Backdoor Roth - direct cash conversion?

[goldenmustache2]

I've been performing the backdoor Roth conversion the last few years using the following process:

1) Deposit $5500 cash into Regular IRA at brokerage
2) Invest cash into a fund
3) Wait a month
4) Request Broker convert fund to Roth

I'm wondering if I can skip step #2 and convert directly from deposited cash into the Roth?  When I've done my previous conversions, if there was a small cash remainder after purchasing the funds I asked that they convert it as well and it went fine.  So I'm wondering if I do it all as cash instead and avoid the slight hassle of dealing with increased / decreased fund value from time of deposit and time of conversion.  Just wasn't sure if this was an extra flag to IRS or anything like that.

[MDM]

You may skip step 2 and pretty much skip step 3 also.  Might want to wait a day (or whatever it takes for the deposit to post), but no need to wait longer.

[Indexer]

You may skip step 2 and pretty much skip step 3 also.  Might want to wait a day (or whatever it takes for the deposit to post), but no need to wait longer.

+1