Just added TIAA account and prior balances are understated -- fix?

DAMcL
DAMcL Member ✭✭
I just added my TIAA retirement account and downloaded the available data. Today's data is correct but there is a sudden jump between two days ago and yesterday. For my 401A account, the value went up 24% between those two days, and I assure you that does not reflect reality. The account are tracked back to December 12, 2019, and are consistently reporting low until today.

Is there any reasonable way for me to correct the data?

Thanks.

Best Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    @DAMcL

    If I am reading your post correctly...

    a) You believe that the current balance of your TIAA retirement account in Quicken (and presumably the underlying holdings) is correct as of today's date (7/10/20).

    b) However you believe that the balance jumped by 24% between 7/8/20 and 7/9/20 and that "does not reflect reality".

    c) These balances (including the related security/fund prices) were recently downloaded from your Financial Institution ("FI") as a result of your recently adding this account to Quicken and downloading data from the FI.

    Assuming the above is correct, you are wondering about a "reasonable way" to correct the apparently incorrect data.  I think the answer to that question lies in how important it is to you to make sure the data is accurate every day, as well as how much work you want to put into fixing the data.  And the last part i.e. "how much work" will depend on a lot of things like - how many holdings are there?  ...are the prices for those holdings readily available (like publicly traded stocks or funds) or are they hard to determine (such as non-public funds) ...how important is it for you to know the value of your account for every day?

    One thing that I think you need to make sure of is that the holdings - the number of shares owned and the names of the funds - are correct.  So the first thing I would do is to look at those two factors and make sure that they were correct in Quicken for each of the days between 7/6/20 and today.  Hopefully they haven't changed or if they did change, both of those items were accurate through that time frame. If you don't believe that information is correct you need to investigate what transactions occurred and whether they need to be corrected by comparing the data in Quicken with your FI's website or statement.

    If that works out you have two choices - 1) you can investigate the share prices for each holding and verify that the prices are correct in Quicken for each day of the period, or 2) you can simply decide to delete all share prices for these holdings for the two days that the account's total value seems to be incorrect and call it a day.  Choice #1 may be difficult if the securities are not publicly traded because there may not be another source to verify the prices against.

    Please feel free to get back to me if you have any followup questions.

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • DAMcL
    DAMcL Member ✭✭
    Accepted Answer
    Thanks for taking the time to reply... I didn't realize that I could display my holdings as of earlier dates. When I did that, it became clear that one of my holdings, an annuity account, was omitted during the time that the total values were under-reported.

    DAMcL

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    @DAMcL

    If I am reading your post correctly...

    a) You believe that the current balance of your TIAA retirement account in Quicken (and presumably the underlying holdings) is correct as of today's date (7/10/20).

    b) However you believe that the balance jumped by 24% between 7/8/20 and 7/9/20 and that "does not reflect reality".

    c) These balances (including the related security/fund prices) were recently downloaded from your Financial Institution ("FI") as a result of your recently adding this account to Quicken and downloading data from the FI.

    Assuming the above is correct, you are wondering about a "reasonable way" to correct the apparently incorrect data.  I think the answer to that question lies in how important it is to you to make sure the data is accurate every day, as well as how much work you want to put into fixing the data.  And the last part i.e. "how much work" will depend on a lot of things like - how many holdings are there?  ...are the prices for those holdings readily available (like publicly traded stocks or funds) or are they hard to determine (such as non-public funds) ...how important is it for you to know the value of your account for every day?

    One thing that I think you need to make sure of is that the holdings - the number of shares owned and the names of the funds - are correct.  So the first thing I would do is to look at those two factors and make sure that they were correct in Quicken for each of the days between 7/6/20 and today.  Hopefully they haven't changed or if they did change, both of those items were accurate through that time frame. If you don't believe that information is correct you need to investigate what transactions occurred and whether they need to be corrected by comparing the data in Quicken with your FI's website or statement.

    If that works out you have two choices - 1) you can investigate the share prices for each holding and verify that the prices are correct in Quicken for each day of the period, or 2) you can simply decide to delete all share prices for these holdings for the two days that the account's total value seems to be incorrect and call it a day.  Choice #1 may be difficult if the securities are not publicly traded because there may not be another source to verify the prices against.

    Please feel free to get back to me if you have any followup questions.

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • DAMcL
    DAMcL Member ✭✭
    Accepted Answer
    Thanks for taking the time to reply... I didn't realize that I could display my holdings as of earlier dates. When I did that, it became clear that one of my holdings, an annuity account, was omitted during the time that the total values were under-reported.

    DAMcL
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