Reconcile Investment account cash balance QW2018

Reed Welch

Unable to perform reconcile investment acount cash balances in QW2018, but was able to do in QW2014 and QM2018.
Will this be available soon for QW users or not?

Tom Young

UKR

Unknown

I have quicken 2016. The cash reconcile stopped working in April 2018?

Reed Welch

Reed Welch

Jim_Harman

Tom Young

mshiggins

Tom Young

mshiggins

Reed Welch

Unknown

This reply was created from a merged topic originally titled Unable to Reconcile Investment Accounts.


I have tried Quicken several times, and its inability to reconcile investment accounts leaves me using spreadsheets as a better option. Imagine that. 
I simply cannot understand why Quicken cannot get with Schwab, Vanguard, Fidelity, and the other big boys to figure out how to setup clearing accounts etc. I never have confidence in any Quicken results because they cannot even do a simple balance reconciliation to individual accounts.

Note: This conversation was created from a reply on: 7/12/18: An update from our CEO, Eric Dunn.

Tom Young

Thomas said:

This reply was created from a merged topic originally titled Unable to Reconcile Investment Accounts.


I have tried Quicken several times, and its inability to reconcile investment accounts leaves me using spreadsheets as a better option. Imagine that. 
I simply cannot understand why Quicken cannot get with Schwab, Vanguard, Fidelity, and the other big boys to figure out how to setup clearing accounts etc. I never have confidence in any Quicken results because they cannot even do a simple balance reconciliation to individual accounts.

Note: This conversation was created from a reply on: 7/12/18: An update from our CEO, Eric Dunn.

How odd.  My file has 16 Accounts in the Investments/Retirements area and typically I have no problem reconciling any of them. 

I usually do a One Step Update each morning and the downloaded transactions generally either match a transaction I've entered manually or I accept the few transaction where I haven't made a previous manual entry, after making sure I understand them.  Accordingly each of my Accounts is a mirror image of the Financial Institutions' accounts after the OSU.

I do a more "formal" reconciliation for each Account after the FI's statement is received.  Most of the time every holding - number of units, market value, basis - matches perfectly.  Once in a while with my most active Accounts - Schwab - I do not have a perfect match because, for whatever reason, a transaction right at month end that has been downloaded to my Quicken file into "this month" reflects on Schwab's statement as a "next month" entry.  Unless this happens at the end of a calendar year I leave my Quicken file alone and simply note the reconciling item on the face of the Schwab statement.  (I still receive paper statements and file them.  If I stopped receiving paper statements I'd simply note the reconciling item as the last "transaction" in the month for the file; that's what I do in those instances, e.g., bank statements and credit cards, where I don't keep paper copies of the statements.)

The other thing that happens every once in a while is that the FI's statement will have a month-end quote that's slightly different than what's in my Quicken file.  Unless the Quicken month end quote is clearly wrong for some reason I generally don't make the small "market value" adjustment but note that as part of my month end "paper" reconcile.

Every once in a while I use Quicken's "cash" reconcile for the investment Accounts to turn all the "c"s to "R"s, but only occasionally.  It's just not all that important given my methods.

Because there's a lag with Schwab between reducing cash in the investment account and crediting that amount in my Schwab savings account I sometimes swing such a transfer through a "Schwab Transfer Float" Account I've established in my Quicken file.  I'll most commonly do that when I'm cutting it close to being overdrawn in my Schwab checking account and plan on a "just in time" funding from savings, (the transfer from savings to checking is instantaneous), and want to make sure I'm dealing with the exact correct amount that's really available in the savings account.

I'm not a particularly active trader and maybe if I was I'd feel the Quicken "reconcile" function needs improvement.  In that case I might need to set up my own "clearing" Accounts in Quicken to take into account settlement dates and fund availability,

Reed Welch

Thomas said:

This reply was created from a merged topic originally titled Unable to Reconcile Investment Accounts.


I have tried Quicken several times, and its inability to reconcile investment accounts leaves me using spreadsheets as a better option. Imagine that. 
I simply cannot understand why Quicken cannot get with Schwab, Vanguard, Fidelity, and the other big boys to figure out how to setup clearing accounts etc. I never have confidence in any Quicken results because they cannot even do a simple balance reconciliation to individual accounts.

Note: This conversation was created from a reply on: 7/12/18: An update from our CEO, Eric Dunn.

Thanks for your input.
My problem has been with reinvesting dividends and properly reporting at the end of the year, using reports from Quicken.
Reconciling to online balances is one way for me to keep that straight. Many times investment accounts show a dividend, which is a cash add to my account, then a day or two later it shows as a reinvested dividend, with no cash change. Waiting 10, 20, or 30 days to reconcile to a statement cash balance is way too long, especially with over 20 dividend paying holdings.
Reconciling to a current online cash balance has helped to correct entries in a timely fashion.
Isn't s/w supposed to help users, and increase productivity?
And not have users search for discrepancies and why balances are wrong?
I understand that Quicken has limitations from FI input, but correcting them quickly is a good thing, provided they support online balances.

Tom Young

Jim_Harman

Thomas said:

This reply was created from a merged topic originally titled Unable to Reconcile Investment Accounts.


I have tried Quicken several times, and its inability to reconcile investment accounts leaves me using spreadsheets as a better option. Imagine that. 
I simply cannot understand why Quicken cannot get with Schwab, Vanguard, Fidelity, and the other big boys to figure out how to setup clearing accounts etc. I never have confidence in any Quicken results because they cannot even do a simple balance reconciliation to individual accounts.

Note: This conversation was created from a reply on: 7/12/18: An update from our CEO, Eric Dunn.

Or as noted above, you can check the downloaded cash balances(s) after doing a OSU by looking in the Online Center in Quicken.

If your FI has are more than one cash balance as in my TD Ameritrade example above, you have to decide which one you want to reconcile to.

Jim_Harman

Thomas said:

This reply was created from a merged topic originally titled Unable to Reconcile Investment Accounts.


I have tried Quicken several times, and its inability to reconcile investment accounts leaves me using spreadsheets as a better option. Imagine that. 
I simply cannot understand why Quicken cannot get with Schwab, Vanguard, Fidelity, and the other big boys to figure out how to setup clearing accounts etc. I never have confidence in any Quicken results because they cannot even do a simple balance reconciliation to individual accounts.

Note: This conversation was created from a reply on: 7/12/18: An update from our CEO, Eric Dunn.

Well perhaps I wrote too soon, and should have said, "... you may be able to check ..."

Different FIs report "Cash" in the Online Center, which is derived from the downloaded data, in different ways:

Vanguard mutual fund account: The entire account value is "Cash"

Vanguard Brokerage account: The value of the settlement fund, actually held as shares in Vanguard Federal Money Market, is "Cash"

T Rowe Price 401k : no "Cash" downloaded

TD Ameritrade: has several different versions of "Cash", some including the accrued settlement account dividends and some not.

So this just shows how difficult it may be to reconcile the cash in an investment account, and Tom was probably right that you are best off going to the FI's website and trying to figure it out there.

Unknown