Schwab and Cash versus SWGXX

Mick

Yes, Quicken is aware of the issue and working on it. There are other user problems identified.

Mick

I identified a new one today. I had a reinvested dividend, short term capital gain and long term capital gain. Quicken had a Reinvest dividend transaction for each one that added shares but no dollars. Then there was a bought transaction which substrated the cash and added to the shares. This left me with a negative cash balance. It also didn't distinguish between dividend, short term or long term capital gain.

artg

@UserinMD
@Mick

I think it's worth repeating a excerpt of what I posted several days ago as follows:

++++++++++++++++++++++
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.
++++++++++++++++++++++

If you tell me that I'm doing exactly what we pay Q to do for us (in our annual subscription fee) you are, in my opinion, absolutely correct.  Unfortunately, I no longer have confidence in the downloads we're receiving.  Now, in fairness I hope this is corrected soon and we can get back to using Q as it was intended as opposed to being just a large group of beta testers.  

Mick

I agree, confidence in the product development life cycle is dropping rapidly. With nothing else to do but work from home you would expect a solid testing team with valid test cases and test plans with repeatability and effectiveness. Not so since, as you put it, they seem to be relying on the end users to be their testing team. Sad.

DonSui46

> @"Quicken Jared" said:
> > @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

Thanks for the comment Jared, See the screen shot, this problem persist with the latest Quicket Mac update of the software Version 6.4.5 (Build 604.41859.100) No file updates via Schwab and Quicken since 11/16/2021

DonSui46

Also I can log into my Schwab accounts just fine with Google Chrome and Safari without any issues.

John Ellis

I too am now seeing Schwab Govt Money Fund (SWGXX) Sold transactions appear in my transaction downloads, screwing up Quicken's notion of the cash balance of the account. These transactions never appeared prior to the November Quicken/Schwab apocalypse, and now I have to manually delete them.

A pox on both their houses.

hongolito

Same issue here. Several years ago I remember receiving a popup that allowed me to choose between handling SWGXX as cash or security. I chose cash but that choice seems to have been changed to security in the recent upgrade [sic]. That popup (for a different sweep security) is at the top of comment https://community.quicken.com/discussion/comment/20228215#Comment_20228215. I tried changing SWGXX from mutual fund to cash in security attributes and it seemed to work once but now the only recourse to keep cash balanced seems to be to delete SWGXX downloaded transactions. Would love to see that popup again or at least some way to resolve.

Chuck Stone

Looks like an attempt was made to fix this, as when I looked at this morning's downloads I was given the opportunity to treat a money fund as cash. Unfortunately, the fund it wanted to treat as cash was SWVXX (Schwab Value Advantage) instead of the correct SWGXX. I missed that fact and accepted - which messed up things significantly! Had to go back and use a backup to fix things. I have reported this issue as a problem in Quicken. Hopefully this can be corrected soon - I'm getting tired to deleting all the buy/sell transactions for SWGXX.

Kelly4

If I have to spend so much time correcting downloads from my 4 accounts at Schwab, what value is my annual subscription fee? LTCG and STCG came across simply as dividends. And reinvested CGs reduce my cash balance incorrectly. I hope Quicken and Schwab can work together to fix these issues promptly.

Daffy Duck

> @Quicken Sarah said:
> 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)

@Quicken Sarah - I have also been experiencing this problem. I suspect it is on the Schwab side. I had been using Banktivity prior to coming back to Quicken. When Banktivity 8 was released they abandoned OFX for downloading data from the banks and required you to use what they call Direct Connect - a fee based download tool. When they did that the exact same thing happened - SWGXX sweep buy and sell transactions started showing up as buys and sells. If my memory is correct, in this same time frame Schwab had restructured its sweep options and most accounts went to a traditional bank sweep, but some accounts were grandfathered and allowed to continue use of SWGXX and possibly other Schwab money market funds. I suspect that this impacts a limited number of accounts and therefore was overlooked when more modern download software was implemented by Schwab. I have share my thoughts on this with Schwab Tech Support.

I have also noted in an unrelated issue, that since November 18, for some reason when downloading from Schwab, Quicken is missing cash movements between accounts such as RMD distributions from IRA's and cash transfers from a investment account to a Schwab checking account.

hongolito

Sarah, is the CTP-3088 upload of any value if an SWGXX transaction hasn't been downloaded (and deleted) since January 3rd?

ropes

I have exactly the same problems as mentioned in this thread with SWGXX on my Schwab accounts. Like others I am manually correcting all the transaction issues which is quite time consuming and makes you question whether its worth using the product, which I have been for at least 20 years. What disappoints me is that inadequate testing is being done prior to Quicken product changes. You would expect that Quicken would have test environments mirroring typical user setups and running regression tests to avoid issues like this getting out to the user community.

Mohsman

OK, Sarah. I just submitted a ticket.
Thanks

hongolito

Sarah, I have also submitted as requested under report a problem option with CTP-3088 as subject.

w.galanis

I did the same thing and one week later, QW updates its program and still no love. Not even an email to acknowledge the submission. Even a bot response would be nice. A solution to the issue would be appreciated. Should I just delete all SWGXX transactions and manually enter a cash balance. That will generate many "red pencils" in my data.

hongolito

I have been deleting all buy/sell SWGXX but haven't had to enter a cash balance and cash totals remain in agreement with Schwab.

John Ellis

hongolito said:

I have been deleting all buy/sell SWGXX but haven't had to enter a cash balance and cash totals remain in agreement with Schwab.

Me too. It's an annoyance, but less annoying than the other Schwab problems (e.g. not downloading all reinvest-dividends transactions).

MarieBaumann

Just sent report, although I've messed with the entries so much that I'm not sure the report will be useful. I have spent WAY too many hours trying to reconcile this, when I should be doing other things. Like others, I'm tearing my hair out, and considering ditching the Schwab accounts from Quicken. This should NOT be happening! I am so angry.

Steerpike

I came here for the exact same reason - Schwab IRA balance in Quicken not matching actual balance, and traced it largely to SWGXX. I just deleted all the SWGXX 'buy'/'sell' txns and now I'm within $300 of a match; probably have to waste another hour tracking that down, going back to 12/31 statement, etc. I'm a Schwab Private Client member, if that is relevant.

It was a nightmare getting the recent 'mondo' patch working. Initial support efforts failed, and it had to be escalated to another team, who spent around 2-3 hours with me on the phone before ultimately getting my Schwab downloads to work again.

In addition to cash balance being off, two other discrepancies occurred (both with Vanguard securities, probably a coincidence) both relating to ReinvDiv txns.

It seems every month I have some discrepancy to track down (it seems my Fidelity accounts never balance any longer, again due to mis-treatment of reinvested divident txns). I'm seriously considering just making a manual entry for my Schwab and Fidelity accounts each month so that Quicken matches the end of month statement. I really don't need or use the detailed transaction details in Quicken (I do my taxes based on the documents from Schwab/Fidelity).

Does anyone know why Quicken does not put the actual 'SWGXX' code in the registry entry, rather than just 'Schwab Govt Money Fund' - it would facilitate finding the bad txns! (this question applies to all transactions, not just SWGXX; quicken only seems to use the 'friendly name' of an instrument, not it's code).

MarieBaumann

Agree with Steerpike comment above, re noting the actual SWGXX symbol, and ALL symbols, in the registry entry. This would greatly facilitate trying to reconcile entries.

GreenOak

Quicken Sarah - I just posted a CTP-3088 problem report. It's an issue with the cash balance, but seems to be the converse of what some users reported. I have a money purchase fund, SWVXX, that is NOT a sweep account (i.e., you need to enter buy or sell orders at Schwab to move money into or out of the fund from/to your cash balance). Yet Quicken is treating it as if it were cash, trying to bring my share count to zero, and move the $ into cash.

Ray

Me too. My Thomas Partners account uses Schwab Govt Money Fund SWGXX as a sweep security for cash. (A sweep security pays higher dividends that a cash account.) If you log into the Schwab website, the History for the account lists a SWGXX transaction roughly daily for the net change in cash. Monthly, it also shows dividend payments. You will not see SWGXX in the Positions list.

I've had this account since 2009. Prior to the Schwab update in November, Quicken ignored the SWGXX buy and sell transactions but kept the dividend transactions. After the update, Quicken started downloading the buy and sell SWGXX transactions retroactively to Sept 1, 2021 which makes the running cash balance wrong. You cannot reconcile the monthly Schwab account statement with Quicken's cash. I had to delete all SWGXX buy and sell transaction to get my cash balance correct. It's annoying to have to continue deleting them. 

Quicken needs to go back to ignoring buy and sell transactions from sweep accounts.

Jim Douthit

I just received a dividend payment for SWGXX. When it downloaded the amount was.00 - I went to my Schwab account and found the dividend was actually .23 This was the case in two accounts.

Charley Kneifel

I am continuing to have the same problem - I can't reconcile my downloads without also being logged into the Schwab site to actually understand what the transactions are - kinda defeats the purpose of downloading

hongolito

> @Jim Douthit said:
> I just received a dividend payment for SWGXX. When it downloaded the amount was.00 - I went to my Schwab account and found the dividend was actually .23 This was the case in two accounts.

Same for me since beginning of Schwab's transition to express web connect+. This, as well as the inablility to direct Quicken to treat SWGXX as cash and Quicken not being able to differentiate between long and short term gains, seem to be the remaining three issues with the transition for my applications. Hopefully, product support will someday be able to rectify.

Mick

Hey Quicken technicians, what is the status of the problem?

Jim Douthit

This SWGXX dividend issue seems to be the only problem I am having regarding my Schwab accounts (Those are the only accounts I have).  In order to reconcile my accounts I add together the "Cash" balance and the balance of SWGXX In Q and it totals the amount of "Cash and Cash Investments" at Schwab.

The only balancing problem I have is that there always seems to be a couple of items where the closing price in Quicken does not match the closing price at Schwab. But I am pretty sure that Q gets it quotes from some other site. 

Charley Kneifel

In addition to the sweep account issue, I have to run at least one additional download to get my Schwab account activity to be visible in Quicken (R37.67)

John Ellis

Charley Kneifel said:

In addition to the sweep account issue, I have to run at least one additional download to get my Schwab account activity to be visible in Quicken (R37.67)

That happens to me sometimes too.