How to set up IRA Account in Money 2007

I am trying to set up my IRA in Money.  It is through a bank, so there are 
not investment type transactions, just the bank's own listings of interest.
Do I set this up as an investment account or something different?


0
Rick9396 (383)
4/26/2007 10:36:00 AM
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For best treatment by things like Tax Estimator, I'd set it up as an 
Investment (IRA) account. You may never have any Investments in the 
Investment half of the account. It may just have interest earnings in the 
Investment Cash Account. This essentially wastes the Investment Account, but 
that's probably not a big deal.

"Rick" <Rick@discussions.microsoft.com> wrote in message 
news:63E91B90-FE33-4377-A55C-00E3B3978117@microsoft.com...
>I am trying to set up my IRA in Money.  It is through a bank, so there are
> not investment type transactions, just the bank's own listings of 
> interest.
> Do I set this up as an investment account or something different? 


0
4/26/2007 12:23:00 PM
I don't see a place under the Investment Account to call it an IRA, or am I 
missing something.
I had originally set it up as an investment account, but it didn't accept 
the original amount, and wants to look for a stock symbol for the earnings.

Thanks for your quick response!

"Dick Watson" wrote:

> For best treatment by things like Tax Estimator, I'd set it up as an 
> Investment (IRA) account. You may never have any Investments in the 
> Investment half of the account. It may just have interest earnings in the 
> Investment Cash Account. This essentially wastes the Investment Account, but 
> that's probably not a big deal.
> 
> "Rick" <Rick@discussions.microsoft.com> wrote in message 
> news:63E91B90-FE33-4377-A55C-00E3B3978117@microsoft.com...
> >I am trying to set up my IRA in Money.  It is through a bank, so there are
> > not investment type transactions, just the bank's own listings of 
> > interest.
> > Do I set this up as an investment account or something different? 
> 
> 
> 
0
Rick9396 (383)
4/26/2007 1:12:02 PM
Can't say if you are missing something or what but let's try to figure out, 
shall we?

Important clarifying disclaimer: I'm assuming you are using Money 2007 
Deluxe/Premium, not Essentials (MEss for short). I'm also assuming you are 
using Advanced Registers. You don't specify beyond Money 2007. Answering 
these kinds of questions here used to be **a lot easier** before the 
balkanization of Money features that began with M05.

Symbol is normally a property of an Investment. Investments are held in 
Investment Accounts.

When you setup the Investment Account, IIRC (can't test from here), it asks 
what type and IRA and derivatives is one of the choices. This gets reflected 
in the Account Settings under flags like Tax Deferred and Retirement 
Account. I don't believe that the IRA nature of the account is explicitly 
reflected after setup outside of those two flags. But the setup dialog asks 
the question to figure out how to set the flags. You might want to open the 
Sample data file or create a test data file (File|New...skip aided setup) 
and create a new investment account just to see how this plays out.

You say "it didn't accept the original amount, and wants to look for a stock 
symbol for the earnings".

If by original amount you mean the starting balance--a value in the account 
pre-dating what you are trying to track with Money--this might not surprise 
me. But you should be able to either a) go into the Investment Cash Account 
settings (again, can't test this here, sorry) and define the account 
beginning balance, or b) add a transaction to the Investment Cash Account 
register at the beginning--earliest date in the register--that just adds the 
initial balance as an unassigned income transaction with an appropriate memo 
clarifying what the transaction represents.

As to Money wanting a symbol for the earnings, are you in the Cash 
Transactions register or the Investments register? (Menu on left; lists 
Account Summary, Cash Transactions, Investment Transactions or something 
very similar.) A transaction in the Investments register requires a symbol 
or at least an investment name, A transaction in the cash register has no 
place for a symbol/investment name (with the one exception of a Buy 
Investments/CD transaction).

"Rick" <Rick@discussions.microsoft.com> wrote in message 
news:17CE8F84-FDCE-454F-A1A7-9A422A1E1C90@microsoft.com...
>I don't see a place under the Investment Account to call it an IRA, or am I
> missing something.
> I had originally set it up as an investment account, but it didn't accept
> the original amount, and wants to look for a stock symbol for the 
> earnings. 


0
4/26/2007 4:40:57 PM
I should have added: it may not be this simple.

Investment Cash Accounts SHOULD BE just like any other cash account with the 
added property of being associated with an Investment Account. 
Unfortunately, the Money UI doesn't make it so simple and there are lots of 
limitations on the details/creation/deletion/setup/"Favorite Account"/etc. 
capabilities of Investment Cash Accounts that really are completely 
arbitrary and unnecessary from the point of view of the underlying database 
but are wholly creations of the Money UI. It **shouldn't be that way** but, 
sadly, it is. That's why I offered choice b) as well.

"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in 
message news:u9HHvGCiHHA.3960@TK2MSFTNGP02.phx.gbl...
> a) go into the Investment Cash Account settings (again, can't test this 
> here, sorry) and define the account beginning balance 


0
4/26/2007 5:18:56 PM
Reply:

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