How to include cash balance in a manual investment account

Norm6257

I have set up a manual brokerage account for Webull because Simplifi doesn't have a connection to Webull (come-on Simplifi, add Webull). Of course this is an account that starts with $0.

I have performed manual transfers of cash as two transactions of $5k into Webull. If I view the Webull → transactions tab I can see the transfers in. However, there is no reflection of this cash balance on any of the other tabs and it is not reflected in the dashboard. All those balance figures show $0 even though the transactions tab shows two $5k deposits, totalling $10k.

Why are the cash transfers in not showing anywhere in the balances of the account?

SRC54

Hi,

I copied this from the Simplifi Support Documents:

Add Cash to a Manual Investment Account

1. Hover over the panel on the left-hand side and select Investments.
2. Click the blue + Holding button.
3. Select the Account you'd like to add the Cash to.
4. Select the Cash tab.
5. Enter the Total cash amount and click Add when done.

Here's the entire support document:

https://support.simplifi.quicken.com/en/articles/4474538-tracking-investments-in-quicken-simplifi

If you want to track checks and debit card transactions from this brokerage account, I would create a separate cash account that would actually total your transactions, but if you just want to account for the cash, this should do it.

Norm6257

Thanks for the pointer, Steve. That does help me to get the cash in the account recognized and reflected in the balances.

But I guess I don't understand why Simplifi designed it that way. In this situation, I transfered $5k from my checking account to the broker account. That transfer shows up in the broker account transaction record. I would think at this point it is cash into the broker account and it should be automatically recognized by Simplifi as a cash holding.

Instead, it is treated as a 'phantom' balance. It just sits in the transaction record but doesn't reflect anywhere.

And even if I then add a cash holding to the Portfolio tab for $5k, that addition doesn't reflect in the transaction record. It's a broken money transaction trail.

I think this needs to be done much better by Simplifi… If a transaction of cash is done by transfering from checking/savings into an investment account, that should automatically be recognized as a cash holding in the account.

SRC54

Yes, I understand your point. All I can say is that for whatever reason, Simplifi was designed only to show holdings in Investment Accounts and not transactions.

Last year when they decided to support having transactions in the Investment accounts (before then they didn't download them or allow you to add them), they didn't change the basic structure. Yes, you can make a transaction a payment/deposit so they can then show up in reports and spending plan, but they won't affect the balances in the investment account.

In the connected accounts, you download these daily and the investment balance gets counted in your net worth. In the manual account, you have to add your holdings yourself, and apparently as you found out this does include the cash holding. If the cash gets converted into a treasury fund, then you add that fund as well and edit your holdings to $2000.

Even with my Fidelity holdings that are connected, I usually have to edit each month the cost basis correct after I receive a dividend.

Likewise when I move money from a brokerage to a banking account, the money will be reflected immediately in the bank account but the decrease in the investment account won't be accounted for until the next business day.

Another thing to take into account is that Simplifi manual accounts are designed simply to total the transactions, but this won't work well in investment accounts as the value depends on fluctuating values of stocks, bonds and funds. So they stuck with holdings.

But you're right, in Classic they add up the cash transactions, so maybe in the future maybe Simplifi will as well. On the other hand, Classic doesn't list the Core Fund as a holding, but Simplifi does (to make up for not keeping up with cash).

Norm6257

Thanks Steve… I'm going to try out different work-arounds to see what works best as a kludge. Most likely I'll set up a manual 'broker' cash/checking/savings account and use that to record all my cash transfers, and that way the cash will be reflected in the balances. Then I'll use the actual manual broker account to only record investment transactions. It won't truely reflect the account balance, but maybe by netting out the two it might equal the true balance. Don't know… just have to try.

Also, I up-voted this idea:

https://community.simplifimoney.com/discussion/8830/allow-investment-transactions-to-impact-manual-investment-account-balances-portfolio-value-edited

SRC54

That sounds good. I upvoted the idea as well!!!