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R
Race-MX
February 7, 2024
Question

Can I use an operating account that has money market sweep?

  • February 7, 2024
  • 1 reply
  • 0 views

I use a business account with Fidelity Investments for my operating account, which sweeps any cash balances to money market automatically. This results in an ongoing $0 cash balance in my Fidelity account and from what I can see so far a $0 balance for the account in QBO. Are accounts with money market supported in QBO? I would prefer not to have to setup multiple accounts in QBO and keep up with daily transfers to and from accounts for this to work. Thank you. 

1 reply

C
CharleneMaeF
February 7, 2024

Hi there, Race-MX.

 

At this time, QuickBooks Online doesn't have an automatic process for your money market sweep account. With this, we'll have to track the account manually in QBO. Here's how:

 

  1. Go to Settings ⚙, then select Chart of accounts.
  2. Select New.
  3. Choose an account and detail type.
  4. Select Save and Close.

 

To track the transactions, you'll have to use the Transfer feature. Here's how:

 

  1. Select + New.
  2. Select Transfer.
  3. From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
  4. From the Transfer Funds To dropdown list, select the bank account that the money is going to.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date field.
  7. Enter a description of the transfer in the Memo field (optional).
  8. Select Save and close or Save and new to complete the transfer.
  9. Select Yes if you double checked the date.

 

Please know that we're here to provide you with continuous assistance and support throughout this process. Don't hesitate to reach out if you need further help. We're committed to helping you every step of the way.

R
Race-MXAuthor
February 7, 2024

Thanks for the reply. I was hoping there was a simple setting to allow one account to handle these transactions and reflect the correct balances. My account with Fidelity shows the information this way. I am trying to simplify and automate my financial life not complicate further. The easier fix is selecting a new bank that doesn't use money market, the APY is lower but worth it to avoid the aggravation. 

K
kchris10
May 16, 2024

Hi Race-MX,

We just set up exactly the same kind of account with our bank so I was looking for the same answers, and was disappointed to find that QB doesn't have a method.  That said, I hope you didn't select a new bank that doesn't use money market accounts.

 

We've just decided to create a single account in QB and clearly mark it that it represents BOTH our primary checking AND the interest-bearing sweep account.  When I reconcile that single account, I'll use both of the bank statements and ensure everything is accurate.  So that's how we're going to handle it.

 

I hope that's helpful.

Karen

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