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Simple Positioning - Cash Balance issues with Fidelity Netbenetfits

pmarker

I have four separate Fidelity Netbenefits account that I setup as Simple - Position Only. When I setup the accounts and the data was downloaded all four accounts had a Total Market Value that was much higher than what they should be. What I did notice each had a Cash Balance of the exact amount of what the Market value should be for the accounts. I did the same setup for Edward Jones and the Total Market Value is correct with a zero Cash Balance as I would expect. What is wrong with the Fidelity Netbenefits account?

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Chris_QPW

I have a feeling that the way this is suppose to work is that Quicken looks at the security position data, and cash balances to add/subtract shares as needed to match the reported positions. This is of course assuming all the information provided is accurate, and in the form that Quicken expects.

Given that I don't think all this information has been used like this in the past it is quite possible that not all the information sent by the financial institution is correct.

I would report this as a problem using Help -> Report a problem

If I was personally looking into such a problem I would be looking at what the OFX logs have in them and I would be switching the account to "Complete" to see exactly what Quicken is putting in for the transactions to update for Simple mode. But if one doesn't understand the OFX protocol it could be quite hard for the average person to troubleshoot this.

garysmith87

My guess here is that you have placeholders in your NetBenefits accounts. Which, of course, you can't see because you selected Simple Investing and therefore have no transaction register.

To fix this, you'll need to disable Simple Investing for each of those accounts...then resolve the placeholder transactions that appeared when you initially set up your account. Why are there placeholders? Because Fido sent you the cash amount beginning balance to account for the shares...and Quicken didn't know how to resolve those.

Once you get the placeholders resolved, you can then re-select Simple Investing for those accounts.

pmarker

Here is what I did for a test yesterday. I deleted all 4 accounts from Quicken. I then did a Add Account and selected Fidelity Netbenefits. Quicken found my 4 accounts and I selected for them to be setup as Simple - Position Only. They all were created in Quicken again and this time all 4 accounts were created with zero security value and a cash value that is higher than what shows in Fidelity, For example in Quicken I have one account that shows $61K in Quicken but Fidelity shows $58K.

garysmith87

[removed - violation of community guidelines]

How about, instead of using Simple Investing, you set up the accounts INITIALLY without Simple Investing. Once you find out where the error is between FIDO and Quicken (most likely placeholder transaction), then you switch to Simple Investing.

Not sure why you would expect a different result if you're just doing a variation of the same procedure you did the first time?

pmarker

Sorry .. I did not know what you meant about fixing the placeholders...