Schwab account FMV difference between Quicken balance and Net Worth report

Thomas Hyzy

I think I've finally been able to reconnect all of my Schwab accounts, and download/update everything. However, now when I run a Net Worth report, the amount Quicken is showing for the investment account value is overstated. The report balance does not agree to the "Holdings" figures when I look at that account. This doesn't appear to be a download/update issue, it seems to be something internal to Quicken, but I'm posting it here since it might have something to do with the whole Schwab debacle Any ideas on what could be causing this disconnect would be appreciated.

Tom Young

You say "report" which suggests you're getting this by clicking on Reports > Net Worth & Balances > Net Worth.  Is that what you're talking about?  Or, are you referring to something you're seeing by using a Quicken "dashboard?"

If the latter, I've found that frequently dashboard reports are just flat-out wrong.  I've found that sometimes deleting the dashboard and then enabling again sometimes works.

Thomas Hyzy

Tom Young, thank you for the comment. I'm referring to the Net Worth report that is accessed from the Reports menu. The Net Worth report properly states the separate cash balance in the Schwab account, but then gives an inflated value under Investments, showing a number that does not agree to the account value minus the cash.

Tom Young

I take it this is "new behavior" post-EWC+ changeover?

What kind of investment accounts are these?  The reason I ask is that most regular Schwab accounts can have a "connected" bank account in the sense that you can initiate transfers to and from both accounts, but it's not a "sweep" situation; as I understand it only a select few types of accounts at Schwab can have cash automatically swept into and out of the account.

From the way you've described things it seems like you're seeing the cash in real life in your Schwab investment account but seeing it in the report as a "bank account" and I don't understand how that can be.  Is the difference in amounts - the overstatement - any function of that separate cash, e.g., twice as much, half as much or something? 

Could the problem be in any way associated with the Schwab Value Advantage money fund, where (according to Quicken) Schwab treates this fund as "cash", which Schwab doesn't since it is a traded money market fund.

I'm kind of thrashing around here since normally I'd expect the Net Worth report to agree to the "Holdings" window of each investment account and NOT show the cash in the investment account as some sort of bank account.

Thomas Hyzy

In the "Net Worth" report, as generated by Quicken, I see the cash in that Schwab account separately stated, in the "Cash and Bank Accounts" section of that report. It is listed as "Schwab xxxx-xxxx - Cash". Further down in the "Investments" section of the report, I see the same Schwab account number "Schwab XXXX-XXXX" with a value that is significantly higher than it should be. It should be the total account value, minus the cash balance, but the report shows it as a much higher figure. The difference doesn't appear to relate to the cash balance at all, it's not equal to the cash, or half or twice that amount. The difference also doesn't appear to be any specific investment in the account, that might be being double-counted in error.

When I select the investment part of the account in Quicken, and then click on the "Holdings" button, the Account Overview window comes up. Everything shows up correctly when I look at it this way.

This all started after the changeover to the new Schwab connection system. Describing that changeover as a debacle is putting it kindly.

If anyone has any ideas on this, I'd be grateful to hear them. Thanks.

Tom Young

Another poster had a somewhat similar problem in that the numbers shown on the Account Bar weren't agreeing to the Holdings screen.  Poster reported that "I either have to close and then reopen Quicken for the numbers to agree or else do a second one-step update for Schwab."  If you haven't done this at least it's something to try.

I am still puzzled though by the presentation of cash in distinct "cash" accounts on the report.  Do you have your Quicken Schwab Investment Accounts set up as "Show cash in a checking account?"  If you do have you Schwab Investment Accounts set up in that fashion then that's fine and the presentation makes sense in that respect.  But if you don't have them set up that way then the "separate cash" presentation is in another error.

Thomas Hyzy

Tom Young, I appreciate your thoughts on this. The Schwab account in question is set up to "show cash in a checking account". I found the switch to change that option, and tried it the other way (after making a backup, of course). The result, after about 15 minutes of re-linking, was an even greater differential between the true account FMV and the figure the Net Worth report shows - so I switched it back. The whole thing makes no sense to me that there would be 2 different FMV figures shown in the Holdings screen and Net Worth report - doesn't Quicken pull the Net Worth figure from the Holdings?

Anyway, at least I have the downloads working again now, just this niggling difference still bothers me. Thanks anyone for any input on this.