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Portfolio View Bug in Portfolio View in Quicken for Mac 2018

Richard Kennedy
Richard Kennedy Member ✭✭
edited September 2018 in Investing (Mac)
According to Portfolio View in Quicken for Mac, "The Quicken Portfolio lists every security in your Quicken investment accounts."

In Quicken for Mac 2018 Deluxe v5.5 USA I have an IRA account. The portfolio view shows every security except for a sweep fund (Bank of America, NA RASP). Its transactions are not downloaded from my Merrill Lynch account. This security is defined as Type Other and Asset Class Cash.

Quicken should be downloading its transactions and listing it in the portfolio view.

Comments

  • Lyn Buddenhagen
    Lyn Buddenhagen Member ✭✭
    edited September 2018
    Hi, I also have a Merrill account that uses Bank of America RASP as the sweep vehicle, although I am using QM2017 not 2018. Same experience as you - the Quicken people say "it's due to the financial provider's information supplied," which is basically pointing the finger at someone else. I gave up (after complaining in this forum and being told that I should just treat it as cash) and now enter the sweep transactions (and interest) manually although everything else is downloaded. I did experiment with various security types and asset classes and no combination made the sweep transactions download.
    So my answer is sorry, we are SOL - I'm usually not that crude but am also frustrated with this product and the failure to disclose that there are many features from QM2007 not included in this new version, either 2017 or 2018. Unfortunately this is regarded as a minor issue so I don't expect any improvement. But if you get Merrill Lynch to "fix" it, great!
  • Richard Kennedy
    Richard Kennedy Member ✭✭
    edited February 2018
    Note to Quicken developers: Exactly what information is Merrill Lynch currently supplying for Bank of America, NA RASP as the sweep vehicle? Exactly how must this information be reformatted so that it will be downloaded and appear in the portfolio view? I am fluent in XML so don't be afraid to be technical. Thank you.
  • Quicken Marcus
    Quicken Marcus Administrator, Employee ✭✭✭✭
    edited February 2018
    When you talk about the sweep account is this the mutual fund that your cash is held in at the brokerage?  If this is the case then there isn't a bug or at least Quicken is working as designed.  Every brokerage is different but some will report this as both a mutual fund and as cash.  In the past, Quicken Mac couldn't tell the difference and the Market Value would be off because cash was being double counted.  The way Quicken Windows handled this and the way Quicken Mac handles it today is that we reference a list that tells us how to process the transactions from every single brokerage.  For Merrill Lynch specifically, the reference file tells us to drop the sweep account transactions on the floor and to just report the cash balance that comes from the brokerage.  For most people, this works but possibly I don't understand your use case.  Why do you need to see the transfers?  
  • Richard Kennedy
    Richard Kennedy Member ✭✭
    edited September 2018
    Because my Merrill Lynch accounts stores some cash in a sweep account (Bank of America, NA RASP) and the remainder as just cash. The monthly statements I receive differientate between these. So I have to manually enter the sweep account transactions into my Quicken register. Only then can I determine if the sweep and cash accounts reconcile. I also am paid taxible dividends on the sweep account. Without manually entering the sweep account data I can't account for these dividends come tax time.

    The software should make tracking my accounts easier. The current way Quicken combines my sweep and cash accounts makes for additional manual work.
  • Quicken Marcus
    Quicken Marcus Administrator, Employee ✭✭✭✭
    edited February 2018

    Because my Merrill Lynch accounts stores some cash in a sweep account (Bank of America, NA RASP) and the remainder as just cash. The monthly statements I receive differientate between these. So I have to manually enter the sweep account transactions into my Quicken register. Only then can I determine if the sweep and cash accounts reconcile. I also am paid taxible dividends on the sweep account. Without manually entering the sweep account data I can't account for these dividends come tax time.

    The software should make tracking my accounts easier. The current way Quicken combines my sweep and cash accounts makes for additional manual work.

    OK, so you're getting dividends in that fund and want it to appear in reports.  That makes sense.  Well, I guess we could add an option for people to turn off Cash instead and to only show the mutual fund. Let me chat more with my development team. 
  • Lyn Buddenhagen
    Lyn Buddenhagen Member ✭✭
    edited February 2018

    Because my Merrill Lynch accounts stores some cash in a sweep account (Bank of America, NA RASP) and the remainder as just cash. The monthly statements I receive differientate between these. So I have to manually enter the sweep account transactions into my Quicken register. Only then can I determine if the sweep and cash accounts reconcile. I also am paid taxible dividends on the sweep account. Without manually entering the sweep account data I can't account for these dividends come tax time.

    The software should make tracking my accounts easier. The current way Quicken combines my sweep and cash accounts makes for additional manual work.

    Hi Marcus, I checked and the Bank of America RASP is used only in retirement accounts (to my knowledge; my personal account has a different sweep vehicle) and it has a ticker symbol, IIAXX. However, it's really an FDIC-insured fund and not a mutual fund, per disclosure in a current IRA application.
    Does this help, I hope? Is there anything I can do by contacting Merrill Edge (self-directed area of Merrill Lynch)? I'm so excited to actually be able to communicate with an employee!!
  • Quicken Marcus
    Quicken Marcus Administrator, Employee ✭✭✭✭
    edited February 2018

    Because my Merrill Lynch accounts stores some cash in a sweep account (Bank of America, NA RASP) and the remainder as just cash. The monthly statements I receive differientate between these. So I have to manually enter the sweep account transactions into my Quicken register. Only then can I determine if the sweep and cash accounts reconcile. I also am paid taxible dividends on the sweep account. Without manually entering the sweep account data I can't account for these dividends come tax time.

    The software should make tracking my accounts easier. The current way Quicken combines my sweep and cash accounts makes for additional manual work.

    There's nothing you can do.  This is the way we designed it and the way Quicken Windows has been doing it for years but we're investigating why Quicken Windows hasn't had complaints about dividends and reinvested dividends not appearing which does seem to be a limitation of what we implemented.  The type of sweep account doesn't matter.  It's possible they did something that we weren't aware of or the issue hasn't bubbled up high enough for them to change.  We're giving it more thought.  Thanks to you both for reporting this. 

    Lyn, I do have a question for you.  I didn't quite understand if all your accounts were IRAs or just a few. If they are IRAs, I was wondering why the individual transactions would be important if you didn't have to report them for taxes.  Just wanted a little more background as to why the need to see these types of transactions for sweep accounts which might help us provide a solution that better fits your needs.  Thanks.
  • Quicken Marcus
    Quicken Marcus Administrator, Employee ✭✭✭✭
    edited February 2018

    Because my Merrill Lynch accounts stores some cash in a sweep account (Bank of America, NA RASP) and the remainder as just cash. The monthly statements I receive differientate between these. So I have to manually enter the sweep account transactions into my Quicken register. Only then can I determine if the sweep and cash accounts reconcile. I also am paid taxible dividends on the sweep account. Without manually entering the sweep account data I can't account for these dividends come tax time.

    The software should make tracking my accounts easier. The current way Quicken combines my sweep and cash accounts makes for additional manual work.

    I've chatted with my development team and the way this should be working is the transactions from that account should appear in the transaction view so dividends and other things will appear in reports.  However, we won't show this security in the portfolio view because there's not much difference between showing it as a mutual fund always priced at 1 dollar and simply showing it as Cash.  This doesn't have gain/loss.  If you aren't seeing the transactions then this might be because your brokerage isn't sending them to Quicken.  We'll need to take a look at your OFX log to confirm.   In addition, the type and asset class comes from your brokerage.  We list them as they tell us to list them.  This isn't a Quicken thing either.
  • Richard Kennedy
    Richard Kennedy Member ✭✭
    edited February 2018

    Because my Merrill Lynch accounts stores some cash in a sweep account (Bank of America, NA RASP) and the remainder as just cash. The monthly statements I receive differientate between these. So I have to manually enter the sweep account transactions into my Quicken register. Only then can I determine if the sweep and cash accounts reconcile. I also am paid taxible dividends on the sweep account. Without manually entering the sweep account data I can't account for these dividends come tax time.

    The software should make tracking my accounts easier. The current way Quicken combines my sweep and cash accounts makes for additional manual work.

    How may I securely send you such logs?
  • Quicken Marcus
    Quicken Marcus Administrator, Employee ✭✭✭✭
    edited February 2018

    Because my Merrill Lynch accounts stores some cash in a sweep account (Bank of America, NA RASP) and the remainder as just cash. The monthly statements I receive differientate between these. So I have to manually enter the sweep account transactions into my Quicken register. Only then can I determine if the sweep and cash accounts reconcile. I also am paid taxible dividends on the sweep account. Without manually entering the sweep account data I can't account for these dividends come tax time.

    The software should make tracking my accounts easier. The current way Quicken combines my sweep and cash accounts makes for additional manual work.

    Richard, I sent you an email.
This discussion has been closed.