Schwab transition issues
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Neil O'Hara
Member ✭✭
After tearing my hair out for several days, I finally got download access to Schwab reactivated...
Except that the first download included numerous new transactions that were completely screwed up in Quicken.
1) It missed one purchase entirely.
2) Booked several mutual fund distributions as reinvested interest that should have been reinvested dividends, short and long term capital gains.
3) Entered one bogus transaction in my IRA for a security I don't even own--it's in my wife's IRA.
4) Entered another transaction in my IRA for that same security that was a distribution from a different mutual fund that I do own in that account.
And that's all I have found so far. Now I have to check the November statements and December transaction records for every single account to see what else is balled up.
I am using Quicken for Windows, latest release.
Just be aware that when you get your Schwab access to work again, that may not be the end of your troubles.
Except that the first download included numerous new transactions that were completely screwed up in Quicken.
1) It missed one purchase entirely.
2) Booked several mutual fund distributions as reinvested interest that should have been reinvested dividends, short and long term capital gains.
3) Entered one bogus transaction in my IRA for a security I don't even own--it's in my wife's IRA.
4) Entered another transaction in my IRA for that same security that was a distribution from a different mutual fund that I do own in that account.
And that's all I have found so far. Now I have to check the November statements and December transaction records for every single account to see what else is balled up.
I am using Quicken for Windows, latest release.
Just be aware that when you get your Schwab access to work again, that may not be the end of your troubles.
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Comments
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How did you get it to work again?
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I talked to someone at Quicken support who walked me through a procedure that didn't seem to track exactly what Q has posted online but I didn't keep detailed notes.
I have version R37.37 of Q Premier for Windows running on a Mac using Crossover.
FWIW, subsequent downloads are still not always in the right category. So I have to double check everything at the moment, which is a real pain when all the mutual funds are making their annual capital gains distributions. If you are trying to reinvest dividends (e.g., in an IRA), you may be lucky and have them treated as regular dividends instead of long or short term gains. Or not... And yes, it doesn't matter that much in an IRA because withdrawals are all subject to income tax no matter what their underlying tax character, but how can one have any confidence in what Q is doing in taxable accounts where it does matter?0 -
FINALLY, the Schwab issues "appear" resolved for me in my 4 accounts EXCEPT downloaded transactions (as shown by the number of new transactions after a one step update) do not show in the register until Quicken is closed and restarted. This "may" not happen if Quicken was just started before the OSU. But, if Quicken was left open say overnight the problem happens. Hey Quicken, Is this a known issue to be resolved?0
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