Transfer of funds

Marvin Dietrich's Avatar

Marvin Dietrich

27 Nov, 2020 06:11 PM

I have two separate investment accounts, one for mutual fund accounts and the other is a brokerage account. I cannot figure out how to transfer cash between the two. please help

  1. 1 Posted by -Kevin N. on 27 Nov, 2020 07:20 PM

    -Kevin N.'s Avatar

    Hi Marvin,

    Entering a transfer transaction in an investment account I suppose would depend on how cash is managed in the account that you intend to transfer out of.

    If the cash is:
    A) Managed through a required Money Market Fund (MMF), you could enter a Sell transaction of the MMF shares equal to the amount of desired cash. (creating a positive Cash Balance)

    Then enter an Xfr transaction to transfer the funds to the other account. (you would select the other account from the transaction's 'Transfer' field drop-down list and enter the 'Amount' as a negative value.)

    Doing so will zero-out the positive Cash Balance created by selling the shares of the MMF.

    Or...

    You could enter a SellXfr transaction of the MMF shares - combining the Sell transaction and the Xfr transaction into one.

    B) Not managed by a MMF, you would simply enter an Xfr transaction following the steps above for entering an Xfr transaction.

    Keep in mind that neither of these entries physically moves any monies to or from either of the actual accounts in question. That would require your interaction with the broker(s) involved. This may sound obvious but I just want to make sure that there is nothing left to chance.

    -Kevin N. (not a member of MD support)

  2. 2 Posted by Marvin Dietrich on 27 Nov, 2020 09:25 PM

    Marvin Dietrich's Avatar

    Thanks Kevin, I guess the problem I continue to have is not knowing what each column's entry line definition is. In this case I had to enter the receiving account in the “transfer” space and the sending account in the “fee category” space and that worked, boy that is not very intuitive. Is that the correct way to do this transfer or is there a better way?

    Marv

  3. 3 Posted by dwg on 27 Nov, 2020 09:32 PM

    dwg's Avatar

    I'm a fellow user.

    ' the sending account in the “fee category” '

    Sounds to be something wrong here. You should not need to enter anything in the fee category, entering the destination account in the transfer field will transfer cash from the investment account to the other account when a negative number is used for the amount or in the other direction when a positive number is used.

    The fee category is just that it is a category for any fees that have been entered in the fee field.

  4. 4 Posted by -Kevin N. on 27 Nov, 2020 10:17 PM

    -Kevin N.'s Avatar

    Hi Marvin,

    As forum member dwg remarked 'entering the destination account in the transfer field will transfer cash from the investment account to the other account'.

    Here is a link to a Moneydance KB article that explains the various fields of the investment account register.
    https://infinitekind.tenderapp.com/kb/investment-accounts/investmen...

    If you continue to experience issues with entering the transfer, perhaps a screenshot of the transaction would help. Provide the names of the two accounts in question.

    One other thing to check is to make sure that you don't have a Category with the same name as the Account that you transferring to. In doing so you may inadvertently transfer the funds to the Category instead of the Account.

    -Kevin N. (not a member of MD support)

  5. Melissa closed this discussion on 30 Nov, 2020 07:22 PM.

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