Fidelity Dividends showing up as a Reinvest AND Income entry

Paul3

As of release 5.12 my Fidelity account has started logging all downloaded Dividend Reinvest transactions as both a "Reinvest Dividend" showing 'x.xx shares at $$.$$$' in the Description/Category AND a "Dividend Income" transaction with 'Investments:Dividend Income' as the Description/Category. This results in an extraneous cash entry in my brokerage and IRA accounts.

I used to get a paired "Buy" and "Dividend Income" transaction.

Any clues? The change definitely appeared after upgrading to 5.12.

jacobs

Fixed in the just-released version 5.12.4:

FIXED - Fixed an issue in which dividends for some investment accounts were being double-counted. Quicken was adding both dividends and reinvested dividends for the same security. Quicken will now only keep the reinvested dividend when downloading future transactions and will also fix currently affected accounts.

Alaska Dave

I too am seeing the exact same thing with Fidelity Dividend downloads. Just checked, and am seeing the exact same thing with TD Ameritrade Dividend downloads. Only appeared after updating to 5.12.

Alaska Dave

One correction. TD Ameritrade was downloading as a single Reinvest Dividend and is now downloading as both a Reinvest Dividend and a Dividend Income. End result it the extraneous cash entry as described above.

lhossus

Paul said:

As of release 5.12 my Fidelity account has started logging all downloaded Dividend Reinvest transactions as both a "Reinvest Dividend" showing 'x.xx shares at $$.$$$' in the Description/Category AND a "Dividend Income" transaction with 'Investments:Dividend Income' as the Description/Category. 

Me Too.

lhossus

Some technical notes about this behavior with Fidelity reinvest transactions: 

It seems to me that a new feature also arrived with QM v5.12: that is, prior to v5.12 Fidelity reinvestments appeared in the register as two transactions: a Dividend Income and a Buy. Now, Quicken is combining the two as a single Reinvest Dividend transaction. A peak at the OFXLog confirms that the reinvestments are still downloading as two transactions.

The appearance of the extra Dividend Income transaction has a pattern:
a) The Dividend Reinvest transaction appears by itself during the first Update session following the transaction posting.
b) Then, on the next Update session, the Dividend Income transaction appears separately next to the Dividend Reinvest transactions.

In my case, I Update each morning so the two transactions appear one day apart. After the first morning session everything looks good.

I suspect the problem is "simply" that, in combining the two transactions into one, the FITID for the Dividend transaction is being lost. I. e, that the resulting Reinvest Dividend transaction is being assigned the FITID of the Buy, and there is no place for the FITID of the Dividend, so it is discarded. The effect then is, when recent transactions are again downloaded during the next session, the Dividend transaction has a FITID that Quicken has no record of, and the Dividend transaction is accepted as new. 

The solution would seem to be for Quicken to keep a record of the Dividend Income transaction FITID as it creates the Reinvest Dividend transaction. I. e., do the same thing as it does when a transaction is manually deleted.

Jeff Leisenring

Same problem with TDAmeritrade for MAC Two entries...the dividend amount added to the balance but the purchase of shares not subtracted. I called support (had a difficult time understanding the rep) and was told to just delete the dividend amount entry. He then rebuilt the program from a Windows based program and said that all should be good to go next time.

I think he said that Windows is much more lenient with what they can do than the Mac program. We shall see.

jacobs

Fixed in the just-released version 5.12.4:

FIXED - Fixed an issue in which dividends for some investment accounts were being double-counted. Quicken was adding both dividends and reinvested dividends for the same security. Quicken will now only keep the reinvested dividend when downloading future transactions and will also fix currently affected accounts.