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American Funds transactions showing as "entered manually"

Hi all,

I started using Quicken at the beginning of this month. As part of that, I added my American Funds investment and retirement accounts to my Quicken file. All of the transactions that occurred prior to November entered fine. However, in the middle of the month, when my automatic purchase went through, Quicken automatically added the purchase to the American Funds account.

I've gathered that this happens when Quicken recognizes a transfer from my bank account to American Funds and then enters it as a "manually entered" transaction. Then, when the transfer goes through on American Funds's end, it cross-references and gets rid of the "manually entered" bit.

However, it has been nearly two weeks since the purchase happened with American Funds. It's posted on the American Funds account. I've tried updated my Quicken file several times and it looks like it isn't downloading the American Funds update. As a result, the purchase is still sitting as "manually entered" The update page says Quicken is connecting with American Funds without issue, so I'm a bit lost at what might be the issue.

Any thoughts?

Thanks

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited November 2020 Accepted Answer
    Hi again @loginname101,

    Okay, So I think what is happening is this - you are getting those duplicate "transfers" because, when you download transactions from your bank - that transaction records the deduction of funds from the bank account and the transfer (or addition) of funds into your American Funds account. But when you then download from American Funds those downloaded transactions include a duplicate "deposit" into that account, in addition to the "investments" being made into the various funds.

    I think it likely that you have your account preferences set to automatically add transactions to your registers and that is causing the duplication. Here's what the preference settings look like: 



    I prefer not to have these items added automatically, partly because it can cause duplications (like you are seeing now) but that's just my preference.

    Anyway - to fix your current out-of-balance situation in the investment account, all you need to do is delete that "extra deposit" into the American Funds account (not the one that says "Xfer" but the other one).  

    Let me know how this goes and/or if you have any followups!

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - 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.  -

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited November 2020
    Hi @loginname101,

    I just want to restate what you've said above, to make sure I understand the problem/issue.

    You apparently are making new investments in your American Funds account via transfers from your bank account on a monthly basis.  You are seeing the funds being removed from the bank account and the transfer into the American Funds account, but you are not seeing the actual purchases of funds being reflected in the American Funds account.  Do I have that right?

    If so, I believe that the downloads from your bank (recording the withdrawal from the bank account and the corresponding "transfer in Quicken" to the American Funds account/register (in Quicken).  I think therefore that the problem lies with your downloads from American Funds - which see to not be working.  Have you taken a look at the American Funds by logging in directly to their website, and if so, do you see the investment transactions there? 

    Also what connection method are you using with American Funds (direct connect, or something else)?  You can see the connection method by opening the account register > clicking on the little "gear" icon in the upper right corner > going to  "Edit account details" and clicking on the "Online Services" tab.

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - 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.  -
  • loginname101
    loginname101 Member ✭✭
    @Frankx Thanks for the reply.

    Yes, you've exactly summarized the issue.

    Though there is one other issue that may have something to do with this. For some reason, the manual entries have appeared to have duplicated in Quicken when I view my American Funds account there. Although there is only one transfer in my bank account to American Funds, the transfer appears twice in the Quicken American Funds account. One has the description of "Xfer Acct" and the other has the normal description of "[Bank Account]". But both are listed for the same date and same price.

    I have logged into American Funds and the transaction is accounted for there, which is what is somewhat confusing to me about this.

    As for connection, it is a Direct Connect to American Funds.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited November 2020 Accepted Answer
    Hi again @loginname101,

    Okay, So I think what is happening is this - you are getting those duplicate "transfers" because, when you download transactions from your bank - that transaction records the deduction of funds from the bank account and the transfer (or addition) of funds into your American Funds account. But when you then download from American Funds those downloaded transactions include a duplicate "deposit" into that account, in addition to the "investments" being made into the various funds.

    I think it likely that you have your account preferences set to automatically add transactions to your registers and that is causing the duplication. Here's what the preference settings look like: 



    I prefer not to have these items added automatically, partly because it can cause duplications (like you are seeing now) but that's just my preference.

    Anyway - to fix your current out-of-balance situation in the investment account, all you need to do is delete that "extra deposit" into the American Funds account (not the one that says "Xfer" but the other one).  

    Let me know how this goes and/or if you have any followups!

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - 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.  -
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