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Downloads from Fidelity do not included activity into the settlement fund

When I download my account from Fidelity which is a rollover IRA into Quicken, the download fails to recognize the activities that occurred in the settlement account. As an example, when the IRA account receives a dividend from a mutual fund, I choose to direct this dividend into my settlement fund which is a money market fund. For some reason, these settle fund transactions are not posted and have to be entered in Quicken manually. I also have accounts at Vanguard with a similar setup, however these downloads do populate into the settlement account. Can you help?

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Answers

  • NotACPANotACPA SuperUser ✭✭✭✭✭
    Can you take a snapshot of such a dividend transaction and insert it here as an image.  I'd like to see NOT the 1 or 2 lines in the investment register, but rather the dialog that comes up when you click EDIT on that transaction.
    Also, What Q product are you running and what BUILD of that product?  Do HELP, About Quicken for this info.  And, if it's present, please include the "Valid Thru" data also.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • JHLAUERJHLAUER Member
    Below are lines from my Fidelity paper statement that describe the 2 transactions. A dividend and the dividend being used to purchase money market shares in the settlement fund:
    Settlement Date Security Name
    Symbol/ CUSIP Description Quantity Price Amount
    01/31 DOUBLELINE LOW DURATION CL N 258620855 Dividend Received - - $241.46
    02/04 CASH You Bought FIDELITY GOVERNMENT MONEY MARKET @ 1
    241.460 1.0000 241.46 (Quicken does not recognize the buying in the settlement fund)

    Quicken 2020 Build 27.1.25.21 Version R25.21
    I do not understand "Valid Thru" data ?

    Thanks
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    Are you carrying the "settlement account" in Q as a money market fund in the Q account?  OR, as a holding outside of the brokerage account?
    Because, when there's "cash" in any of my 4 Fidelity retirement type accounts, I just leave it as cash. And I still receive/downloads, dividends on the cash that Fidelity holds as a MMF.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • JHLAUERJHLAUER Member
    I really appreciate the answers so far. When I set up this account in Q back in 2015 after my retirement, I remember thinking that a MMF with a symbol such as SPAXX was similar to other mutual funds. I never thought a MMF was considered cash and to keep it separate from the rest of the funds in the account. Browsing back before I converted this account from my employer 401k plan where you could setup a separate Fidelity account ,I now noticed that Fidelity had a MMF called "Fidelity Cash Reserve" and it indeed appeared as cash on Q's holdings screen. Boatnmaniac detailed fix now makes sense but I am not looking forward in correcting 284 entries but I will. Thanks again for all your fine detective work.
  • JHLAUERJHLAUER Member
    I completed the Boatnmaniac instructions and I now have an account register with a cash balance that matches the online Fidelity SPAXX sum. Great instructions. I hope the "Cash" in Quicken does not feel left out being now that it no longer has the grand title of "Fidelity Government Money Market Fund".
    Again, Thanks for the expert advice and time. Smooth sailing
  • BoatnmaniacBoatnmaniac SuperUser ✭✭✭✭
    You are very welcome.  I'm glad it fixed your issue (even if it hurt the feelings of "Cash" for being downgraded from "Fidelity Government Money Market Fund."  :smile:
    (QW Premier Subscription: R27.28 on Windows 10)
    If my reply has helpful to you, please "Like" it so others can know it might help them, too.
  • RCinNJRCinNJ Member ✭✭✭✭
    edited April 14
    I'm a Mac user, but Quicken for Mac seems to work the same for Fidelity downloads. It has been driving me crazy. Like the original poster I also have an account at Vanguard that works perfectly.

    My money fund is FZFXX (Fidelity Treasury Money Market Fund) instead of SPAXX. It sounds like once I make these fixes the money fund will no longer show as a fund and instead will show as cash at the bottom of my holdings?

    From the posts this seems a long standing known issue and I wonder why Quicken doesn't make the problem (and solution) more searchable. I tried fixing this with support and after over an hour they said none of them knew much about investment accounts, but did find this discussion and directed me here. Thank you all!
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    Quicken doesn't fix this because it isn't something that Q CAN fix.  It's a Fidelity issue since they download via Direct Connect ... and therefore Fidelity is SOLELY responsible for the content of the downloads.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • BoatnmaniacBoatnmaniac SuperUser ✭✭✭✭
    RCinNJ said:
    I'm a Mac user, but Quicken for Mac seems to work the same for Fidelity downloads. It has been driving me crazy. Like the original poster I also have an account at Vanguard that works perfectly.

    My money fund is FZFXX (Fidelity Treasury Money Market Fund) instead of SPAXX. It sounds like once I make these fixes the money fund will no longer show as a fund and instead will show as cash at the bottom of my holdings?

    From the posts this seems a long standing known issue and I wonder why Quicken doesn't make the problem (and solution) more searchable. I tried fixing this with support and after over an hour they said none of them knew much about investment accounts, but did find this discussion and directed me here. Thank you all!
    Some brokerages do downloads like Vanguard and some do it like Fidelity.  The brokerage owns what data they download and that is not something Quicken can fix.
    The fund itself doesn't make any difference.  It is the Core Fund (Settlement Fund or something else for other Brokerages) designation that triggers the situation with Fidelity.  The Core Fund simply replaces the historical sweep deposit account that Fidelity now uses because they can now pay much higher interest than they can with a sweep account but Fidelity still treats it like cash.  So, yes, if you make the changes I suggested, you should no longer have any FZFXX shares in your holdings in Quicken (they will still show up in your Fidelity online account) and the value of your FZFXX shares will show up in Quicken as Cash.  You will just need to keep reminding yourself that as far as Fidelity is concerned, Core = Cash and Cash = Core.  It won't take long to get used to that.
    And, the best part is that when done your Fidelity account Holdings in Quicken will then match the positions downloaded to Quicken by Fidelity, your Cash Balance in Quicken will then match the Cash Balance downloaded by Fidelity and your total Fidelity Market Value will match what was downloaded to Quicken by Fidelity.
    (QW Premier Subscription: R27.28 on Windows 10)
    If my reply has helpful to you, please "Like" it so others can know it might help them, too.
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