Setting up recurring transfer from CHECKING to ROTH IRA.

Flopbot
Flopbot Superuser ✭✭✭✭✭
edited October 7 in Investments
So, after a many, many-year hiatus, I'm finally looking to restart recurring monthly transfers from my CHECKING account (Flagstar Bank) to my ROTH IRA account (Edward Jones).  Both are synced with Simplifi and both seem to download consistently and automatically without a hitch; thank you Simplifi!

I want to make sure I get off to a good start in Simplifi since I didn't with Quicken Desktop where I always had a multi-thousand dollar difference.  I'm also looking forward to seeing how the new investment features work (ex. individual transactions). 

Question #1:
  What's the ideal way to set up the recurring series in Bills?



For the Category, would you recommend using this...



Or this...



Question #2:  Also, after reading some of the other forum posts, I suspect I should click "Ignore from Spending Plan", but I'm not sure.

Thank you all for any feedback!
Chris
Quicken Desktop user since 2014.
Brand new to Simplifi in 2021.

Best Answers

  • Flopbot
    Flopbot Superuser ✭✭✭✭✭
    Answer ✓
    So, @Coach Natalie's post from earlier today (click here) certainly helped.  I should have read it first!  In her post, I found this Support Article (click here) particularly useful.

    If I understand correctly, this is the ideal setup and the ability to even do these transfers is JUST being rolled out.  Before, I would have used "Transfer".  Now, I can use "Transfer to Roth IRA-1" and when I do that - since it's a transfer - the "Ignore from Spending Plan" toggle is automatically selected.



    I'd still love feedback on any of this.  Especially, if someone has words of advice or any wisdom I can learn from.
    Chris
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Thanks for posting, @Flopbot!

    Of course, other users may come along with suggestions on how best to handle this, but I think you're definitely on the right track and have the correct setup by using your Roth IRA account as the Category for the Recurring Transfer Series. Also, since the ability to perform Transfers to and from Investment Accounts is brand new, please be sure to let us know if you run into any issues. :smile:

    -Coach Natalie
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