of recurring monthly purchases of stocks, ETF's, etc that are withdrawn from my banking account for those purchases plus i'll make occasional buys one-time on certain stocks. I was categorizing as an "investments" and excluding from reports and spending plan. It seems to be more like a transfer of funds?

When I do transfer manually it gives me the option of my accounts to transfer too. The issue is I have 5 Robinhood account types and it doesn't show which Robinhood account the money was transferred to from the bank. I can manually edit and do a transfer but when you have dozens of transfers setup and many the same amount it would be extremely time consuming to figure out where the transfer went to from my bank to Robinhood and which account it went into.

What is the best way to categorize monthly investments to different accounts that are tracked by simplifi?

Coach Kristina

Hello @garej704,

That is an interesting issue. Is the other half of the transfer downloading into the appropriate Robinhood account? If it is, then it may be simpler to edit the transaction in the Robinhood account, showing it as a transfer from the funding account.

If it is not, and you're just wanting to document the transfer from the funding account, then I'd recommend using the Transfer category without selecting an account. That way, Quicken Simplifi will see it as a transfer, but it won't automatically create the other side of the transfer. See this article for more information: https://support.simplifi.quicken.com/en/articles/3352152-how-do-transfers-work#h_b7fbfbea9f

I hope this helps!