SEP Account not retaining cash balance

trwelsh
trwelsh Member
edited October 7 in Investing (Windows)
A SEP/IRA account when viewed in SIMPLE-POSITIONS ONLY mode will not retain cash or annuity balances for more than one day. When opening Quicken a day later, I must UPDATE THE CASH BALANCE (cash on hand + annuity value) again to restore the actual account value.
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Best Answer

  • Quicken Francisco
    Quicken Francisco Alumni ✭✭✭✭
    Accepted Answer

    Hello @trwelsh

    Thank you for reaching out to the Community regarding your issue, although I am sorry to hear that you are experiencing issues with your SEP/IRA not retaining its cash value. I'm wondering if it might be getting overwritten when you download from the FI? To double check this we can open Quicken at the start of the day but choose not to perform the OSU on startup if you do have that option enabled. From here check to see if the account is still retaining the value and then perform the OSU. This should help us narrow in on what could be causing the issue. 

    Once you get a chance to try these steps, please let us know what you find.  From there we'll better understand our next steps/options.

    Thanks,

    Quicken Francisco


Answers

  • Quicken Francisco
    Quicken Francisco Alumni ✭✭✭✭
    Accepted Answer

    Hello @trwelsh

    Thank you for reaching out to the Community regarding your issue, although I am sorry to hear that you are experiencing issues with your SEP/IRA not retaining its cash value. I'm wondering if it might be getting overwritten when you download from the FI? To double check this we can open Quicken at the start of the day but choose not to perform the OSU on startup if you do have that option enabled. From here check to see if the account is still retaining the value and then perform the OSU. This should help us narrow in on what could be causing the issue. 

    Once you get a chance to try these steps, please let us know what you find.  From there we'll better understand our next steps/options.

    Thanks,

    Quicken Francisco


  • trwelsh
    trwelsh Member
    You \nailed it. Downloading wea overwriting my cash balances.
  • ShariWeber
    ShariWeber Member
    So how do you fix this? Mine is doing the same, very frustrating!
  • trwelsh
    trwelsh Member
    Losing the cash balance was caused by downloading the account. The manually updated cash balance (in simple, non-transactional view mode) is overwritten when downloading.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    @trwelsh and @ShariWeber - Some questions:
    • When the cash balance is removed during OSU, does the total account balance remain unchanged or does it go down by the amount of the cash balance that was removed?
    • When the cash balance is entered does the total account value then match what is shown in the online account?
    • When the cash balance is removed during OSU does the total account value then match what is shown in the online account?
    • Who is the financial institution that your account is with?
    • Does the financial institution hold cash as "cash" or do they hold it in a Sweep Account or some other security, like a Money Market Fund?  If it is held in another security, what is that security?
    (QW Premier Subscription: R36.45 on Windows 10)
  • trwelsh
    trwelsh Member
    Turns out that the share balance of an annuity had been reset to zero. I track the annuity at $1/share and updated the shares. this has restored the value of the annuity value, but I still have to update the cash balance manually to have the account value agree with the on-line value.
  • gyanja
    gyanja Member ✭✭
    I have the same issue with my brokerage firm. I have three accounts which do not show the cash balance in any of them when updating the accounts. Manually updating is not a solution.