Schwab Money Market

nooncaster

I understand that there is now a difference in how the MMF are recorded in Quicken. But I get a downloaded transaction for a dividend from Schwab Govt MM and the amount is zero. Is this a know bug-- how do I deal with with this other than a manual entry?

Tom Young

So I take it that SWGXX is now lumped into "cash" in your Quicken Account?  The new treatment of the money market funds - which are not cash in my opinion given that we need to execute buys and sells of the funds - is outlined here: https://community.quicken.com/discussion/7907735/swvxx-value-advantage-money-market-fund-and-swgxx-schwab-government-money-fund#latest

I've not deactivated an reactivated all my Schwab accounts so my Schwab Value Advantage fund dividends continue to download as dollar amounts (DIV) , followed by a buy (Bought). 

I haven't seen any other posts in here with users having this problem so I can't say it's a known problem.

You might want to do Help > Report a problem... 

slexpress

I have SWGXX in all my brokerage accounts and Schwab reports the balance as cash. I have SWVXX in one of my accounts being treated by Schwab as a security. Last week I deactivated and reactivated all my Schwab accounts after I read the post you referred to. When I did an update I was asked by the Quicken program if I wanted to treat SWVXX as cash or a security. I chose security because that is how Schwab is treating it in my account reporting. I was not presented with any choice about SWGXX. So far SWVXX seems to be working the way it works in my account. Dividends are added to my brokerage account (I don’t reinvest the dividends) and the value is reported in Quicken under the investing tab correctly. I haven’t done any buys or sells of SWVXX at Schwab to see if those are handled correctly by Quicken. SWGXX, on the other hand, is not being treated the way Schwab treats it - CASH. Quicken downloads the SWGXX buys and sells like it is a security also, instead of ignoring them. Therefore, I have to delete the buy/sell transactions for SWGXX to keep my cash balance in my brokerage accounts in Quicken matching my balance with Schwab. Additionally, any dividend you receive for SWGXX Quicken picks up the transaction as a dividend but as $0 because Schwab reflects that in their transactions as a net share increase rather a dividend with a dollar amount and then a buy of shares.

nooncaster

2 comments--
I activated and reactivated and was not given a choice as how to handle my "cash" balance since I guess because I only have SWGXX as you state above.

"Additionally, any dividend you receive for SWGXX Quicken picks up the transaction as a dividend but as $0 because Schwab reflects that in their transactions as a net share increase rather a dividend with a dollar amount and then a buy of shares."

How you anyone correctly track dividends from the money market if there are just a net share increase?

slexpress

I do get a dividend transaction download for SWGXX but it is for $0 so I accept the transaction then edit it and add the appropriate amount. The Schwab website shows you the net shares added so at a cost $1 per share you know what the dividend amount was. More importantly after every transaction download and acceptance, I confirm the cash balance of each account to my balance at Schwab and investigate if there are any differences. Shouldn't have to do that but I don't have a choice until Quicken fixes this mess.