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JCO
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 Posted: Fri May 16, 2008 3:50 am Post subject: Don't have a position in the Destination Account |
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Things seem to be much easier before upgrading to Quicken 2008. I think I
like my 2006 version better. Anyway, I've created a new account which is a
Single Mutual Fund. It will have a monthly deposit done and set up to
transfer the amount from our checking account. So I'm doing the first
transaction and getting the following error:
"Cannot record transfer. You do not have a position in the destination
account."
What does this mean? It should be no different from the other MF Accounts
that are set up the same way. Thanks for your help. |
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John Pollard
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| Posted: Fri May 16, 2008 4:15 am Post subject: Re: Don't have a position in the Destination Account |
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JCO wrote:
| Quote: |
Things seem to be much easier before upgrading to Quicken
2008. I
think I like my 2006 version better. Anyway, I've created a
new
account which is a Single Mutual Fund. It will have a monthly
deposit done and set up to transfer the amount from our
checking
account. So I'm doing the first transaction and getting the
following error:
"Cannot record transfer. You do not have a position in the
destination account."
What does this mean? It should be no different from the other
MF
Accounts that are set up the same way.
|
Sorry to tell you this, but a Single Mutual Fund account in
Quicken is very much different than any "other MF Accounts".
[If you have previously established Quicken SMF accounts, it is
likely you forgot how you set them up.]
You must tell Quicken what security you intend to own in that
SMF account before you can transfer funds to the account. A
"transfer" of funds to an SMF account will not create cash in
the account; it will (is intended to) create a "BuyX" in the SMF
account. That BuyX can not occur until Quicken knows what
specific security to "buy".
You can tell Quicken what security to hold in the SMF account
when you establish it, even if you tell Quicken you own no
shares in the security. Or you can enter a BuyX in the SMF
account before you ever attempt to enter a transfer into the SMF
account. Your choice.
--
John Pollard
First initial underscore Last name at mchsi dot com
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John Pollard
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| Posted: Fri May 16, 2008 5:33 pm Post subject: Re: Don't have a position in the Destination Account |
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JCO wrote:
| Quote: |
Things seem to be much easier before upgrading to Quicken
2008. I
think I like my 2006 version better. Anyway, I've created a
new
account which is a Single Mutual Fund. It will have a monthly
deposit done and set up to transfer the amount from our
checking
account. So I'm doing the first transaction and getting the
following error:
"Cannot record transfer. You do not have a position in the
destination account."
What does this mean? It should be no different from the other
MF
Accounts that are set up the same way.
|
I sent a reply to this yesterday, but it does not seem to have
gotten there: I'll try again.
A Single Mutual Fund account in
Quicken is very much different than any "other MF Accounts".
[If you have previously established Quicken SMF accounts, it is
likely you forgot how you set them up.]
You must tell Quicken what security you intend to own in that
SMF account before you can transfer funds to the account. A
"transfer" of funds to an SMF account will not create cash in
the account; it will (is intended to) create a "BuyX" in the SMF
account. That BuyX can not occur until Quicken knows what
specific security to "buy".
You must tell Quicken what security to hold in the SMF account
when you establish it, but Quicken will allow you to say you own
no shares of that security in the account ... and if you do
that, you will have "no position" in the account.
Assuming you created the account with zero shares of the single
security, just make your first transaction a BuyX in the SMF
account: that will establish a position in the account. From
that point on, you can intiate the "transfers" from any Quicken
account.
--
John Pollard
First initial underscore Last name at mchsi dot com
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JCO
Guest
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| Posted: Mon May 19, 2008 8:13 am Post subject: Re: Don't have a position in the Destination Account |
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So I must of created the wrong type of account.... right?
I own this mutual fund and want to transfer money to this Mutual fund once
every month. I thought that is what a SMF is. I must be wrong?
"John Pollard" <invalid@invalid.com> wrote in message
news:g0ig5e$reo$1@aioe.org...
| Quote: |
JCO wrote:
Things seem to be much easier before upgrading to Quicken 2008. I
think I like my 2006 version better. Anyway, I've created a new
account which is a Single Mutual Fund. It will have a monthly
deposit done and set up to transfer the amount from our checking
account. So I'm doing the first transaction and getting the
following error:
"Cannot record transfer. You do not have a position in the
destination account."
What does this mean? It should be no different from the other MF
Accounts that are set up the same way.
Sorry to tell you this, but a Single Mutual Fund account in Quicken is
very much different than any "other MF Accounts". [If you have previously
established Quicken SMF accounts, it is likely you forgot how you set them
up.]
You must tell Quicken what security you intend to own in that SMF account
before you can transfer funds to the account. A "transfer" of funds to an
SMF account will not create cash in the account; it will (is intended to)
create a "BuyX" in the SMF account. That BuyX can not occur until Quicken
knows what specific security to "buy".
You can tell Quicken what security to hold in the SMF account when you
establish it, even if you tell Quicken you own no shares in the security.
Or you can enter a BuyX in the SMF account before you ever attempt to
enter a transfer into the SMF account. Your choice.
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
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John Pollard
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| Posted: Mon May 19, 2008 6:07 pm Post subject: Re: Don't have a position in the Destination Account |
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JCO wrote:
| Quote: |
So I must of created the wrong type of account.... right?
I own this mutual fund and want to transfer money to this
Mutual fund
once every month. I thought that is what a SMF is. I must be
wrong?
|
Read my other reply ... carefully.
You didn't necessarily create the wrong type of account
(personally, I have never found a use for SMF accounts, but
that's me); you just (apparently) didn't understand all the
requirements that needed to be met before you could transfer
money to the account.
--
John Pollard
First initial underscore Last name at mchsi dot com
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JCO
Guest
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| Posted: Tue May 20, 2008 2:54 am Post subject: Re: Don't have a position in the Destination Account |
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Then what, in your opinion, is the account that you would of used for my
situation. I opened a Mutual fund already. This is a Mutual Fund that I
will make monthly deposit into as an investment. It will be set up for
automatic draft.
I opened an account with T.Rowe Price and the fund name is Health & Science
(ticker is PRSHX). The only thing I will be doing is monthly deposits until
..... one day ... . the fund is cashed out (hopefully a long time).
"John Pollard" <invalid@invalid.com> wrote in message
news:g0rul7$esd$1@aioe.org...
| Quote: |
JCO wrote:
So I must of created the wrong type of account.... right?
I own this mutual fund and want to transfer money to this Mutual fund
once every month. I thought that is what a SMF is. I must be wrong?
Read my other reply ... carefully.
You didn't necessarily create the wrong type of account (personally, I
have never found a use for SMF accounts, but that's me); you just
(apparently) didn't understand all the requirements that needed to be met
before you could transfer money to the account.
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
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JCO
Guest
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| Posted: Tue May 20, 2008 3:11 am Post subject: Re: Don't have a position in the Destination Account |
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It seems to work okay if I call this a Stock instead of a Mutual Fund. Then
it allows me to make monthly transfers.
"John Pollard" <invalid@invalid.com> wrote in message
news:g0rul7$esd$1@aioe.org...
| Quote: |
JCO wrote:
So I must of created the wrong type of account.... right?
I own this mutual fund and want to transfer money to this Mutual fund
once every month. I thought that is what a SMF is. I must be wrong?
Read my other reply ... carefully.
You didn't necessarily create the wrong type of account (personally, I
have never found a use for SMF accounts, but that's me); you just
(apparently) didn't understand all the requirements that needed to be met
before you could transfer money to the account.
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup
|
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JimH
Guest
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| Posted: Tue May 20, 2008 6:25 am Post subject: Re: Don't have a position in the Destination Account |
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JCO wrote:
| Quote: |
Then what, in your opinion, is the account that you would of used for my
situation. I opened a Mutual fund already. This is a Mutual Fund that I
will make monthly deposit into as an investment. It will be set up for
automatic draft.
I opened an account with T.Rowe Price and the fund name is Health & Science
(ticker is PRSHX). The only thing I will be doing is monthly deposits until
.... one day ... . the fund is cashed out (hopefully a long time).
|
As far as the Quicken mechanics of it, I would have created an account
in Quicken called "T.Rowe Price Brokerage". I would then have deposited
cash into the account, as your automatic draft is doing, and bought
shares of PRSHX within that account. That would leave flexibility for
when you decide to have some other mutual funds within that brokerage
account.
That is how I did it with our Wachovia Brokerage account. We have
several mutual funds in that account, along with stocks, Money Market,
and CD's. It is also how I did it with my Vanguard IRA Account which now
holds shares in 10 different mutual funds. Together, they provide a
great deal of diversity. That protects against a major downturn in any
one sector or geography.
I don't know anything about PRSHX, but one sector specific mutual fund
is probably not going to provide an appropriate asset allocation for all
of your investing for a lifetime. You might want to look at
http://www.diehards.org/forum/index.php . They discuss long term
investment planning and asset allocation. There are some very
knowledgeable people there, and they are willing to give advice on asset
allocation, and general investing.
--
Jim |
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John Pollard
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| Posted: Tue May 20, 2008 7:48 am Post subject: Re: Don't have a position in the Destination Account |
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JCO wrote:
| Quote: |
It seems to work okay if I call this a Stock instead of a
Mutual
Fund. Then it allows me to make monthly transfers.
|
I don't see why that would matter; you don't need to do that,
and you probably shouldn't. There are a couple of features that
want to know when a security is really a mutual fund (like
Morningstar ratings).
If you enter one BuyX in the investment account for the mutual
fund, you should be able to transfer into the account from a
non-investment account after that.
The way I would do it is the way that JimH suggested. |
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JCO
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| Posted: Tue May 20, 2008 5:00 pm Post subject: Re: Don't have a position in the Destination Account |
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Are you saying... to create two accounts
1. Cash Account ... this is where my monthly automatic monthly drafts
go too.
2. Create the Mutual Fund Account
Then each month, do a BuyX into the Mutual Fund from the Cash Account.
Also, this Cash Account can be used for multiple Mutual Fund Investments or
other Investments.
If this is correct, I'm not sure what the advantages are of having the Cash
Account vs the transferees coming straight out of my Checking Account (which
I consider to be a cash account).
I might not be understanding the process correctly. Forgive me for being
such a pest.
"JimH" <JimH@invalid.net> wrote in message
news:PLpYj.26415$Go.4577@newsfe13.phx...
| Quote: |
JCO wrote:
Then what, in your opinion, is the account that you would of used for my
situation. I opened a Mutual fund already. This is a Mutual Fund that I
will make monthly deposit into as an investment. It will be set up for
automatic draft.
I opened an account with T.Rowe Price and the fund name is Health &
Science (ticker is PRSHX). The only thing I will be doing is monthly
deposits until .... one day ... . the fund is cashed out (hopefully a
long time).
As far as the Quicken mechanics of it, I would have created an account in
Quicken called "T.Rowe Price Brokerage". I would then have deposited cash
into the account, as your automatic draft is doing, and bought shares of
PRSHX within that account. That would leave flexibility for when you
decide to have some other mutual funds within that brokerage account.
That is how I did it with our Wachovia Brokerage account. We have several
mutual funds in that account, along with stocks, Money Market, and CD's.
It is also how I did it with my Vanguard IRA Account which now holds
shares in 10 different mutual funds. Together, they provide a great deal
of diversity. That protects against a major downturn in any one sector or
geography.
I don't know anything about PRSHX, but one sector specific mutual fund is
probably not going to provide an appropriate asset allocation for all of
your investing for a lifetime. You might want to look at
http://www.diehards.org/forum/index.php . They discuss long term
investment planning and asset allocation. There are some very
knowledgeable people there, and they are willing to give advice on asset
allocation, and general investing.
--
Jim |
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JimH
Guest
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| Posted: Tue May 20, 2008 7:47 pm Post subject: Re: Don't have a position in the Destination Account |
|
|
JCO wrote:
| Quote: |
Are you saying... to create two accounts
1. Cash Account ... this is where my monthly automatic monthly
drafts go too.
2. Create the Mutual Fund Account
Then each month, do a BuyX into the Mutual Fund from the Cash Account.
|
No. The mutual fund is NOT an account. It is an investment held in your
T. Rowe Price investment account. Think of it this way... You open an
account at a brokerage. You buy and sell investments. When you sell off
an investment, you still have the account, and you can buy other
investments in that account. A mutual fund isn't like an account at all.
It is one investment within an account. You can't buy and sell an
account, only an investment.
Create one investment account "T. Rowe Price Brokerage". That can hold
cash, mutual funds, individual stocks, or any other investments.
Transfer cash into the T. Row Price account. The cash should come from
some other account, perhaps your checking account or your pay check. It
should reflect what is really happening. That transfer will create a
cash balance within the brokerage account. Use buy transactions within
the account to buy the shares of your mutual fund. That will reduce the
cash in the account.
That is how it works in the real world. When you set up Quicken to
mirror real world activity, it works much better, and provides the
flexibility that is inevitably needed in investing.
The way you are doing it is exactly how I did it at first. Then, I owned
the same mutual fund in two different accounts. That was when I had to
figure out how it really worked. Believe me, once you get this part
straightened out in your mind, it all becomes much easier.
--
Jim |
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scott s.
Guest
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| Posted: Wed May 21, 2008 11:00 am Post subject: Re: Don't have a position in the Destination Account |
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JimH <JimH@invalid.net> wrote in
news:3wBYj.4364$4m2.1304@newsfe09.phx:
| Quote: |
JCO wrote:
Are you saying... to create two accounts
1. Cash Account ... this is where my monthly automatic monthly
drafts go too.
2. Create the Mutual Fund Account
Then each month, do a BuyX into the Mutual Fund from the Cash
Account.
No. The mutual fund is NOT an account. It is an investment held in
your T. Rowe Price investment account. Think of it this way... You
open an account at a brokerage. You buy and sell investments. When
you sell off an investment, you still have the account, and you can
buy other investments in that account. A mutual fund isn't like an
account at all. It is one investment within an account. You can't
buy and sell an account, only an investment.
Create one investment account "T. Rowe Price Brokerage". That can
hold cash, mutual funds, individual stocks, or any other
investments. Transfer cash into the T. Row Price account. The cash
should come from some other account, perhaps your checking account
or your pay check. It should reflect what is really happening. That
transfer will create a cash balance within the brokerage account.
Use buy transactions within the account to buy the shares of your
mutual fund. That will reduce the cash in the account.
That is how it works in the real world. When you set up Quicken to
mirror real world activity, it works much better, and provides the
flexibility that is inevitably needed in investing.
The way you are doing it is exactly how I did it at first. Then, I
owned the same mutual fund in two different accounts. That was when
I had to figure out how it really worked. Believe me, once you get
this part straightened out in your mind, it all becomes much easier.
|
I don't like the single mutual fund acct either, but in the case of
T Rowe Price, you can only download transactions from a single
mutual fund, tied to the account number which is different for
each fund you own at TRP. So I use my TRP Prime Reserve since
it pays a div every month (reinvested). The other ones generally
only pay semi-annually or anually, and I don't do that much in
the way of buy / sells. That way even though they are all accounted
for in a single TRP Quicken acct it works, except that Quicken
complains that my account balances are wrong.
scott s.
.. |
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John Pollard
Guest
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| Posted: Wed May 21, 2008 6:02 pm Post subject: Re: Don't have a position in the Destination Account |
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scott s. wrote:
| Quote: |
I don't like the single mutual fund acct either, but in the
case of
T Rowe Price, you can only download transactions from a single
mutual fund, tied to the account number which is different for
each fund you own at TRP. So I use my TRP Prime Reserve since
it pays a div every month (reinvested). The other ones
generally
only pay semi-annually or anually, and I don't do that much in
the way of buy / sells. That way even though they are all
accounted
for in a single TRP Quicken acct it works, except that Quicken
complains that my account balances are wrong.
|
Even if a user needs a single Quicken account for each mutual
fund owned at certain financial institutions; there is still no
need to use a Single Mutual Fund account for the purpose. A
regular Quicken brokerage account can hold only one security, if
necessary: you can have as many Quicken brokerage accounts as
you have mutual funds, one account for each fund. Without the
restrictions of the SMF account.
--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup |
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JCO
Guest
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| Posted: Sat May 24, 2008 11:41 pm Post subject: Re: Don't have a position in the Destination Account |
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I guess my problem that started many years ago.... I create a new account
for each new investment (mutual funds and so forth). I can't clean that
mess up. All I can do is try not to make it worse. I will study these
comments and see If I can the correct concept to work. I don't know why I
find this stuff confusing but it is. To make it worse.... My family is 100%
on Quickens. I don't just monitor stocks. I'm talking several Savings and
Several Checking accounts along with Mortgage accounts that go back 3- homes
ago (since you should never delete an account). So everything is on
Quicken... all grocery and gas expenses. Seems like I was doing the right
thing but obviously my investments into 10-15 Mutual funds are done wrong.
So investments have been cashed out but like I said... I don't delete
accounts once they have been created.
Thanks... and I will let you know how it goes. May be a few weeks before I
really get into it.
"JimH" <JimH@invalid.net> wrote in message
news:3wBYj.4364$4m2.1304@newsfe09.phx...
| Quote: |
JCO wrote:
Are you saying... to create two accounts
1. Cash Account ... this is where my monthly automatic monthly drafts
go too.
2. Create the Mutual Fund Account
Then each month, do a BuyX into the Mutual Fund from the Cash Account.
No. The mutual fund is NOT an account. It is an investment held in your T.
Rowe Price investment account. Think of it this way... You open an account
at a brokerage. You buy and sell investments. When you sell off an
investment, you still have the account, and you can buy other investments
in that account. A mutual fund isn't like an account at all. It is one
investment within an account. You can't buy and sell an account, only an
investment.
Create one investment account "T. Rowe Price Brokerage". That can hold
cash, mutual funds, individual stocks, or any other investments. Transfer
cash into the T. Row Price account. The cash should come from some other
account, perhaps your checking account or your pay check. It should
reflect what is really happening. That transfer will create a cash balance
within the brokerage account. Use buy transactions within the account to
buy the shares of your mutual fund. That will reduce the cash in the
account.
That is how it works in the real world. When you set up Quicken to mirror
real world activity, it works much better, and provides the flexibility
that is inevitably needed in investing.
The way you are doing it is exactly how I did it at first. Then, I owned
the same mutual fund in two different accounts. That was when I had to
figure out how it really worked. Believe me, once you get this part
straightened out in your mind, it all becomes much easier.
--
Jim |
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JCO
Guest
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| Posted: Tue May 27, 2008 9:14 am Post subject: Re: Don't have a position in the Destination Account |
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|
Okay, I played with Quicken and understand. All that you said makes perfect
sense now. It also makes sense after realizing that the previous versions
of Quicken had a bug in the software which is why I was able to do some of
the things that I've done. In-fact, all of my Accounts prior to switching
to 2008 work the old way while only the new account works the new way. I
have an American Century Account that holds my Ultra. My transactions each
month go directly from checking to the account with a "BoughtX". It does
not transfer into cash, and force you to make a separate transaction with a
BoughtX.
But that is okay. The 2008 version is more like the real world works.
"JimH" <JimH@invalid.net> wrote in message
news:3wBYj.4364$4m2.1304@newsfe09.phx...
| Quote: |
JCO wrote:
Are you saying... to create two accounts
1. Cash Account ... this is where my monthly automatic monthly drafts
go too.
2. Create the Mutual Fund Account
Then each month, do a BuyX into the Mutual Fund from the Cash Account.
No. The mutual fund is NOT an account. It is an investment held in your T.
Rowe Price investment account. Think of it this way... You open an account
at a brokerage. You buy and sell investments. When you sell off an
investment, you still have the account, and you can buy other investments
in that account. A mutual fund isn't like an account at all. It is one
investment within an account. You can't buy and sell an account, only an
investment.
Create one investment account "T. Rowe Price Brokerage". That can hold
cash, mutual funds, individual stocks, or any other investments. Transfer
cash into the T. Row Price account. The cash should come from some other
account, perhaps your checking account or your pay check. It should
reflect what is really happening. That transfer will create a cash balance
within the brokerage account. Use buy transactions within the account to
buy the shares of your mutual fund. That will reduce the cash in the
account.
That is how it works in the real world. When you set up Quicken to mirror
real world activity, it works much better, and provides the flexibility
that is inevitably needed in investing.
The way you are doing it is exactly how I did it at first. Then, I owned
the same mutual fund in two different accounts. That was when I had to
figure out how it really worked. Believe me, once you get this part
straightened out in your mind, it all becomes much easier.
--
Jim |
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