Why limit transaction period to 90 days?

bcain2345

Charles Schwab that they do not limit the download period - that it was Quicken that made that limit. Very inconvenient during tax season to not get 2021 transactions. Can that be changed by Quicken so that previous tax year transactions be made available?

Tom Young

I take it somebody at Charles Schwab told you that?  If so, they are wrong.  It's the financial institution's decision as to how far back in time transactions are available for downloading.

Boatnmaniac

Schwab gave you some inaccurate information.  The number of days that a financial institution downloads into Quicken during OSU is defined entirely by the financial institution.

Depending on which Schwab connection you are set up with, you might be able to manually download older missing data from your online Schwab account via Web Connect.  Go to where you can manually download and check to see if they allow downloads in QFX (or "Quicken") format.  If they do, select the time period you want, download it to your computer and save it to your hard drive or desktop or if prompted you can tell your computer to open the file with Quicken.  If you saved the file, you can open Quicken and then import it by going to File > File Import > Web Connect (.QFX) File.  During the process you will need to select the QFX file you downloaded/saved and you might be prompted to link it with your already established account in Quicken.

BK

bcain2345 said:

Charles Schwab that they do not limit the download period - that it was Quicken that made that limit. Very inconvenient during tax season to not get 2021 transactions. Can that be changed by Quicken so that previous tax year transactions be made available?

The statement Schwab made to you is only partially correct:

It is correct, in the sense that if you go to their website and invoke a manual export, you will get a much longer period.

It is incorrect, when it comes to them creating and subsequently supplying the download data to Quicken.  Financial Institutions (FI) are choosing to limit the date & data to whatever THEY want.  Quicken's role is to give you everything they receive from the FI: short, long, correct, incorrect.

Chris_QPW

Tom Young said:

I take it somebody at Charles Schwab told you that?  If so, they are wrong.  It's the financial institution's decision as to how far back in time transactions are available for downloading.

Actually, in this case it was sort of a mutually decided thing.

When Schwab changed over to their new aggregator system they were sending over a year's worth of data, but that was cause tons of people problems with duplicate transactions and people were complaining.

So, they agreed to limit to 90 days.  90 days is a pretty standard amount for most financial institutions, but I have noticed that in the case of investment accounts (not non-investment accounts) some send much longer periods time.

As for importing using a QFX file, I don't have Schwab accounts, but from what I read from posts by other people, Schwab doesn't have that option.

As for downloading the whole year to do taxes, that really makes very little sense.  Without the data properly categorized and connected to the right tax lines, the data is useless for doing your taxes.  And most of the data in Quicken is only a check for the official records like 1099s.  So, instead of trying to get a year's worth of data correct in Quicken just so that you can get one number on a 1099 that you already have, is poor way to do it.

The only real exception for this is any business/charity kinds of income/expense that isn't reported anywhere else.  But if you haven't been entering them then where would that information come from?
If it is from say a credit card, then you probably can get a report from you credit card company.  The same for things like PayPal.

NotACPA

SOME FIs restrict the download, initiated from within Q to as little as 30 days. 

Most are in the 90 day range.

SOME are much longer.

Schwab's statement is just wrong.  If Q was imposing the limit, wouldn't it be uniform???

BK

Boatnmaniac said:

Go to where you can manually download and check to see if they allow downloads in QFX (or "Quicken") format.

I just went to my Schwab account and I do not see an option for QFX/Quicken format.  It is CSV only.  Seems like they either ended the QFX export or they never offered it.  very unfortunate.

Boatnmaniac

Chris_QPW said:

As for importing using a QFX file, I don't have Schwab accounts, but from what I read from posts by other people, Schwab doesn't have that option.

I suggested looking into the QFX Web Connect option since FIDIR shows that at least some Schwab accounts do support it:

03184    03184    03184    Schwab Retirement Plan Services    https://www.schwabplan.com/    1-800-724-7526    https://lms.schwab.com/Login/Full?clientId=rpsp&state=na    ACTIVE    ACCOUNTINFO,401K&DIRECT    401K&WEB-CONNECT              NOT_QBP    NA

12172    12172    12172    Schwab Retirement Technologies    https://tst.retirement.schwabrt.com    800-752-9029    https://tst.retirement.schwabrt.com    ACTIVE         401K&WEB-CONNECT

There are other Schwab listings that show Web Connect is not supported.  That's why I suggested logging into the online account to see if the QFX file download is shown as an available option.