IRA contribution auto-entered twice/double-counted

Unknown

We have an IRA (Schwab) which draws a monthly transfer of $455 from our checking account (from Chase Bank). When I run One Step Update, Quicken correctly enters the transaction as a transfer from our checking to the IRA in the checking register. In the IRA, it shows the action type as ContribX, Inv Amt as +455, Cash Amt as Transfer. The balance goes up by $455, and the corresponding transaction in our Chase account deducts $455 there, so I assume that's working correctly. This transaction does not show as cleared in the Schwab account.

But in downloading transactions from Schwab, it also enters another transaction with an action of Deposit, Inv Amt as 455, Cash Amt as +455. The balance goes up by another $455. I have clicked "Edit" to try to match the transactions (so as to prevent them being double-counted/double-entered) but the only option I have is "unmatch", so somehow this is already matched with something. This transaction does show as cleared in the Schwab account. In the end I have to delete the transaction manually so the transactions and balance are reflected correctly.  

Running: Quicken 2016 Deluxe Version: R18.4

bkm

I am having a similar problem with Quicken 2019 Premier, R18.15, 27.1.18.15.

Jim_Harman

If your IRA account in Quicken is showing both the transfer and the downloaded Deposit transaction, you could just delete the Deposit. 

Going forward, I suggest that you go to Edit > Preferences > Downloaded transactions and un-check "Automatically add to investment transaction lists" if it is checked. Then you will have the opportunity to review each downloaded transaction before it is entered. If the transfer for the contribution has already been entered into the transactions for the IRA account, you should be able to match it the downloaded transaction, or if necessary you can delete the downloaded transaction before accepting it.

bkm

Jim_Harman, that is a good suggestion. Since my settings are set to review transactions before entering them into the register, I have used that as a method to keep the balance correct -- just delete that downloaded transaction since the transfer from the bank account is already there in the brokerage register. Then manually "clear" the bank transfer transaction right there on the spot in the brokerage account.

bkm

The attached '1.png' shows my brokerage account, and the scheduled transfer shown. The IRA contribution is also shown in the source checking account in '2.png'. However, the downloaded transaction shown in '1.png' does not Match the transaction in the register as it should.

As I stated above previously, I delete the downloaded transaction in '1.png' and manually Clear the transaction in the register. This works but is a minor annoyance.

q_lurker

@bkm : I suspect that your dates are too far separated to qualify for the possible match.  Since this transaction is going through the brokerage on the 8th (the downloaded transaction), you might see of moving the Quicken scheduled transactions up to the 6 to 10th time frame improves the matching behavior. 

bkm

@q_lurker, even if I make the brokerage transaction the same date, the downloaded transaction still does not Match.

UKR

@bkm ,
has the Scheduled Transfer Reminder been recorded into the account registers BEFORE the transaction download arrives?
If no, you might want to change that. Make sure the reminder has been recorded before the download arrives and is not dated in the future. Quicken should be able to match to that register transaction.

Jim_Harman

Another possibility is that the Payees for the two transactions are so different that Quicken thinks they are separate transactions.

If  instead of clicking on Accept All you click on the transaction in the list at the bottom then click on Edit and Match Manually, will it let you match the transactions?

Also you might be able to get it to match automatically by creating a Renaming Rule so that if the downloaded transaction contains "tfr NBKC Bank" Quicken will convert it to "Schwab Roth IRA Contribution". Use the Renaming Rules button at the bottom to do this.

bkm

@UKR, yes, the Scheduled Transfer reminder is recorded into the registers before the transaction download arrives.

@Jim_Harman, I have tried to Match Manually, but the register transaction is not selectable. I will give the Renaming Rule a try and see if that helps.

Jim_Harman

You might also try going to Edit > Preferences > Transfer detection and selecting "Scan downloaded transactions for possible transfers" to see if that affects the matching.