IRA contribution auto-entered twice/double-counted

Zack BZack B Member
edited January 2 in Investing (Windows)
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

Comments

  • bkmbkm Member
    I am having a similar problem with Quicken 2019 Premier, R18.15, 27.1.18.15.
  • 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.
    -- Jim QWin Premier subscription
  • bkmbkm Member
    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.
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