Investment Transactions - transfer account

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I changed brokers, and in the process set up a new bank account .... and I changed the details for all of my investment so they now transfer dividends and interest to this new account.  BUT in entering transactions in Reckon the default bank account for these transfers is the old account and I cannot find any way to set up the transactions so that the funds are transferred into the new bank.
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Ian Runge

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Posted 2 months ago

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2 months ago
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Diver Dave

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Ian, I assume you have a "linked" bank account between your Investments and the old bank account.  You can't change that linked account - don't try it will cause all sorts of problems.  The only way is to add a new account which will actually be your old one, change your old bank account details to your new one, and then transfer the balance of your old account to the new "old" one.  Sounds messy, but it does work - have done it more than once.  
2 months ago
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Ian Runge

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Yes, you have diagnosed the problem correctly.  Thanks for this suggestion - I figured I could do this but I sure wasn't about to do such a messy work-around without first trying to change the linked account properly.
2 months ago
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Diver Dave

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Hope you didn't try and tinker with the Linked account, Ian - RPP will transfer all the Franking Credits into the bank account!  Lot more messy than setting up a new "old" account.
2 months ago
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Ian Runge

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Well, yes I did, sort of .... unlinked the account, then it asked for a backup which I did, then it tried re-linking everything and it couldn't, so I abandoned this path, just re-loaded the back-up.  Then I effectively re-named my "old" linked account to a generic name, and from here I just transfer funds out to whichever real bank account that the dividends or interest are paid into.  It is an extra step but will have to do for now.
2 months ago
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Diver Dave

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You dodged a bullet there, Ian.  As an aside, I would always recommend copying all 6 RPP files to a new folder before making major changes, so you can copy them back if you don't like the results; much safer than using back-up.

Do all your dividends go to the same bank account?  If so, that should be your linked one.  If not, you can either transfer the proceeds out from the linked account each dividend, or alternatively don't have a linked account and nominate the receiving account for every dividend - it's a bit tedious, particularly if you overlook nominating the account.  Which one is easier depends on the split of receiving accounts - if 90%, say, go to one account, that should be the linked one, then you need to manually transfer out the other 10%.
2 months ago
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Ian Runge

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Good advice on doing your own copies of the 6 RPP files.
No - not all dividends go to the same bank account.   What you suggest about not having a linked account ... that was what I was trying to do by "unlinking" but Reckon couldn't do that, so I am back with using the now-renamed "generic" linked account and transferring out of this account to whichever account the dividends get paid into.  Thanks for your help!
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