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Reinvest Dividend transaction still not working correctly in Quicken Mac v5.5.6

Unknown
Unknown Member
edited January 2019 in Investing (Mac)
I have two transactions, one showing Dividend Income and the other a Reinvest Dividend transaction.
The Cash balance is updated correctly in the Dividend Income transaction.
However, in the Reinvest Dividend transaction, the cash balance is not reduced as it should be.

While examining the  Reinvest Dividend transaction, I see that that the Cash amount is contained in the transaction but Quicken does NOT show it in the Cash Out column.

I have reported this problem twice but I don't know if Quicken acknowledges the problem and is doing anything about fixing it.  See attached screenshots

image

The Dividend Income transaction increases my Cash balance but the Reinvest Dividend transaction does not correspondingly decrease the cash balance. 

Here is the information that is in the Reinvest Dividend transaction:

image

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    edited April 2018
    Pathy,

    Nothing is wrong. A Reinvest Dividend transaction is cash neutral. The cash generated by the dividend is used within the transaction to generate the buy. The shares of the security increase, but the cash balance of the account does not change. The income can be included in reports by inducing the Investment:Reinvest Dividend category.

    The net result is pretty much identical to a pair of Dividend + Buy transactions. After that pair, the cash balance will not have changed either. The only difference would be that the category "Dividend" would be used instead of "Reinvest Dividend".

    If in this particular case, the dividend proceeds were not used to purchase additional shares, then you should change the transaction type from Reinvest Dividend to Dividend Income. 
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited April 2018
    Rick,

    These are not manually entered transactions.  These are transactions downloaded from Charles Schwab.  I am not the one who is choosing the transaction type.

    If the Reinvest Dividend transaction is cash neutral, why is there a separate Dividend Income transaction?

    In this example, the Dividend Income transaction was posted on 2/28/2018 and the Reinvest Dividend transaction happened on 3/1/2018.  If Charles Schwab called it a Reinvest Dividend transaction, I am not prepared to manually go in every time and change it to a Buy transaction.

    Help me if I am wrong.  It is between Quicken and a big brokerage house like Charles Schwab to make sure the encoded transaction types are correct.  I cannot be editing automatically downloaded
    transactions

    Here are these same transactions as they appear at Charles Schwab.  The dividend of $108.34 received on 2/28 was used to purchase additional shares on 3/1 leaving my net cash balance unchanged.

    But as the transactions are imported into Quicken, I am left with a net increase in my cash balance.

    image
  • Unknown
    Unknown Member
    edited February 2020

    Rick,

    These are not manually entered transactions.  These are transactions downloaded from Charles Schwab.  I am not the one who is choosing the transaction type.

    If the Reinvest Dividend transaction is cash neutral, why is there a separate Dividend Income transaction?

    In this example, the Dividend Income transaction was posted on 2/28/2018 and the Reinvest Dividend transaction happened on 3/1/2018.  If Charles Schwab called it a Reinvest Dividend transaction, I am not prepared to manually go in every time and change it to a Buy transaction.

    Help me if I am wrong.  It is between Quicken and a big brokerage house like Charles Schwab to make sure the encoded transaction types are correct.  I cannot be editing automatically downloaded
    transactions

    Here are these same transactions as they appear at Charles Schwab.  The dividend of $108.34 received on 2/28 was used to purchase additional shares on 3/1 leaving my net cash balance unchanged.

    But as the transactions are imported into Quicken, I am left with a net increase in my cash balance.

    image

    Quicken has ZERO control how transactions are downloaded into Quicken.

    Apparently, you'll need to manually add the buy transactions...or edit the transactions to reinvest dividends...in Quicken.

    Suggest you call Schwab and complain to them.  They are the ones transmitting the transactions to Quicken as a dividend.

    You may download a .qfx/.ofx file from Schwab, open it in a text editor and see how Schwab sends the transactions. 
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited April 2018
    Pathy,

    That's interesting. I didn't realize originally that you were talking about the same dividend. 

    To understand what's going on, I'd need to see the full detail of each transaction. Also, you mention a Dividend Income transaction, but you didn't show that one in your screenshot.

    I also notice that you are using Quicken Windows while your post is tagged as Mac. The Mac doesn't even have the "Reinvest Shares" transaction that your screenshot shows. So, we need to get your post re-tagged as Windows and hopefully one of the Quicken Windows experts will come along and help. I'll ask the mods to do that.

    In the mean time, it might be helpful if you post screenshots of the full details (open for edit) of each transaction, including the Dividend Income one.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited April 2018
    Rick,

    I am using Quicken Mac V5.5.6 (not Windows).

    The screenshot in my second post is from the Charles Schwab website.  My original post screenshots from the Quicken Mac register shows both the transactions

    image
  • Unknown
    Unknown Member
    edited April 2018
    Here is the Dividend Income transaction:

    image


    And here is the Reinvest Dividend transaction for the same dividend


    image
  • Unknown
    Unknown Member
    edited April 2018
    While the share balance is correct, my Cash balance keeps on increasing with each such transaction pair.
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    Rick,

    I am using Quicken Mac V5.5.6 (not Windows).

    The screenshot in my second post is from the Charles Schwab website.  My original post screenshots from the Quicken Mac register shows both the transactions

    image

    Sorry, I reread your post and realized I had missed that your last screenshot was from the Schwab website. I was editing my post when you responded, which killed my edit.

    Anyway, Schwab should have transmitted a DIV Income on 2/28 and a BUY transaction on 3/1. But it looks like they instead they sent a REINV DIV on 3/1. 

    As GoHawks pointed out, Quicken just posts up what Schwab transmits. If you want, you can click menu Help > Show Logs in Finder in Quicken and then open the file OFXLog.txt in a text editor. Working from the bottom, you should be able to find the transaction with the 3/1 date and see that it was transmitted as REINV DIV. 

    That being the case, I would start by contacting Schwab and explaining the situation and perhaps share that OFXLog file with them.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    While the share balance is correct, my Cash balance keeps on increasing with each such transaction pair.

    Yup, it's all clear now. The 3/1 transaction should be a BUY instead of a REINV DIV. See my post above about checking the OFX log. 

    I believe you can just edit the REINV DIV transaction and change it to a BUY and the numbers will still be correct. That would be your workaround until it gets resolved.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    While the share balance is correct, my Cash balance keeps on increasing with each such transaction pair.

    BTW, some brokerages transmit a single REINV DIV transaction and some transmit a pair, DIV + BUY. Nothing wrong with either one, they both accomplish the same thing. But to transmit a DIV + REINV DIV for a single reinvested dividend...that's not right.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited April 2018
    Hello Rick,

    Thank you for examining this problem closer.  I switched from Quicken Win to Mac in December 2017.  Till that time I had no problems with downloaded Schwab transactions.  It is hard for me to imagine that they suddenly changed the way they reported these transactions.

    As you instructed, I looked at the OFXlog.txt file.  I searched for the two transactions that we have been talking about and I am attaching the relevant portion of that OFXlog file.

    As an end user, I cannot decode the syntax of this file.  However, I see the two transactions with the amount $108.34.
    One is encapsulated within . <INCOME> ........ </INCOME>
    and the other within .  <INVBUY> ...........</INVBUY>

    So I don't know whether Charles Schwab can be blamed for providing an incorrect transaction type.

    At any rate, the details are beyond my pay grade and I will let you experts figure it out and tell me what to do next.

    There are many transactions in 2018 that look exactly like this pair I used as an example.  I don't want to go willy nilly changing all REINV DIV transactions to BUYimage


    Thank you for your help....Pathy
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    Hello Rick,

    Thank you for examining this problem closer.  I switched from Quicken Win to Mac in December 2017.  Till that time I had no problems with downloaded Schwab transactions.  It is hard for me to imagine that they suddenly changed the way they reported these transactions.

    As you instructed, I looked at the OFXlog.txt file.  I searched for the two transactions that we have been talking about and I am attaching the relevant portion of that OFXlog file.

    As an end user, I cannot decode the syntax of this file.  However, I see the two transactions with the amount $108.34.
    One is encapsulated within . <INCOME> ........ </INCOME>
    and the other within .  <INVBUY> ...........</INVBUY>

    So I don't know whether Charles Schwab can be blamed for providing an incorrect transaction type.

    At any rate, the details are beyond my pay grade and I will let you experts figure it out and tell me what to do next.

    There are many transactions in 2018 that look exactly like this pair I used as an example.  I don't want to go willy nilly changing all REINV DIV transactions to BUYimage


    Thank you for your help....Pathy

    Pathy,

    I'm not an OFX expert, but it sure does look like you've shown that Quicken turned this into the wrong transaction type.

    Before I try to pass this along, one thing I'd like you to check.. look at the account settings and see if you find a checkbox labeled "single mutual fund" or similar. 
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited April 2018
    Rick,

    I have been able to narrow down this problem further.  I will gather more debug material for you tomorrow morning.

    Thanks for following up.
    Pathy
  • Unknown
    Unknown Member
    edited April 2018
    Rick,

    I have gathered a bunch of debug material but I don't know how I can send them to you; a screen shot of my register, the full OFXlog.txt file and a Word document where I have extracted relevant portions of the OFXlog and provided annotations to help Quicken engineers debug this problem.  Please advise

    Pathy

    P.S.  I can put them all inline here but I am afraid the color highlighting will be lost.  Is there no way for me to attach a Word file?
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    Rick,

    I have gathered a bunch of debug material but I don't know how I can send them to you; a screen shot of my register, the full OFXlog.txt file and a Word document where I have extracted relevant portions of the OFXlog and provided annotations to help Quicken engineers debug this problem.  Please advise

    Pathy

    P.S.  I can put them all inline here but I am afraid the color highlighting will be lost.  Is there no way for me to attach a Word file?

    Pathy,

    I'm not an employee, but I will try to have someone from Quicken get in touch with you. 

    However, I'd like you first to answer the question: If you open the account's settings (menu Accounts > Settings), is there a checkbox anywhere related to "Single Mutual Fund" ??? (This option, if it got set, could possibly cause issues like you are seeing.)

    Thx
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited April 2018
    Rick,
    Here is my Account Settings screen.

    image

    I am just in the process of writing to the Office of the President.  Quicken Premium Support is unfortunately not what it is touted out to be.

    If you can get someone technical at Quicken to call me, that would be really great.  I can give them all the debug information I have collected.

    Thanks,
    Pathy .(phone number redacted)
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    Rick,
    Here is my Account Settings screen.

    image

    I am just in the process of writing to the Office of the President.  Quicken Premium Support is unfortunately not what it is touted out to be.

    If you can get someone technical at Quicken to call me, that would be really great.  I can give them all the debug information I have collected.

    Thanks,
    Pathy .(phone number redacted)

    Pathy,

    Well, it's not single mutual fund. I will try to have someone from Quicken get in touch with you. Look for an email at the address you use here for the forum.

    Please post back here if you hear from them and the resolution.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited April 2018
    Will do.  Thanks Rick.
  • Unknown
    Unknown Member
    edited April 2018
    After much hassle, someone from Quicken has agreed to call me tomorrow.
    This is definitely a bug in the Mac version since the Windows version handles the same transactions correctly.
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    After much hassle, someone from Quicken has agreed to call me tomorrow.
    This is definitely a bug in the Mac version since the Windows version handles the same transactions correctly.

    Thanks for the update. Please let us know how it gets resolved.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited January 2019
    Pathy

    I have this same exact problem.  I just got off the phone with Quicken Support and was told it is a Schwab problem and to contact them.  I told them of your dialog with RickO but she blew me off and wouldn't listen.  So, just wondering where you ended up on this issue?  Did you get any better answer from Quicken?  Did you talk to Schwab?  Are you doing a manual workaround to change the transaction type or enter an adjustment transaction to achieve a correct cash balance?  Hoping you found a way to deal with this, would appreciate very much hearing where things stand.  Thank you.  Bernie Howard

This discussion has been closed.