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Schwab and Cash versus SWGXX

Mick

I see transactions posted against SWGXX (Schwab Government Money Fund) but it appears on line in Schwab as money but Quicken doesn't know what to do with it. Quicken sees the gain and then shows an increase but then says the share balance is incorrect and provides a negative correction to zero out the SWGXX.

Is this something new? My current version is R37.37 and build 27.1.37.37 Windows 10.

Is there some way to convert cash to SWGXX and back so that they match?

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Jack Scripps

Exactly my experience. Schwab considers SWGXX "investments" as cash, as far as I can tell, and reports them as such. Quicken sees them as a security, and as a result, I am showing a negative cash balance in Quicken (offset by the SWGXX investment, I think). Can't Quicken be taught or instructed to treat these SWGXX balances as cash, for reporting purposes?

Mick

Quicken staff, can you address this for us?

artg

Good morning and allow me to join the chorus based on my One Step Update minutes ago. What I had to do was essentially delete the SWGXX transaction to reconcile my balances in Quicken to match what Schwab is showing. Of course this did not happen before 18 November. What will also be very interesting is what happens when SWGXX pays its Dividend on the 15th of the month against a zero share balance. Just another manual work around for us to contend with.

David2

I have many Schwab accounts but only Schwab Managed Portfolio (SMP) Portfolios are experiencing the follow problem: Prior to the switch to the new download method the Cash balance in the account would reconcile between Schwab and Quicken and Buys and Sells from the "Cash Sweep" position would not show as transactions. After the change in the way Quicken and Schwab handle downloads this is no longer true (only in SMP accounts). Now every time there is a Cash In transaction (e.g. Dividend paid) it is following by a Buy transaction for the same amount of the Money Market sweep position. This causes the cash balance in the account to not balance with Schwab's downloaded cash balance.

Anyone else see this? Who's problem is it Quicken or Schwab.

Steven Green

This is but one facet of multiple problems starting 18 Nov. I have spoken to tech support at both Schwab and Quicken and they point the finger at each other saying "not our fault -- deal with the other company"

DonSui46

I have a similar problem, daily updates when starting Quicken Mac Version 6.4.4 the Schwab account does not download and sync the Schwab Brokerage account history/transactions. My last update was on 11/15/2021, I do update Quicken each time notified. I suspect the new interface that Quicken implements is broken when they did the initial update. The Quicken Portfolio and Dashboard update each time Quicken is launched but transactions is not updating. Finger pointing is not a good support function from my point of view as a paid subscription user. Don

Don Andrews

I also am having issues with Schwab updates since the change. I go through all my accounts and get everything correct, and then the next day the cash balance is wrong again. Also, I have one fund Vanguard fund with a trading symbol of VXF that doesn't get its quotes updated, and my fixed income bonds and such no longer have updated quotes. This is making Quicken unusable for my needs and if it is not fixed, I will not be renewing in April. It may be time to find another solution.

artg

@David2

Good morning. I've encountered the same exact problem (yesterday.) I solved it by deleting the SWGXX (Schwab Govt. Money Fund) purchase in the Downloaded Transactions BEFORE I accept. After deleting that transaction the Cash Balance is correct. By the way, I don't like it any more than you do but it's these types of workarounds that we're all having to deal with.

David2

Thanks for all your comments. As of Mac V 6.4.5 it is still a problem. I agree with artg, SWGXX is the problem. I can't tell if it's just SWGXX but all my other accounts with Cash Sweeps seem to work. Your are right if you delete the Buys/Sells of SWGXX everything balances. I wonder if this is a Schwab or Quicken problem. Maybe it got lost in the switch to the new download method that SWGXX is a sweep position. 🤷‍♂️

artg

@David2

I'm also waiting (actually holding my breath) for the 15th of the month. That's when SWGXX pays it's monthly dividend "Div" against its share balance of zero. In other words, I think we're in for some more high adventure next Thursday (when we do a One Step Update following the Wednesday close.)

Quicken Sarah

Hello All,

Thank you for reporting this issue to the community. We have opened a ticket with our teams to investigate this matter further.

If you would like to aid us in investigating this, please open Quicken and go to the Help menu > Report a Problem option.

In the window that opens, enter "CTP-3088" in the subject line, select the boxes for each .txt file listed and when ready, click on Send to Quicken.

Once sent, please just reply here to let us know so we can retrieve the report from the system.

Thank you,

Sarah

(CTP-3088)

Mick

Sarah, I have submitted the ticket. As I stated in the ticket, I don't have any examples right now as I spent time yesterday deleting all the buy and sell transactions for SWGXX. This leaves the money in the cash balance and the accounts now match - that is after I updated the recent dividend transactions that were showing as zero balance. When I get another problem should I submit another problem ticket?

REgards,

Mick Meckler

Quicken Sarah

Mick said:

Sarah, I have submitted the ticket. When I get another problem should I submit another problem ticket?

REgards,

Mick Meckler

Hi @Mick

Yes, please

When/if this occurs again, submit another Report a Problem and if possible, leave the incorrect transactions in Quicken until our team has a chance to review the submitted logs.

Thanks!

Sarah

Devyn

I believe I am experiencing this same issue. Cash balances are wildly incorrect.

Interestingly, I created a fresh data file, and added just the Schwab accounts. Those balances, including cash, were correct.

I don't have too much personal time to evaluate, though I did submit a "Report a Problem" ticket (I believe on 12/07). I didn't include "(CTP-3088)", as that's just been opened, though hopefully Quicken can find it.

Running: Quicken Deluxe Version 6.4.4 (Build 604.41834.100)

Quicken Sarah

Hello @Devyn

Thank you for taking the time to share your experience and that is very interesting that the balances were correct in the new data file.

I did find your submitted report from 12/7, but if you have a minute to submit a fresh report from today, I'd like to make sure your information is added to the ticket as well.

Thank you,

Sarah

Devyn

Hi @Quicken Sarah. Just submitted. Thanks!

larryvc

Hi @Quicken Sarah ,

Providing some clarifying information about SWGXX (Schwab Government Money Fund), what it is, and how it's handled.

When we were connected to Schwab via Direct Connect, none of these SWGXX "Bought" and "Sold" transactions were ever sent from the Schwab servers. In essence Schwab was filtering out the SWGXX "Bought" and "Sold" transactions. One Step Updates never got these transactions.

SWGXX is a cash sweep position only. If we look at our account positions at Schwab online there are no shares of SWGXX shown at all. SWGXX does not even show in the list of securities displayed online at Schwab.com. It is only displayed like this line item "Cash & Cash Investments $38,980.20", no security name associated with it at all.

Dividends payable for SWGXX were always sent and have always downloaded correctly.

For those that have made comments and are worried about a dividend payment for SWGXX with a 0 shares balance, there is no problem as that has always been the case. All of my SWGXX dividends downloaded without a problem on 11/16/2021.

I'll leave it up to your team to find the fix, but it is pretty obvious that doing the filtering like Schwab had done for SWGXX "Bought" and "Sold" transactions seems like the right way to go.

Regards,
Larry

Mick

What has happened since 11/18? I too, never saw the buys and sells until changes were made on the 18th of November.

artg

@larryvc

Good morning Larry. I hope you're right. I posted the following in this thread four days ago:

+++++++++++++++++++++++++++++++
Good morning and allow me to join the chorus based on my One Step Update minutes ago. What I had to do was essentially delete the SWGXX transaction to reconcile my balances in Quicken to match what Schwab is showing. Of course this did not happen before 18 November. What will also be very interesting is what happens when SWGXX pays its Dividend on the 15th of the month against a zero share balance. Just another manual work around for us to contend with.
+++++++++++++++++++++++++++++++

Next Thursday morning (16 Dec) I think we'll all be in for more "high adventure" when SWGXX pays a dividend against a zero share balance. remember, the conversion to Express Web Connect Plus occurred 18 Nov so the 15 Nov SWGXX dividend was with Direct Connect. Therefore, next Thursday morning I hope you're right.

Jim Douthit

WOW I'm glad to see this thread. I thought the SWGXX problem in my accounts was my fault. I saw an irregularity in the transactions and realized the SWGXX security had an incorrect name. I corrected the name on the security and then realized all the BUY or SELL transactions I could see in Schwab history did not show up in Q. I thought when I changed the name all the transactions were deleted. I went through Schwab history and made a list of the trans and manually added them to Q - several hours worth. Now the SWGXX value + Cash almost matches what is shown in Schwab but I do get the mis-match error for SWGXX.

Mick

Three transactions occurred today when a dividend was paid by a Schwab security. That money went to 'cash' and then a buy transaction for SWGXX Schwab Government money was done for the exact amount. It is pretty straight forward so I don't think I need to send a copy of the transaction. I will just delete the Buy order and all should match. Is this the process we should follow or is someone working with Schwab to correct it? Mick

artg

@Mick

Good morning Mick. The answer to your question I believe is: "Yes, delete the Buy order."

I posted the following this past Saturday:

+++++++++++++++++++++++++++++++
Good morning and allow me to join the chorus based on my One Step Update minutes ago. What I had to do was essentially delete the SWGXX transaction to reconcile my balances in Quicken to match what Schwab is showing. Of course this did not happen before 18 November. What will also be very interesting is what happens when SWGXX pays its Dividend on the 15th of the month against a zero share balance. Just another manual work around for us to contend with.
+++++++++++++++++++++++++++++++

Oh by the way, I deleted a SWGXX Buy order this morning as well.

Mick

Yes, and I reported the same thing a few weeks ago but I was hoping that the Quicken team would come up with a better solution. Because, when I need cash to buy something, Schwab will 'sell' SWGXX to buy it. Not that it is the end of the world but I do like it when my transactions match up - for accuracy's sake.

artg

@Mick

Okay Mick, lets have this discussion which I think is appropriate. First, I have little to zero confidence in Q downloads for our investments. Therefore, every morning BEFORE I do a OSU (One Step Update) I go into Schwab and manually check for new transactions.

If there are any new transactions I manually enter them into their respective investment account. Then I do the OSU and see what matches. Or, in other words, see how lucky I get today. I accept the matches and delete the bogus downloads.

What used to (before 18 Nov) take minutes for the results of a One Step Update now takes a significant amount of time because of the preparation required before the OSU.

Now, one of the Q moderators is going to read this and tell me to validate, super validate, deactivate, reactivate and then report a problem. I have less confidence in those instructions then I do the OSU. In other words, in the last four weeks I've learned to depend on my fellow Q Community members like you for guidance, counsel and suggestions.

How's that for a posting?

Mick

Interesting. Until the issue most recently, I have not had reason to be skeptical with the downloads - other than hiccups here and there. I guess this does show that I need to have a process in place - that you describe, to ensure accuracy in my data. Maybe I will make it a point to physically balance at the end of the month all my accounts with the online Schwab statement. Which will be frustrating since that is one reason that I purchase Quicken - let the computer do the work. Thanks for the insight. And, once again, I am hopeful that Quicken will identify a solution.

Mick

To quicken support people - the SWGXX 'buy' only occured for the amount that was a dividend for the Schwab security. I had other dividend payments that stayed in cash. Does that make sense?

Quicken Jared

> @DonSui46 said:
> I have a similar problem, daily updates when starting Quicken Mac Version 6.4.4 the Schwab account does not download and sync the Schwab Brokerage account history/transactions. My last update was on 11/15/2021, I do update Quicken each time notified. I suspect the new interface that Quicken implements is broken when they did the initial update. The Quicken Portfolio and Dashboard update each time Quicken is launched but transactions is not updating. Finger pointing is not a good support function from my point of view as a paid subscription user. Don

Hello DonSui46,

I am sorry to hear that there have been difficulties like this after the update (I assume we are speaking about a software update). Do you receive any error codes or messages when you try to update your Brokerage account with an OSU? Try checking the Brokerage account in the 'Account Status' menu at the top of the screen under 'Window' if you can.

Thanks,

Quicken Jared

pjane21

I have been trying for several days, after downloading Mondo Patch and all other Quicken updates, restarting, removing xxx before account names, etc. to connect to Schwab updates. All I have ever gotten is "This feature not available," along with the ever-infuriating Quicken freezes. What am I to do?

Quicken Jared

pjane21 said:

I have been trying for several days, after downloading Mondo Patch and all other Quicken updates, restarting, removing xxx before account names, etc. to connect to Schwab updates. All I have ever gotten is "This feature not available," along with the ever-infuriating Quicken freezes. What am I to do?

Hello pjane21,

I know that these kinds of persistent issues can be frustrating. I may have some suggestions, but first, are you using any pop up blockers, and do you log into Charles Schwab through 'SchwabSafe'?

Thank you for your patience,

Quicken Jared

UserinMD

> @David2 said:
> I have many Schwab accounts but only Schwab Managed Portfolio (SMP) Portfolios are experiencing the follow problem: Prior to the switch to the new download method the Cash balance in the account would reconcile between Schwab and Quicken and Buys and Sells from the "Cash Sweep" position would not show as transactions. After the change in the way Quicken and Schwab handle downloads this is no longer true (only in SMP accounts). Now every time there is a Cash In transaction (e.g. Dividend paid) it is following by a Buy transaction for the same amount of the Money Market sweep position. This causes the cash balance in the account to not balance with Schwab's downloaded cash balance.
>
> Anyone else see this? Who's problem is it Quicken or Schwab.
>

Yes, this is exactly what keeps happening to me. All my Div reinvestments appear as 'BoughtX' transactions, where the "funds" to purchase come out of my Schwab Cash Balance (e.g. the Cash Sweep Feature in Schwab for Brokerage Accounts). So my cash balance always goes down when I get a reinvested dividend/interest---last week, it went NEGATIVE, even though on the Schwab site, my sweep funds are still exactly what they should be.