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For Fidelity Treasury Money Market Fund (FZFXX) QM 2020 has stopped downloading buys and sells

RCinNJ

The cash value shown for my Fidelity Treasury Money Market Fund (FZFXX) is way off. An excess value for the Money Market Fund is offset by a negative "cash" value shown at the bottom. Since the total value of the account is correct I didn't notice this until some large transactions were made. Dividends are still downloading properly. Fidelity uses the terms "Purchase into" and "Redemption from" for the transactions but QM 2020 is not recording these.

After comparing QM and Fidelity online I realize this has been true for many months (since June 2019). I made a manual correction in July of 2019 and forgot about it.

I'm going to try fixing this manually, but is there something I can do to get QM to download these? Is this a known problem? I'm using QM 2020 5.15.1 but this problem predates this release.

Thanks for any help.

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John_in_NC

Hi again, RCinNJ:

I can't give you a specific fix, but I can point you in the direction I strongly suspect your issue arises from.

The negative "cash" value at the bottom at the beginning of the register is likely in light gray-this is "Placeholder" transaction that adjusts the amount (either a share balance, or in your case, cash) so that the final amount is what is being reported by Fidelity. This is why your total value of your account is still correct.

Many brokerage accounts hold the cash in a MMF. Generally, those are handled behind the scenes and the underlying transactions (Purchase into/Redemption) aren't downloaded to Quicken. They simply report the cash balance, and Quicken displays that. (And, its should match your running balance when all is well.) That is how you get your placeholder.

Granted, not all financial institutions do this, but it sounds like you have a mix of both (buys and sells) and a reported cash balance. Some FIs do both, and double the cash

Maybe Fidelity changed how they report things, or perhaps you manually entered these buys/sells when your account type shouldn't have them. I can't see your data, but I suspect you have holdings of FZFXX in your register, and Quicken has to create the negative placeholder to offset.

Keep the above in mind, and I think you will quickly figure out what is going on. Good luck.

RCinNJ

Hey John, I hope things are OK in_NC!

After looking at your response and digging deeper I THINK I see the problem. If it’s something that affects all Fidelity users I would think this would have been reported before, but maybe not; and if it’s something that is only affecting me then I hope there is something I can do to fix it. Maybe some more information will help.

First, you wrote: "The negative "cash" value at the bottom at the beginning of the register is likely in light gray-this is "Placeholder" transaction that adjusts the amount (either a share balance, or in your case, cash) so that the final amount is what is being reported by Fidelity. This is why your total value of your account is still correct.” Actually, it's not grayed out and there are no placeholders in the Transactions. I also checked the reported values of all my investments and the cash fund (FZFXX) is the only value that is off.

In tracking this down, I also have an account at Vanguard and by comparing how QM is downloading the two FIs I see the problem. For Vanguard QM downloads a daily summary of inflows and outflows (buys and sells) for the money fund. But for Fidelity the only transactions recorded for the money fund are the monthly dividends. There are a lot of transactions where these transfers should have been recorded and I still can't figure out where the exact total difference is coming from.

I’m [embarrassed] to say that looking back this goes all the way back to when I transferred this account from TDA to Fidelity in March 2019. I now realize QM has never recorded this correctly.

What do you think, something QM should fix or something that is unique to my QM? Any Fidelity users out there seeing this?

RCinNJ

Are there no Fidelity users active on the Mac forum? I just found a discussion of the same problem on the Windows side. There is a complicated fix posted there which I will try unless someone here has a simpler/better solution.
https://community.quicken.com/discussion/comment/20082996#Comment_20082996