Cash transfer between accounts

[fmnewbie]

Hi there,

I'm trying to record regular cash transfers (of varying amounts) from 2 sub-portfolios to a third sub-portfolio. Since it's all cash, I don't think I need to keep track of cost basis. I've set up each sub-portfolio with a default cash account, and used the Transfer Between function to move the money. In each source account, it works fine. The problem is that in the destination account, Fund Mgr is recording the FIFO lots separately, which makes it hard to reconcile with my bank statement (for example, instead of 1 entry for $50, there are multiple smaller entries adding up to $50).

I've tried deleting all the transfer transactions from each account, then re-recording them using AVG but I get the same result.

Do you have any ideas? I feel like I'm missing something here.

[Mark]

Hi fmnewbie,

If you use the "Transfer Between" wizard it tries to maintain all of your tax cost basis. This means you will have a single transfer out, and one transfer in for each unique cost basis lot. So, you will often have many transfer ins. Since this is a cash account, you could just record a single transfer out, and also a single transfer in. Do not use the "Transfer Between" wizard. Alternatively, you can just use a sell and buy transactions instead of transfers. In this case it really won't make a difference whether you use transfers or buys/sells.

[fmnewbie]

Thanks Mark for the quick reply. It seems to work fine using separate Transfer Out and Transfer In transactions, as you suggest. I'll use that method going forward.