Fidelity 401K cash balance duplicating my worth

Using Quicken Deluxe Window 10 Home, my Fidelity NetBenefits 401K accounts are both showing a "cash balance" that equals the balance - effectively showing me a doubled account balance. Is there a way to fix/adjust this? I can't see how to delete or 0 out the cash balance.

Comments

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    When securities are bought in the NetBenefits account, what type of transaction do you see in the transaction list (register)?

    It should be a Bought, which will use up the cash balance to purchase the securities.

    If it is Added, the securities are added to your account but the cash balance does not get used up. You should edit the transaction to be a Bought with the correct purchase price.

    Also you might see BoughtX. In this case, you should edit the transaction to Bought, with "From this account's cash balance" chosen as the cash source. 
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
     Note some 401K accounts get a "special setup" where they use a BoughtX to the same 401K account to adjust the cash balance, which means that if the user is also transferring the same amount through a paycheck reminder, it is going to double the cash amount in the 401K account.

    In these cases, one can change the BoughtX to Buy, but you will have to do it on every buy.
    Another way to deal with this is to change the paycheck reminder so that it puts the contribution into a category to be able to track it, but not transfer it to the 401K account.
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  • Beelzy
    Beelzy Member ✭✭
    I have this same issue. I compared the OFX Log against the OFX Spec and found the following:

    Fidelity is not sending a <CASHBAL> value inside the <INV401KBAL> tag, but probably should be. Since Quicken is not receiving a <CASHBAL> value from Fidelity, Quicken must be interpreting one of the other balance values as the Cash balance. Inside the <BALLIST> Fidelity is sending 3 <BAL> aggregates with the <NAME> values set to MarketValue, VestedValue, and TotalAssetsValue. All 3 of these have the <BALTYPE> set to DOLLAR, and Quicken must be incorrectly interpreting one of them as the Cash balance.

    I recommend Quicken assume the Cash balance is zero if there is no <CASHBAL> value in the OFX response.
  • capnlou
    capnlou Member
    I am having the identical issue. I am using the Tracking Method "Simple Positions Only". I manually updated share quantities and NAV/share of all investment positions and I deleted the cash position yesterday and today the cash balance is back exactly equal to the market value of all the other mutual fund positions. I keep deleting out the cash balance and everytime I download again the cash balance comes back each time. This started originally around 12/23/2021. I cannot explain what is causing this.
  • kmckinnon
    kmckinnon Member ✭✭
    I too noticed this problem. I have 2 Fidelity NetBenefits accounts, q 401A and 403B, that display a doubled balance. I am using Simple - Position Only tracking for these accounts. I can set the cash balance to 0 to correct the balance but this needs to be done after every Direct Update. I'm not sure exactly when the problem started but suspect some fairly recent change (Quicken Update or something at Fidelity NetBenefits) caused the problem.
  • kmckinnon
    kmckinnon Member ✭✭
    After updating (Simple tracking) via Direct connection today the account balanced again showed doubled. However, this time, when I opened the account and tried to Set Cash to 0 it had no effect. It stayed at its original value. I tried it again but set the value to 0.01 in an attempt to be within a penny and it set it to 0!
  • mbstcyr
    mbstcyr Member
    Exact same issue experienced - tried both set-ups, simple and detailed tracking with same end result. Someone at Quicken needs to talk to someone at Fidelity NetBenefits to resolve - not good to have to zero this out every time an online balance update is performed.
  • gmg888
    gmg888 Member
    Same issue, any updates on this.
  • namanges
    namanges Member
    Same here.
  • kmckinnon
    kmckinnon Member ✭✭
    For what it's worth the wheel that squeaks the most gets the most grease! Within the Quicken app, please go to Help>Report a problem... to give more visibility to this problem than just comments on this forum.
  • DarrylJ
    DarrylJ Member
    Problem report submitted. Thanks for the recommendation. I'll post any feedback provided by Quicken.
  • EMMETT SWAN
    EMMETT SWAN Member ✭✭
    Problem report submitted as well. Hopefully, this will be addressed in the next release notes.
  • Beelzy
    Beelzy Member ✭✭
    Months later, and multiple releases later, this is still not fixed. I literally provided the exact issue and a really easy solution to implement. Having never seen Quicken's code base, I remain confident this could be fixed in a matter of minutes. But we never get any technical status/updates from the Quicken team on issues like this.
  • lrcurrie
    lrcurrie Member
    I also have the same issue on my Fidelity 401K account where the quotes update incorrectly adds a cash balance equal to my securities value incorrectly doubling the account value. Problem reported.
  • capnlou
    capnlou Member
    Yesterday I talked with a Quicken support representative. They recommended not using Simple but instead use Complete. But then he had me change account settings to "Keep this account separate" and "Hide in transaction entry lists" and "Hide account name in account bar and account list". Then he had me start a brand new 401K account in Quicken and re-download transactions. This fixed the issue but created a new, worse issue. Now I lost my 15+ year history of the old account because the new account only had 89 days worth of history and I am really interested in tracking my Net Worth over long periods of time (I have been using Quicken for more than 20 years). I can unhide the accounts from reports but if I do my account balance is doubled over the last 89 days from where the balance shows up in 2 separate 401K accounts in Quicken. I ended deleting the new account he had me create and I am still back to the same issue with no fix.
  • Michael1
    Michael1 Member
    I also have this problem with a Fidelity NetBenefiits 401K account. Quicken erroneously adds "Cash Value" to the account even through there is no cash value in the Fidelity account. The amount added is exactly equal to the value of the securities that are in the account. This issue has been ongoing for some time now. Lack of a fix is making Quicken unusable. It seems that Quicken either does not have anyone reviewing this site/thread, or Quicken just doesn't care about its users.
  • Same issue. Cash transfers in, but cash is not used when securities are purchased so the value doubles. In addition, when I manually adjust the cash balance to zero it does not stay deleted. All the phantom cash comes back on the next paycheck.
  • Same issue - just to add to the body count
  • ShellyB
    ShellyB Member
    Same issue. I did report the issue to Quicken. Hoping for a fix.
  • sNashville
    sNashville Member ✭✭
    Having the same issue. Spent months with Fidelity going back and forth and finally they said it's on the Quicken side and directed me to specific person at Quicken who has not called or emailed me back.
  • jmorgand
    jmorgand Member ✭✭
    edited December 2022
    Same issue. [Removed-Disruptive].

  • Hello All,

    Thank you for taking the time to visit the Community to report this issue, though we apologize that you are experiencing this.

    We have forwarded this issue to the proper channels to have this further investigated. In the meantime, we request that you please navigate to Help > Report a problem and submit a problem report with log files attached in order to contribute to the investigation.

    While you will not receive a response through this submission, these reports will help our teams further investigate the issue. The more problem reports we receive, the better.

    We apologize for any inconvenience! Thank you.
    -Quicken Jasmine
  • jwatilo
    jwatilo Member
    :s Same problem here!
  • Just deleted all my Fidelity accounts and re-added but things are a mess for me as well. I "Reported a problem" but do not have much hope since it looks like this has been an issue for over a year. May be my last year using Quicken. Been on the fence for years since it seems they do nothing but add features I do not use and keep breaking the basics.
  • jefmes
    jefmes Member ✭✭✭
    One more person chiming in! I have two accounts with my prior employer, and seeing that the "Complete" method was always a mess, when setting up my new 401k with my new employer, I noticed how much better the "Simple" method is for my needs. I deleted my old Fidelity Netbenefits account since I'm only concerned about their sitting balance at this point, re-added the account, and all looked well. Then like everyone else here, once I sync'd up my balance is now exactly double the value of my index funds' share value, all due to a -Cash- entry that is the same amount. If I delete the Cash or zero it out, it comes right back after syncing up again. This kind of feature is why I've kept subscribing to Quicken each year, but this really needs to work...clearly for many of us here. I'll submit my issue as requested but I truly hope the team takes a look at this soon.