Option to stop placeholder entries and adjusting entries

I am scrupulous with managing every transaction. So I don't like it when Quicken, on its own, adds transactions. I have some accounts that quicken insists on adding these every time I do a one-step update. (Merrill Lynch calls cash balance by 3 names, like they use various money market account--and they are always adjusting the balance). Quicken can't handle this and adds placeholder entries and balance adjustments (which don't even tie). Please add option to turn off automatic adding of placeholder entries
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited September 2021
    There are already options to control placeholder creation. If you go to Edit > Preferences > Downloaded transactions, you can use the Compare Account Portfolio after Download option to control whether Quicken compares your holdings to the downloaded share counts. You can set this on a per account basis.


    Also if you review transactions one at a time and then click Done rather than clicking Accept All or having the transactions accepted automatically, even if Quicken does the comparison, you can choose to not have Placeholders created.

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  • wzimmer3
    wzimmer3 Member ✭✭
    I am a long time user of quicken - upon changing to a new broker, suddenly Quicken wants to "verify my cash balance" - same problem as Joe Long-time-user - Merrill has different buckets - so suddenly Quicken starts placeholder entries. I have gone through the Edit-preferences-downloaded transactions -compare and none are checked - therefore I should not be getting placeholders in every account on every One Step Update. Like Joe, I track every transaction, so reconciliations at month end have become horrendous!

    How do I stop these when the Edit - preference route doesn't turn them off?
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    @wzimmer3, are you sure it is verify your cash balance and not verify your share balance? If the dialog you get at the end of a download is titled "Securities Comparison Mismatch" you should be able to avoid Placeholders by just clicking Done, but then you should investigate the mismatch to see where it is coming from. If your new broker is Chase, they are currently not reporting share balances correctly.

    If it is actually a cash balance issue, are you doing something special to reconcile your account after downloading? If so, what?


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  • wzimmer3
    wzimmer3 Member ✭✭
    Jim, thanks for responding. It is clearly cash balance. Broker is Merrill. Minor problem with shares - treating certain stock splits as "add" but that is unrelated to the cash. I have used the steps to stop the compare - based on that, no accounts were selected to compare, but it continues to enter placeholders for cash. This is daily when I complete my one step update. Work around has been to delete the placeholder daily. Annoying extra step, and before I discovered what was going on - made month end reconciliation of cash very difficult. One additional thought - I use the full reporting -not the simplified - and cash is included in the account rather than as a separate ledger. I recognize the inherent difference I will have with the broker - Quicken shows cash as T+0, where the broker trade is T+3, but this is different. Been using Quicken since before it was Windows - never had this until I moved to Merrill, set up the new accounts. So my suspicion has been it's in the setup, but I haven't found it.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited November 2021
    I'm not sure what you mean by "placeholders for cash". Placeholders have "Entry" in the Action column and are only for shares.

    Is it a MiscInc with a Memo of Balance Adjustment like you get after entering an Update Cash Balance from the gear menu, or an Xin with a Description of Balancing Cash Adjustment like you sometimes get with Placeholders, or something else? Or is it a Placeholder for shares in the money market settlement fund?

    And exactly what are you doing after hitting Done to reconcile the account?
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  • wzimmer3
    wzimmer3 Member ✭✭
    Jim,
    thanks again. I do a one-step update. Some - not all - accounts - but if I check the process - bo accounts are selected for comparing. I do the one step update once per day - first thing in the morning.

    I just finished - here's what I got. No asking to approve a transaction. I get a transaction posted, showing today's date, a Xin under Action. a number in both the Inv. Amt and Cash Amt. Cash Bal now takes prior balance and adds the Xin amount to the total balance. in the space below Security (usually for notes) it shows Establish Cash Balance. In the space below the Description i have [account name] indicating a transfer in.

    I delete the transaction - daily - to keep the actual cash balance in the account, since short term investments (money markets) are treated as a security. To reconcile, at EOM I post money market transactions (sweeps between the account and the money market), normally this reconciles cash. After cash is reconciled, I hit Reconcile Shares to make certain that shares are balanced.

    I have compared settings that I know about to compare the accounts that are being compared to those that are not. I don't see anything that stands out.

    How do I stop the Compare / placeholder activity?
    Bill
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Ok thanks. To avoid confusion, let's call this a Cash balance adjustment and not a placeholder. Placeholders are for securities.

    This certainly seems odd. Is it a small amount of cash, which would be the interest on your money market account or something, or is it the balance of your money market account maybe?
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