Cash Representation - Money Market Funds

My broker, Schwab, uses 2 money market account for cash. I can only find a way in Quicken to designate one to treat as cash - SWMXX How do I get Quicken to also use SWGXX as a cash account?

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    SWGXX is a Money Market fund.  Do you have it setup in Q as an Account instead of a position in an Investment account?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • fwmccvt
    fwmccvt Member
    Mis stated my q Schwab uses 2 money market funds to manage cash. Both are in my quicken investment account as positions Quicken allows me to treat one as cash, but not both. I want to treat both positions as cash
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    You've clicked on "Update cash balance..." then "Cash Representation" and "Change" but only can change one of the MM funds?

    Frankly, I prefer leaving the Schwab MM fund (Schwab Value Advantage) in my Quicken Account as a security as that's actually what it is.    I have to initiate trades (buys and sells) and settlement isn't "immediate", it's the day after the trade.  If one or the other of your MM funds is "swept" automatically in and out of the security then calling it "cash" is fine.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited April 4
    fwmccvt said:
    Mis stated my q Schwab uses 2 money market funds to manage cash. Both are in my quicken investment account as positions Quicken allows me to treat one as cash, but not both. I want to treat both positions as cash
    Yes, Schwab has designated 2 MMFs for cash management.  But does Schwab use both at the same time for that purpose or is only one designated for that purpose?  I do not know but if I were in your shoes I would certainly like to find out so I would ask Schwab for clarification.
    I have several investment accounts at Fidelity and they, too, use MMFs for cash management.  Fidelity has designated 3 different MMFs for cash management but only one can be used at any given time for each investment account for that purpose.  They have designated one MMF as their default for cash management so it will be the one used for that purpose unless the investor has opted to use one of the other 2 MMFs.  The shares held of the MMF that is selected for cash management is downloaded as part of the Cash Balance, not as shares.  If shares are held of either of the other 2 MMFs, they are downloaded as shares, not as part of the Cash Balance. 
    Most other brokerages that I am aware of that utilize this cash management process follow the same practice as Fidelity.
    My guess is that Schwab's process is similar and only one of these two MMFs is actually used for cash management at any given time while the other is not used for cash management and is treated as just another MMF security for which shares are downloaded.  If correct, it would be a logical reason why Quicken is only allowing for one MMF to be used for cash management.
    (QW Premier Subscription: R39.23 on Windows 10)
  • Jim Douthit
    Jim Douthit Member ✭✭✭
    I do not have that "Cash Representation" button on my "Update Cash Balance" window. I am running Q Premier Version 39.23 Bld 27.1.39.23 with Window 10
  • Jim Douthit
    Jim Douthit Member ✭✭✭
    I find it interesting that "someone?" closes these other discussions about the handling of money market funds and Schwab without any comment from Q support.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    I do not have that "Cash Representation" button on my "Update Cash Balance" window. I am running Q Premier Version 39.23 Bld 27.1.39.23 with Window 10
    I find it interesting that "someone?" closes these other discussions about the handling of money market funds and Schwab without any comment from Q support.
    @Jim Douthit
    Not all brokers offer the choice of how cash in an account is shown in Quicken. Is your issue with a Schwab account?

    This is a user to user forum and the only Quicken representatives here are the Moderators, whose user names begin with Quicken. Only the Moderators can close discussions.
    QWin Premier subscription
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    I do not have that "Cash Representation" button on my "Update Cash Balance" window. I am running Q Premier Version 39.23 Bld 27.1.39.23 with Window 10
    Hi @Jim Douthit - Per the Announcement posted in this forum (SWVXX (Value Advantage Money Market Fund) and SWGXX (Schwab Government Money Fund)), the new format requires the Schwab accounts to be deactivated and then reactivated before the new format will be available.  I'm guessing that "Cash Representation" button is part of that Schwab conversion process as it is only available with Schwab.  Have you already deactivated/reactivated your Schwab account(s)?
    (QW Premier Subscription: R39.23 on Windows 10)
  • ebcullen
    ebcullen Member ✭✭
    I saw the announcement and did the deactivate/activate for my 9 Schwab accounts for about the fifth time in the last 6 months. Didn't make a difference. Still an unresolved problem.