How Is a Money Market Fund Classified in Quicken?

Quicken, a financial tracking software by Intuit, may be used to manage money market funds.

A money market fund is a type of mutual fund. Money market funds, which may be linked to checking accounts, are not insured by the Federal Deposit Insurance Corp. Money market fund managers, however, are required by law to invest in low-risk securities.

Tracking as Investments

Money market funds are set up as investments in Quicken and tracked as a single mutual fund. The money market fund will pay dividends, not interest. These dividends may be recorded by selecting the dividend option under the action drop-down. The security is the money market fund's name.

Checking Coverage

Quicken allows detailed tracking of dividends and financial transfers to money market funds.

If there isn't enough money in the checking account to cover a check, money market fund shares will be sold to cover the remaining balance needed to pay the check.

Tracking Linked Accounts in Quicken

When a check is written against the checking account linked to the money market fund, it is simply subtracted from the cash total. If it is necessary to sweep the money mutual account, Quicken records the number of shares sold and their price. The cash generated is then transferred to the linked checking account.

References

• "Quicken 2009: The Missing Manual"; Bonnie Biafore; 2008
• "Money Market Funds"; U.S. Securities and Exchange Commission; 2009
• "Quicken All-in-One Desk Reference For Dummies"; Gail A. Perry; 2006
• "Quicken 2007: The Official Guide"; Maria Langer; 2006
• "Personal Finance"; E. Thomas Garman, Raymond Forgue; 2007

Resources

• "Quicken 2010 for Dummies"; Stephen L. Nelson; 2009
• "Mutual Funds for Dummies"; Eric Tyson; 2010