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When a CD matures , Quicken posts the cash but does not delete the CD, resulting in a double-countin

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
When a CD matures in my account, the download posts the cash but does not delete the CD, resulting in a double-counting in my total. How do I fix this?

Comments

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited October 2018
    Do you hold CDs in a brokerage account? If so, the proper transaction for a CD maturing is a SELL. This removes the CD "shares" and adds the cash proceeds. If your brokerage is sending a different type of transaction, you'll have to manually correct it or contact them and ask them to fix it in future downloads.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Unknown
    Unknown Member
    edited October 2018
    Linda, I am struggling with the same issue.  Cash drops into the account but quicken holds the cd as an investment even though it has matured.  I would love to have the steps listed so I can make appropriate transactions in Quicken.  I am a new user so simple 1,2,3 steps would be great!
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited October 2018
    Sorry for the late reply. Diana, is this still a problem? You will need to better describe what you are seeing in your account register when "cash drops into the account." Quicken does not have a "drop" transaction. :) Exactly what type of transaction do you see when a CD matures?
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited May 2020

    Linda, I am struggling with the same issue.  Cash drops into the account but quicken holds the cd as an investment even though it has matured.  I would love to have the steps listed so I can make appropriate transactions in Quicken.  I am a new user so simple 1,2,3 steps would be great!

    Step 1) Sell the CD
    Step 2) Transfer the cash to your checking account
    Step 3) Delete the cash for this that was downloaded from your bank account
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Unconfirmed
    edited May 2020

    Linda, I am struggling with the same issue.  Cash drops into the account but quicken holds the cd as an investment even though it has matured.  I would love to have the steps listed so I can make appropriate transactions in Quicken.  I am a new user so simple 1,2,3 steps would be great!

    After the three steps above:

    In Account Settings, you can mark the CD account "hidden" by checking:

    1 Hide in Transaction entry lists
    2 Hide account name in account bar and account list
  • Unknown
    Unknown Member
    edited October 2018
    a year later....... still an issue.   Initial investment download comes through as a "buy" of a new security (i.e., $10K CD is like buying 100 "shares" of "ABC Bank $1.85% dues 8/1/2018" @ $100  - which goes into the register perfectly fine.

    But, when the CD matures, the download from Schwab adds the cash as "deposit". So, you now have the original principal back in account but still have the "shares" at $100 par.  You can NOT simply change the DEPOSIT entry in the register to SELL (Quciken doesnt allow that).  You have to MANUALLY delete the Deposit entry and manually add a SELL entry at par (hoping that you pick the correct investment name (multiple, similar CDs with different interest rates/maturity dates can be a pain)....

    No idea if this is Quicken or Schwab issue... but it is really problematic for me....
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited May 2020

    a year later....... still an issue.   Initial investment download comes through as a "buy" of a new security (i.e., $10K CD is like buying 100 "shares" of "ABC Bank $1.85% dues 8/1/2018" @ $100  - which goes into the register perfectly fine.

    But, when the CD matures, the download from Schwab adds the cash as "deposit". So, you now have the original principal back in account but still have the "shares" at $100 par.  You can NOT simply change the DEPOSIT entry in the register to SELL (Quciken doesnt allow that).  You have to MANUALLY delete the Deposit entry and manually add a SELL entry at par (hoping that you pick the correct investment name (multiple, similar CDs with different interest rates/maturity dates can be a pain)....

    No idea if this is Quicken or Schwab issue... but it is really problematic for me....

    Since Schwab, like all brokerages, uses Direct Connect to download into Q ... it's a Schwab issue.

    For all Direct Connect usages, the bank/broker/card/etc is SOLELY responsible for the content of the download.  Q just passively receives it.

    In a similar vein, my wife's 403(b) provider downloads the month-end interest in the account as a BUY ...  when it should be a ReinvDiv (or, perhaps, a ReinvInt).  But they never download the cash needed to make that buy.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited May 2020

    a year later....... still an issue.   Initial investment download comes through as a "buy" of a new security (i.e., $10K CD is like buying 100 "shares" of "ABC Bank $1.85% dues 8/1/2018" @ $100  - which goes into the register perfectly fine.

    But, when the CD matures, the download from Schwab adds the cash as "deposit". So, you now have the original principal back in account but still have the "shares" at $100 par.  You can NOT simply change the DEPOSIT entry in the register to SELL (Quciken doesnt allow that).  You have to MANUALLY delete the Deposit entry and manually add a SELL entry at par (hoping that you pick the correct investment name (multiple, similar CDs with different interest rates/maturity dates can be a pain)....

    No idea if this is Quicken or Schwab issue... but it is really problematic for me....

    thank you for the insight.... I still need to find an easier way to change that final "Deposit" entry into a SELL entry in Q......
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited May 2020

    a year later....... still an issue.   Initial investment download comes through as a "buy" of a new security (i.e., $10K CD is like buying 100 "shares" of "ABC Bank $1.85% dues 8/1/2018" @ $100  - which goes into the register perfectly fine.

    But, when the CD matures, the download from Schwab adds the cash as "deposit". So, you now have the original principal back in account but still have the "shares" at $100 par.  You can NOT simply change the DEPOSIT entry in the register to SELL (Quciken doesnt allow that).  You have to MANUALLY delete the Deposit entry and manually add a SELL entry at par (hoping that you pick the correct investment name (multiple, similar CDs with different interest rates/maturity dates can be a pain)....

    No idea if this is Quicken or Schwab issue... but it is really problematic for me....

    When the CD matures, input the Sell transaction yourself, with a transfer to the bank account that's receiving the "Deposit".

    The Deposit will  then match the download.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    I've passed this over to a friend who's a regional manager for Schwab ... and he's going to talk to the technology people about it.

    More info when I hear more.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • James J
    James J Member ✭✭
    edited September 2018
    For what it's worth, I just experienced the exact same issue with E*Trade.  I own CDs through a brokerage account.  One of my CDs matured.  The transaction, when I used the download option from within Quicken, showed simply a deposit of cash and did not remove the CD.
  • Unknown
    Unknown Member
    edited September 2018
    Hi James. What I have learned to do is ... the day you buy the cd, Quicken will ask you to accept the transaction. Right click on it and delete it. It will still ask you to accept any interest that drops in later on. I accept those.


    When the cd matures, there is no transaction necessary. Have been doing this for awhile and it works well.

    I realize this is not completely accurate if you like to see the actual cd in quicken but I’m ok with it. I regularly check Schwab and I would rather have the quicken totals accurate .
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited May 2020
    Schwab's response is utter BS ... but here it is:

    Thanks for your patience on this item. I was able to get a response from one of my co-workers.  I was told that when
    downloading data from any institution Quicken is not just
    passively accepting the data, in fact it actively manages the content
    which can result in these types of issues. When a client downloads data
    into Quicken we provide the same level of transaction detail that shows
    up on Schwab.com/ Transactions page. You can
    find countless articles online from the last 15 years describing the
    challenges that Quicken has tracking CD’s. While our internal systems
    track the specific transactions documenting the removal of shares and
    the credit of the funds, Quicken identifies these
    transactions as cash. Then enters them simply as a withdrawal of zero
    dollars and a deposit of the correct dollars amounts with the name of
    the security as a payee. The only workaround available to our clients is
    to delete both transactions and enter a sale
    for the bond to ensure the holdings are correct.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • James J
    James J Member ✭✭
    edited September 2018
    Hmm, so you never actually have a record that you bought the CD?  You just earn the interest.  Interesting.  I can see how that works in probably 90% of situations, especially if you know you'll never sell the CD prior to its maturing.  But there's no way to run a "Maturity Dates for Bonds and CDs" report then . . . . I've got a CD ladder started, and I'm finding that report handy.  Also, in the unlikely event i sell a CD early, I'll probably want to have a record that I purchased it.

    My work around was to record the purchase just as E*Trade sent it, i.e. as a "purchase security" transaction. Surprisingly, I had to manually enter the maturity date.  And then, when the CD matured, I deleted the downloaded transaction from E*Trade (which showed simply a deposit of cash into my account) and instead manually recorded a "sell shares" transaction and chose the appropriate CD to as the security being sold.  One thing I'm not certain of, is whether it would have been better to choose the "bonds sold" transaction.
  • Unknown
    Unknown Member
    edited September 2018
    I believe when I originally struggled with it, I used bonds sold and found a workaround but it was so time consuming because I ladder CDs., seeemed I was messing with it more than I wanted to. I know many people want total accuracy so my method wouldn’t work for them.


    Thanks for your input. It’s interesting to see the different solutions pop up.
  • Unknown
    Unknown Member
    edited October 2018
    I accept all transactions from Charles Schwab, then add a transaction of selling all shares of the CD with price of $0, commission of $0, and memo of  "matured". 
  • SimonSezSo
    SimonSezSo Member ✭✭
    edited October 2018
    No matter what, never delete a security that you have historical transactions for.  This goes for both bank CDs and brokerage CDs.  I know that on your statement it may look like the CD was deleted, but it seems like a lot of banks do this for a  CD that matures.  On Quicken sell the CD.  That will raise cash.  Then you would either buy another security or transfer the cash out of the account.  (or even leave it there, if that's what happened.  It all depends on what you did with the proceeds of the CD maturity.  Also, your situation may require a different or other actions, but it all depends on how you set up the CD on Quicken (as a security for brokerage CDs, or a bank account for a bank CD.)
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