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Money Market in investment acct not being recognized as cash - balance being counted twice

Unknown
Unknown Member
edited January 2019 in Investing (Windows)

This sounds easier than it is.. A few days ago
(11/1) I got a dividend & Quicken decided I had
an unaccounted for holding (FTEXX) and wanted to know if I wanted
to create a placeholder transaction. Not knowing what to do, I
accepted. Now I have a cash balance and an almost equal position of FTEXX (Fidelity Municipal MM).
One problem is that the cash amount and the FTEXX amount are not exactly
the same. 

I created an Investment Transaction Report to see if I could figure
out how the status changed and saw that 3 dividends ago, Quicken started
treating "Div - Income..." as Reinvested Income, so I changed those 3
transactions back to just div income.  In all cases, the symbol is shown as FTEXX, but only in the placeholder is the a number of shares and a value ($1 per).  The dividends that are shown as income are also FTEXX, but there's no shares attributed to the balance.

Then I deleted the placeholder in
the registry, but it still shows FTEXX as a holding in my "Portfolio
View" and the value of the account is way too high. Additionally,
because part of this MM is valued in municipal bonds, I don't want to
eliminate it, as it shows up as part of my portfolio diversity.  I also don't want to eliminate the 9 years of dividend history.

I looked at the security detail screen and it shows 9 years of
dividends plus a placeholder transaction I can't get rid of even though
it's now gone from the register.  I tried to "enter a missing
transaction" but it won't let me "remove shares" unless I do it on or
before the date of the placeholder (11/1). If I try that, I get a
warning that I am trying to remove shares on the date of a placeholder
transaction and that I can "continue" but the shares won't be removed.


So - how do I delete the placeholder for real? If I can do that
successfully, will I keep getting prompts to accept a placeholder every
time I log
in with Quicken (or get a dividend, or sell a position, etc.) for
"missing shares?" 



I've
been using and converting Quicken files since 1995. Currently have been
using 2016 Premier for 10 months with no issues.  All of a sudden - mid
stream, Quicken lost its mind over this MM position.

Comments

  • Unknown
    Unknown Member
    edited November 2016
    Nobody has any ideas? This is ruining my historical account and portfolio value history, as I can't edit the security value to $0 every day. I am totally lost as how to fix this.
  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    edited January 2019
    Does this happen to be an NMIS account or one serviced by Pershing?

    They recently changed the way they report MMF's. Previously they reported them as Cash. Now they are reporting them as security holdings. The MMF holdings don't match because Pershing/NMIS updates the holding value every day with the incremental interest earned but does not send a corresponding transaction to support the updated daily MMF value. They still send a monthly interest earned transaction. It's screwed up and only Pershing/NMIS can fix it. I have turned off the Compare to Portfolio preference for that account until they figure it out. If you do that, you can either delete the placeholder(s) and manage as cash like before or create a Buy transaction for the MMF out of cash and manually edit the interest transaction each month as a re-invest to the MMF. Either way, get rid of the placeholders; they can be deleted in a banking transactions report.
  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    edited December 2016

    Does this happen to be an NMIS account or one serviced by Pershing?

    They recently changed the way they report MMF's. Previously they reported them as Cash. Now they are reporting them as security holdings. The MMF holdings don't match because Pershing/NMIS updates the holding value every day with the incremental interest earned but does not send a corresponding transaction to support the updated daily MMF value. They still send a monthly interest earned transaction. It's screwed up and only Pershing/NMIS can fix it. I have turned off the Compare to Portfolio preference for that account until they figure it out. If you do that, you can either delete the placeholder(s) and manage as cash like before or create a Buy transaction for the MMF out of cash and manually edit the interest transaction each month as a re-invest to the MMF. Either way, get rid of the placeholders; they can be deleted in a banking transactions report.

    I just checked my NMIS accounts in Quicken after an OSU update this morning and it appears NMIS has reversed course and reverted to reporting MMF and Insured Deposit balances as Cash.
  • Unknown
    Unknown Member
    edited November 2016

    Does this happen to be an NMIS account or one serviced by Pershing?

    They recently changed the way they report MMF's. Previously they reported them as Cash. Now they are reporting them as security holdings. The MMF holdings don't match because Pershing/NMIS updates the holding value every day with the incremental interest earned but does not send a corresponding transaction to support the updated daily MMF value. They still send a monthly interest earned transaction. It's screwed up and only Pershing/NMIS can fix it. I have turned off the Compare to Portfolio preference for that account until they figure it out. If you do that, you can either delete the placeholder(s) and manage as cash like before or create a Buy transaction for the MMF out of cash and manually edit the interest transaction each month as a re-invest to the MMF. Either way, get rid of the placeholders; they can be deleted in a banking transactions report.

    Thanks!  Here's another interesting discovery. My FTEXX and Cash balances now no longer agree in Quicken.  They're about $50 apart. On top of that, Fidelity says something is amiss on their end, because they agree with my cash balance  (available to spend), and my FTEXX balance. It makes no sense. (solved - see below)
  • Unknown
    Unknown Member
    edited November 2016
    Well - I just got the best explanation I'm going to get. Not 100% happy about it, but it is what it is. FTEXX (Municipal MM Fund) is not acceptable by the Federal government as a core cash position, so it is no longer officially "cash" for the purposes of default sweeps, etc.  That said, in practical terms, it still is used as cash for trading - anything I buy would come from that position, but any sales or sweeps have to go into an approved MM fund that is federally backed - like SPAXX. (The yield difference is currently 0.36% for the FTEXX municipal fund vs 0.07% for the Federal SPAXX).

    The reason the two numbers don't agree by $50 (cash available to spend vs the FTEXX balance - see above answer to markus)  is because I have a Fidelity credit card linked to the account, and it pays a 2% rebate into the account after $50 in savings accrues. That $50 went into my "new core" SPAXX money market, not my previous core FTEXX. So, basically, FTEXX is cash in everything but name only. Since the feds no longer allow it to be a core cash position, Fidelity somehow differentiated it in my account to segregate it from the newly created core - SPAXX.  Fidelity was not required to force me to sell the FTEXX into core, but I just did it anyway to make this headache go away. Logging into Fidelity shows a $50 SPAXX cash position and the rest of my cash in FTEXX. Both are spendable as cash, but only SPAXX can be core.

    I'm not sure where the disconnect between Quicken and Fidelity is, but Quicken still rightfully thinks I have the correct amount of money to spend (FTEXX + SPAXX - which it calls "cash") - plus it is correct about the quantity of $1 shares in FTEXX.  I think some of the problem is that Fidelity correctly reports that FTEXX is spendable cash, but they also tell quicken it's a stand alone equity, TECHNICALLY not my cash core.  Quicken never removed FTEXX from my cash position because Fidelity still says I can spend it like cash, yet now it also reports it as an equity because it is not allowed to be a core. Ugh!
This discussion has been closed.