MiscInc is doubling Fidelity balance using "Simple - Positions Only"

SFraser
SFraser Member ✭✭
Download contains MiscInc using Fidelity when using "Simple - Positions Only". This value represents the account balance. Quicken is interpreting this as cash which doubles the account balance in Quicken. How can I stop the doubling of the balance on every update using Fidelity?

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    I don't know why it is showing "MiscInc" for cash but I suspect the issue you are seeing is because of what Fidelity reports and downloads as Cash.
    Fidelity holds actual cash in what they call the "Core Account".  The CA can be either a traditional Sweep Savings Account or a Money Market Fund (MMF).  They offer 2-3 MMF options to customers but the default is SPAXX.  The Core Account MMF will be identified in the Positions tab of your online account with two asterisks behind it (ex., SPAXX**).  The asterisks will not be downloaded into or visible in Quicken.
    Fidelity also reports the value of the CA as "Cash" and it is not included in the "Securities" value on the Balances tab of the online account. 
    Fidelity made the decision many years ago (at least 10 yrs ago) to download the value of the CA as Cash.  There is nothing we can do to change that (short of constantly manually adjusting the Cash balance in Quicken every time we download).  So, when you delete your Cash balance it is simply put back in place when you do your next download from Fidelity because Fidelity is reporting that as your Cash balance.
    A problem occurs when Fidelity downloads the CA security positions and they also download the value of those positions as Cash.  That then creates a duplication of values in Quicken.  If you are seeing both the CA security in your account Holdings in Quicken and you are seeing Cash then this is likely the cause of the issue you are seeing.
    What most people do is to remove all holdings of the CA in Quicken.  You might want to read up more about this at https://www.fidelity.com/customer-service/faqs-exporting-account-information.  Scroll down to "Quicken and Quickbooks and then click on "How Do I Suppress Redemption and Purchase from Core transactions seen in Quicken."  Before you take any action regarding this I suggest you back up your data file in case something goes wrong.
    Another important thing to do is to is to make sure your setting in Fidelity for dividends and capital gains from your CA security is set to "Deposit to Core Account" instead of "Reinvest in Security."  It does not change anything about how Fidelity will manage the cash from those transactions in your online account but it will stop Fidelity from downloading new buy transactions of that CA security when there has been a dividend paid out.
    Once you make these changes I think you will find that your Cash balance equals what Fidelity shows on the Balances tab in your online account and the total account balance is correct.  The hardest adjustment for many people is to get it out of their heads that they must see the CA security holdings.  It helps to remember that as far as Fidelity is concerned, CA = Cash and Cash = CA, and that each share of the CA = $1.00 so $1.00=$1.00 no matter if it held as a MMF security or as Cash.
    (QW Premier Subscription: R39.23 on Windows 10)
  • SFraser
    SFraser Member ✭✭
    Thanks for this detailed information.

    I am not finding FDIC or Consolidated position as mentioned in the referenced article. This issue seems to only occur when using the "Simple - Positions Only" tracking method. I prefer how Simple presents the overview for each account.

    Steps to reproduce:

    1) Set account to Simple mode
    2) Download
    3) Observe doubled value
    4) Set to Complete mode
    5) Observe MiscInc entry

    The issue does not seem to happen when using "Complete - Positions and Transactions". In fact, I don't even see the MiscInc in the information when using the Complete method.

    I've attached a picture of the MiscInc. Are there other ideas you can share?
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    edited March 6

    First, I would strongly urge you to discontinue switching back and forth between Complete Investing and Simple Investing.  When you switch between them there is a warning that pops up and that is for good reason. 


    The data downloaded in Simple mode and in Complete mode are different from each other so when you switch back and forth between the modes you will get unusual and unexpected results that can be very difficult if not impossible to resolve without a lot of manual manipulation of the account in Quicken.

    One of the main issues is that when in Simple mode there are no transactions downloaded....because Simple mode does not need them.  Simple mode is only concerned with "how many shares of each security do I have, what is the value of them and how much cash do I have in there."  Simple mode does not care one iota about transactions.  Transactions that do not get downloaded while in Simple mode will not show up later when you switch to Complete mode.  And the only way to then get those transactions put into the register while in Complete mode is to manually enter them.

    Because of these and other things Quicken intends that users select either Complete or Simple and stick with it and not switch back and forth.  Failure to do so will eventually result in investment account issues that will be very difficult to resolve and perhaps might not be resolvable.

    OK, on to the issue at hand: I think you are missing the point.  The Core Account has more than one option and that Fidelity article is applicable to all of them.  The FDIC Sweep savings account is only one of the CA options.  As mentioned earlier, Fidelity also offers a couple of different Money Market Funds (MMF) that can be used as the CA, instead.  That Fidelity article should be updated to reflect this.

    The MiscInc transaction you highlighted also says it is a Balance Adjustment.  This was an adjustment transaction that was generated by Quicken and not downloaded by Fidelity.  Quicken did this because the Cash Balance downloaded from Fidelity did not match what is shown in your account in Quicken.  So, Quicken added the adjustment to get the Fidelity and Quicken cash balances in sync and named it MiscInc.  And every time you delete that transaction and download while in Simple mode it will be automatically generated, again.  You cannot eliminate this problem until you find out why the Cash Balance in Quicken and the cash balance downloaded by Fidelity do not match and then correct that issue.

    As the first step to identifying and resolving the issue I suggest you:

    1. Run OSU.  (If you plan to stay with Simple, run it in Simple mode.  If you plan to stay with Complete, run it in Complete mode.)
    2. Go to the Positions tab of your Fidelity online account.
    3. Look for a security that has two asterisks behind it (such as, SPAXX** but it might be some other MMF).  That will be your CA.  Make note of it and the cash value of it.
    4. Make note of the Current Total Value of that entire account as shown on that tab.
    5. Compare the share balances of each of the securities shown there to what is showing in the Holdings of your account in Quicken.
    6. Compare the Current Total Value of what you found in your online account to what Quicken shows for that account.

    Report what you find back here and then perhaps we can walk through the steps needed to resolve any issues identified.

    (QW Premier Subscription: R39.23 on Windows 10)
  • SFraser
    SFraser Member ✭✭
    Thanks again for trying to resolve. The attached image NoAsterisks.png shows there is no security with asterisks.

    This issue just started a few weeks ago when using Simple. I would like to be able to use Simple for this account. It is just a little odd that it keeps double the total.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    First, to clarify, I never said you would see a security with 2 asterisks  in your account in Quicken.  I said the security with 2 asterisks would show up on the Positions tab of your online account at Fidelity.  Those asterisks will never show up in your account in Quicken.
    Thanks for attaching the picture file.  This is 401K account so I am assuming you are connecting with/downloading from Fidelity NetBenefits.  Am I correct?  Fidelity NetBenefits and Fidelity Investments might be sister companies but they are different and work a little differently with Quicken.  My earlier comments assumed Fidelity Investments, not NetBenefits.
    I am assuming as well that the 2 securities shown in that picture file constitute the entirety of what is shown in your online Fidelity NetBenefits account and that it matches the total value of what is shown in that online account.  Am I correct?
    If my assumptions are correct then it appears that Fidelity NetBenefits is downloading a cash balance that does not exist (most 401K plans do not allow for cash balances) and that should not be happening.  You should probably contact Fidelity NetBenefits because that is a Direct Connect connection method and the financial institution is generally responsible for fixing issues that occur with that and with what they download.  Fidelity reps tend to do a better job in working to resolve download issues than do reps at many other financial institutions.  If you get someone who does not seem to know much about Quicken ask to speak with someone who might.
    (QW Premier Subscription: R39.23 on Windows 10)
  • SFraser
    SFraser Member ✭✭
    Thanks. If nothing else. Complete seems to work fine.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    For what it is worth, there are several threads on the fact that Fidelity (usually with 401K accounts) and Simple investment mode doubles the balance.  So, you are certainly not alone in this.
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