How to Download and update to new Charles Schwab Web Connect

First Reconcile all your Schwab account in Quicken as of the last Month End. Back up the file at that point in a new folder so you can get it back to restore if needed.
Next open Quicken and on the account list open each Schwab account to EDIT the account. Click on the Online Services tab - Deactivate the account. Then go to the General tab for each account and remove the Financial Institution and account number in that account - top right. When all have been done - back up the file again ( I used another folder again to know what stage I had completed. Then go back to the open Quicken file and open ( right click to Edit) any one of the Schwab accounts and go to the On Line Services Tab - click on the Set Up Now. A window will open list banks , brokers etd- click on the Schwab label on the page. Follow the login instructions with you Schwab user name and password. A list of Schwab accounts will populate on the screen. For each account you want to "link the account to an existing Quicken account" - drop down to that choice of three - don't open a new account. A window will open to the right with a list of existing Quicken accounts - match the ones you want to link - one at a time until all are selected. Complete that screen and follow the instructions. Save your file again when you finish this step - again in a separate folder just to keep each back up available if needed. If you have gotten this far - you should at least have all your accounts showing that they are Web Connect in the Online Services tab. The General tab should have Charles Schwab and the associated account number populated.

Here is the next issue PAY SPECIAL ATTENTION TO THIS FOR NEW DOWNLOADS

Quicken / Schwab will register each account and download all available entries for each account . When you open EACH account the downloaded entries will appear in the normal downloaded transaction listing at the bottom. DO NOT ACCEPT ALL. You will find many entries with be labeled as Match, Near Match etc BUT more older dated entries will appear as NEW. Those are a problem. You have to go entry by entry and DELETE most if not all of the NEW downloaded entries and DO NOT accept them. If you do - you will duplicate the existing entries already in the account and the account will be out of balance - a real mess. To delete them - on the right margin click on the "edit" tab and then click on DELETE and Enter ok. The entry will be removed. Only after ALL the NEW entries have been deleted - what remains on the list should all be Match entries. If you have all of them left you can then click on the Accept all choice. One Exception - If a NEW entry on the list is a true new entry for a date beyond your current download date of your starting file - that is a true NEW entry and you may accept that type of NEW entry - but none of the prior entries that exist in your Quicken file already. I had over 500 entries to review on an active broker account - 80 percent were these New unwanted entries. Had had my wife watch the NEW line on the entries as I deleted each and it went much faster with her help because I did not need to look back to the left to see if the line I was on was a NEW or MATCH entry. It would be nice if you could highlight a long list and then delete them all at once ( which you can do on the BANK account download - go figure.

Suggestion - do each Schwab account one at a time until you can agree your Quicken holdings and cash balance as of the current date to the account Schwab holding on line. When they agree - I made another back up after each account was completely reconciled. If you make a mistake you will need to find the share or entries that do not match. It can be done but it is a very time waster to have to do this. Quicken needs to rethink this sort of conversion. I am a retired CPA and it took me several false starts to final figure out why an account would go way out of line after accepting the downloads. A Schwab tech helper also clued me in to the General Tab issue - to remove the financial institution name and account on that tab AFTER you Deactivate the current Online Service - Step one.

Good luck to all - hope this helps

Comments

  • CaptRon53
    CaptRon53 Member ✭✭
    I was able to reconnect with Schwab as described, but I refuse to have to wade through hundreds of "New" downloaded transactions that are actually duplicates have to be deleted one at a time in the investment accounts. Quicken/Schwab need to fix this connection transition to make it seamless!
  • TPerk
    TPerk Member ✭✭
    edited November 26
    [Removed - Duplicate]
  • PennyRich
    PennyRich Member ✭✭
    edited November 26
    [Removed - Rant]