Why does Quicken still double count cash balances?

My Merrill Lynch brokerage account balances are wrong in Quicken, and they always have been. Quicken counts the cash balance twice, once as a cash sweep account, and once as cash. (I'm not sure to what degree this is a problem with other brokerage accounts.)
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Answers

  • maureenmoore1maureenmoore1 Member ✭✭
    I am having the exact same problem on all three of my Merrill Lynch brokerage accounts. I spent an hour on the phone with Quicken this morning and they were unable to fix it or even point me in the right direction other to say that I should call ML as the problem is theirs. I have opened a ticket with ML and will hopefully get to the bottom of this and fix it.
  • UKRUKR SuperUser ✭✭✭✭✭
    Are all of the Sweep transactions recorded properly in Quicken, Cash sweep from cash to money market fund as well as cash sweep from money market back to cash?
    My brokerage doesn't even bother to download cash sweep transactions, so I simply maintain my cash balance as the sum of cash plus money market fund balance. No muss, no fuss, ...
  • I was having trouble reconciling my Quicken account with statements from Merrill Lynch and finally figured out that the problem is that Merrill Lynch does not download cash sweeps as a transaction for Quicken. I think they used to and stopped sometime during 2019. The only fix I can see is to manually enter the cash sweep each month. I have sent a request to my financial advisor at Merrill Lynch to let someone in their tech department know that it would be easier for Quicken users if sweeps were reported as transactions.
  • robealrobeal Member
    Did this ever get resolved? This issue just appeared again?
  • SystemSystem Member ✭✭✭
  • maureenmoore1maureenmoore1 Member ✭✭
    All of the transactions download accurately and both cash accounts have the correct balances. The two cash accounts are added together and listed in the "cash balance" line at the bottom of the portfolio view. Both the total of the cash accounts and the cash balance total are added into the Market Value figure at the top right of the portfolio view. Therefore, the cash accounts are being counted twice. The exact same thing is happening in all three of my ML accounts. (CMA plus 2 IRA's).
  • gonzojohnsongonzojohnson Member ✭✭
    Back in 2015, I raised an issue on a discussion thread about Quicken for Mac double counting cash for Merrill Lynch accounts. Since then, the issue was fixed. However, on or around January 1, 2020 it started doing it again. So for my Merrill Lynch account Quicken counts the cash twice and inflates the apparent value.

    Here's the old thread for reference: https://community.quicken.com/discussion/7205331/i-have-quicken-2015-for-mac-all-accounts-linked-fine-except-for-merrill-lynch-quicken-doubles
  • Quicken_TykaQuicken_Tyka Moderator ✭✭✭✭

    Hello @robeal

    Thank you for taking the time to visit the Community to post your issue, although I apologize that you haven't received a response. 

    We will need a bit more information to be able to assist. Please take a moment to review the information here and post back with the year and version of Quicken you are currently running.

    Also, please include the name of the financial institution this occurring with.

    The more information you can provide regarding this issue will help the Community to better understand and assist.

    Thank you,

    -Quicken Tyka


    -Quicken Tyka
  • robealrobeal Member
    It is Merrill Lynch, I am running Quicken Deluxe 2020 Version 5.13.3 on macOS 10.15.2.
  • BobbyDBobbyD Member
    Same thing has happened to me. Hopefully this will be corrected soon.
  • goldman_2001goldman_2001 Member ✭✭
    I have the same problem. This just started a few days ago.
    What's with the QA at Intuit these days? Seriously people.
  • maureenmoore1maureenmoore1 Member ✭✭
    I have Quicken 2017 for Mac. Version 4.8.6. The error appeared when the 4.8.6 update was installed recently. Happens with all of my Merrill Lynch accounts. In all 3 of my ML accounts, the error in the total value always matches the amount in the Cash Balance/Available Cash line at the bottom.
  • robealrobeal Member
    yes, this did not happen before.
  • simontsimont Member
    Same here. I spend HOURS with your online help folks who insist it is "not our fault", but Merril's. I spoke with Merril and they says it's a Quicken problem. Please address this ASAP for all our sakes. Thank you.
  • I have managed to reconcile my Quicken account with my monthly statements from Merrill Lynch. I thought I would post my conclusions, which I have also passed along to my contact at Merrill Lynch.

    The main issue is that Merrill Lynch does not include cash sweeps in its data downloads to Quicken. I use Direct Connect between Quicken and Merrill Lynch and Quicken has no control over what data Merrill Lynch sends when I connect. Merrill Lynch downloads balance information for the money market fund used for the sweeps, but it does not download any transactions for the sweeps. Quicken credits dividends, sales, etc to the cash balance that it maintains on its own so that when a sweep moves money from cash to the money market account, Quicken shows an increase the money market balance but there is no corresponding debit to the cash balance for the account.

    Merrill Lynch shows the cash sweep transactions on its monthly statement, but In order to reconcile the Quicken account properly it is necessary to manually enter the sweep as a purchase of “shares” in the money market account. This means the account balances in Quicken will only be reliable once a month. Merrill Lynch could probably solve this problem by just including sweep transactions as purchase and sales of the money market holding at $1 a share.

    A second problem is that Merrill Lynch does not include money market account interest in its downloads to Quicken. It seems to assume that the interest is credited directly to the money market account. The only way Quicken can track interest payments for the money market account is to credit interest to cash and then “purchase" shares of the money market account. To cure this problem Merrill Lynch would have to download two transactions for the interest: the interest itself as interest income for the holding and the cash sweep transaction to credit it to the money market account.

    There is another minor issue which would probably require cooperation between Merrill Lynch and Quicken. Quicken seems to book sales and purchases on the transaction date rather than the settlement date. This is not really a problem except when unsettled transactions carry over from the end of one month to the beginning of another month. The balance for the assets in the account and the cash will be off in Quicken until after the settlement date. I thought there was a way to tell Quicken to wait until the settlement date to book the sales and purchases, but I can’t find it.
  • robealrobeal Member
    So, basically it does not work. However, I am sure that I did not have this issue in previous releases.
  • chirashichirashi Member
    I should note that Personal Capital downloads my Merrill Lynch accounts, and shows the correct account values. So someone else has figured out how to avoid double-counting the cash sweep balance. Why can't Quicken?
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