New Brokerage Account Linked Checking Download Transactions Auto Entry Issues
In the new account's Online Services options, Automatic entry is explicitly turned OFF (I have messed with this several times to no avail). The default preferences are also unchecked to not auto enter transactions.
There are several issues:
1) When I do one step update, Quicken appears to attempt auto entry of the downloaded transactions even though auto entry is off. I can see the indicator next to the account that I have downloaded transactions but once Online Update completes the indicator goes away as if the transactions were auto entered.
2) If I am not on the checking register screen during auto update, downloaded transactions will show 0 and I cannot see what transactions were downloaded. To avoid this, I have set my start up view to be this register and after updating the downloaded transactions do show in the proper window as new or match. The transactions will already be in the register.
3) Transactions show up in the register with the status of new or match and I can use the various options in the status column such as "Mark as reviewed".
4) New transactions show up duplicated such one for today's interest income. One transaction showed the status of new and the other looked like a matched or manual entry. Both transactions showed cleared.
5) If I delete the transaction marked new without marking as reviewed, the account balance in the Account list column does not update and mismatches the register balance. The only way to resolve is a Super Validate.
6) If I have pre-entered a transaction that matches a downloaded transaction, I can accept the match but the transaction is also duplicated and I have to delete my pre-entered one.
As stated another brokerage account with linked checking setup several years ago uses auto entry off (actually via the preferences default) without auto entering and handles new and matched transactions without issue or duplication.
Thanks for any help. Brett
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BTW this is Windows Quicken Premier current version R35.26 though the issue started with account creation back in the February version.0
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Our Fidelity Cash Management Account has behaved this way for many years. In addition to using Automatic Entry even when Automatic Entry is Off, the red flag icon for the accounts in the Account Bar will clear when the download completes.0
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This doesn't even really sound like the real automatic entry mode. More like a buggy something in between mode. When you're in automatic entry mode you first see you a red flag as it's downloading and then it changes to a blue dot.Signature:
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Sherlock's comment matches what I see at download. I also agree with Chris_QPW that this mode seems weird and buggy. The most annoying part is when I forget to review the "new" transaction, the account list balance and register balance are not the same, and have to run a super validate. Though I can say my Quicken file is pretty clean.
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After R36.17 (September) update I continue to have this issue though I have not had a matched transaction duplication. Below are my revised notes I am collecting for a bug report:
These issues are related to my Raymond James checking account which is setup as a brokerage account with "show cash in a checking account" set to yes. This was setup as the only valid choice when linking my Raymond James accounts. The brokerage side has no securities and a zero balance. All activity is in the linked checking account. I had the same type of setup with Morgan Stanley and never had these issues (I still have these accounts setup but no longer have activity with MS).
1) During one step update, I can see the downloaded transactions flag appear. Once one step update completes, the flag disappears.
2) For transactions that are a pre-entered match, the downloaded transaction area shows them as matched. In the register the transactions show as already cleared (unlike other accounts where matched transactions are uncleared) and the status column shows new match. Accepting the matches appears to work normally.
3) For a new downloaded interest transaction, the transaction shows in the register as "new" and a cleared transaction. It also shows in the downloaded transaction section as new and unmatched. It cannot be matched manually as the cleared transaction is not found in the manual match window. Upon accepting, both transactions appear in the register as a cleared duplicate. Upon deleting either transaction, the register balance (correct) and left hand account list balance (incorrect) no longer match off by the amount of the deleted duplicate transaction.
4) To fix the account list / register balance mismatch, a super validate has to be performed.0 -
I guess tihs never was fixed? I have a Fidelity Cash Management account that I set up with a linked checking account in Quicken and am annoyed by the auto accepted transactions. No workaround/fix?
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As a side note, surprised to hear of the issue with Fidelity. I also have Cash management account thru them and have "automatically add to banking registers" unchecked in preferences. Have never had transactions try to auto accept.
You noted R36.17. Current release is R57.16. Was that a typo?
“Never stop dreaming,never stop believing,never give up,never stop trying, andnever stop learning.”
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Appreciate the input. Do you have the Cash Management account set up as a linked checking account in Quicken (show cash in a checking account set to yes)?
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I do -Yes
“Never stop dreaming,never stop believing,never give up,never stop trying, andnever stop learning.”
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That's crazy then. I'm not the only one with this issue. Do you have it set to simple or complete tracking method?
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Complete
“Never stop dreaming,never stop believing,never give up,never stop trying, andnever stop learning.”
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Thanks for checking. No idea why it's not working for me and some other people then. I may be able to savlage things using the status column though. Even though everything gets auto-accepted, at last the status column seems to show me what was auto accepted so that I can then review. That may still work for me. I'll have to test that out a bit more.
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"When I do one step update, Quicken appears to attempt auto entry of the downloaded transactions even though auto entry is off".
The Quicken Preference to "Automatically add [downloaded transactions] to ... accounts" is only meaningful for accounts that are Activated (Enabled) for downloading.
A Quicken "linked checking account" does not represent any real-world account, and cannot be Activated for downloading. So there are no downloaded transactions sent directly to the linked checking account ... so no opportunity (and no need) for Quicken to prevent the automatic entry of downloaded transactions for the linked checking account.
When a QUICKEN investment account has a linked checking account, the investment account cannot hold any cash: it's cash balance must always be zero. Quicken will take whatever action is necessary to insure that is true.
Quicken insures that the investment account balance remains zero by either changing downloaded transactions so they do not to alter the cash balance in the investment account (downloaded Div transactions will become DivX transactions transferring the dividend cash to the linked checking account, for example); or basically moving the entire downloaded transaction to the linked checking account (XIn and XOut transactions for example).
There is no way to prevent Quicken from taking the above actions following a download - there is no way to record an XIn transaction (for example) in the investment account with a linked checkng account: it must be moved to the linked checking account (or not Accepted).-JP
Quicken user since Q1999. Currently using QW2017.
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Since @LexLuthor has another thread on this subject and is wondering why it works different for different people let me try to explain a bit more of what JP said above. But let me first pre-fix that with this. I haven't used linked checking account in decades, and so it is possible that something has changed, and this isn't 100% correct. And as I said there certain could be a bug in it, it wouldn't be the first time for the linked cash accounts.
As JP explained the linked checking account is not a normal account, it is a virtual account.
One thing to note right away is that you can turn on this feature no matter if you actually have a checking account at the financial institution. That is your first indicator that the information supplying it isn't coming from any checking account at the financial institution. The other indication is there isn't an Online Settings tab (this account can't be directly connected to any online account).
As far as the information sent by the financial institution, there isn't anything different about it than any other brokerage investment account.
The premise of this feature is that all "cash actions" will happen in that virtual account, and the main investment account will not hold cash.OK, I started this explanation thinking that I could follow what JP said and understand the explanation and therefore explain it for others, but based on what I remember, and that includes some bugs in this area my memory of this doesn't line up. In the past I would have rolled back my data file and tried it, but these days that will mess up my data file and I will have to fix it so I'm not going to do that.
Here is the problem with what I remember and what JP said.
Say a Buy transactions is downloaded, this is a "split" transaction since it has an investment part and a cash part. The "buy" goes to the investment account, but how to get the cash to make that buy? That is where Quicken changes the Buy to BuyX with the linked checking account supplying the cash by a transfer.
And here is where the problem comes in. From what I remember a Downloaded Transactions tab would pop up in the linked checking account and the user would have to accept the transfer into the account (and I believe that if you deleted it, that would have deleted the "whole transaction", and the buy would have been removed from the investment account). The setting of the automatic transaction entry mode setting in the main investment account didn't affect this.
The transactions didn't "just appear" in the linked checking account. I don't remember the details of which security actions caused the Downloaded Transactions tab to appear, but it did appear. I also remember people mentioning transactions getting "stuck" in the Downloaded Transactions tab in the linked checking account at one time (basically they were there, but for some reason the Downloaded Transactions tab wasn't being shown). The workaround was in fact to set the investment account to automatic transaction entry mode and then somehow forced these transactions out of the hidden Downloaded Transactions tab and into the linked checking account. I could certainly see another bug that did the opposite where automatic transactions entry was used when it shouldn't be.
And like I said before, if the automatic transaction entry mode was really used like it can be used in the main investment account and in a real checking account there would be a status column to allow the user to do a review of the transactions that were placed in the account, but there isn't. This "automatic going into the register" is neither the two ways you are supposed to get downloaded transaction.
So, my only real contribution to this other than explaining how it is supposed to work is to ask this question.
Does this happen for all transactions, or just some of them?
It seems to me if it is all of them, then there is a new bug. If it just for certain security transaction types that maybe these have always been like that because there isn't any way for Quicken to "show them in the Downloaded Transactions tab" just because of the nature of that security transactions type. But I will say off the top of my head I can't think of any security transaction type that falls into that category.
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I did a little more testing to see if I could get any additional insights into any of the problems noted by @Chris_QPW, but all my linked checking accounts seemed to be correct following the tests. [Note: None of my real-world investment accounts have any checking account linked to them.]
I only had one real-world account that had a Bought transaction current enough to still be available for downloading. So I created a New Quicken file, added an offline Brokerage account with a linked checking account. Then I initiated the Add Account process for the account that has the recent Bought transaction and linked the downloaded account to the manual account I had just created. At the conclusion of the download, everything looked correct in the Investment account and the linked checking account.
Then I thought I'd look a little deeper into Chris' statement (which I already agree with) that, "The other indication is there isn't an Online Settings tab (this [linked checking] account can't be directly connected to any online account)". That should have always been a dead giveaway that no downloading could occur to that account, but it seems few users ever looked there.
I have multiple brokerage accounts and a checking account at Schwab. So I decided to test with Schwab.
In the previously mentioned New Quicken file where I did my first test, I created another offline investment account with a linked checking account. I then used the Add Account process to link one of the Schwab brokerage accounts to the manual brokerage account just created. Again the Quicken investment account and its linked checking account appeared to be correct.
Then I initiated the Add Account process again and when Quicken presented the accounts found at Schwab, I told Quicken to "link" the downloaded Schwab checking account to the Schwab linked checking account in my Quicken file. Quicken did not balk, it did not act like anything was wrong. When the Add Account process finished, I got the normal "Account Added" dialog telling me there were "Downloaded transactions from the last 85 days" and that placeholders had been created for missing transactions.
But no transactions were downloaded to the account (nor were any placeholders created in the account) and there was (still) no "Online Services" tab in the Edit Account Details dialog for the linked checking account.
The end result was as expected (but I don't think Quicken should allow the user to attempt to link a downloaded account to any Quicken "linked checking account").
[FWIW: When the manual brokerage accounts were created and the "Show cash in a checking account" option was checked, the resulting linked checking account had no "Status" column displayed and the "Status" column was not available for selection in the "Register columns" dropdown. But immediately after the first download to the Brokerage account, the Status column was shown in the linked checking account, and in the Register columns dropdown. Transactions such as Deposits and transfer transactions had been "moved" to the linked checking account and were given a Status of "New". Transactions such as the Quicken forced transfer of cash from transactions such as SoldX and DivX had nothing in the Status column. And the Quicken created "Establish Cash Balance" transaction had a Status of "Uncleared". Another unexpected result: after the first download, the linked checking account also had all the "Downloaded ..." columns available for selection, though all content of those "Downloaded ..." columns were blank since no transactions had ever been downloaded to the linked checking account.]-JP
Quicken user since Q1999. Currently using QW2017.
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I set up my new Fidelity brokerage account with a "linked checking account" about 6 months ago. Since then I have not observed any advantage to the setup and it continually introduces errors which are hard and time-consuming to spot. I have decided that the best solution will be to unlink - apparently not a straightforward task. The simplest solution would be to define a new unliked Quicken brokerage account, download the old data again, and then delete the linked accounts. Of course, that would entail fixing the many transfers over the 6 months, but that task is doable. The problem I encountered is that Fidelity only offers 90 days of old data. It fixes the problem by setting the starting balance correctly and entering placeholders to enable the correction of the missing security data. The result, although better that the linked situation, is that I loose 3 months of detail, which I would like to avoid.
Can anybody suggest a better fix to unlinking these accounts?
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Unfortunately I don't have any good solution for the problems you encounter when you unlink the checking account.
I just wanted to mention that every time I try to unlink I ran into the same kind of problems you are having. I've seen people claim that they can flip back and forth with no problems but that has never been what I've seen.
Maybe the suggestion in a possible solution would be to create a new account like you said with a download. And then somehow try to truncate the old account back to a point where it covers whatever it's downloaded. And then there would also have to be the transferring of securities and cash from the old account to the new one to get rid of all the placeholders that will be created because you don't have the whole history in the new account.
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