How to Handle Sweep Account on Mac??

draimist

Hello, I am hoping someone has a solution. I have a brokerage account that currently is holding cash in a "sweep" fund that is used for purchasing various mutual funds. This single account in quicken has various funds within it - each as its own security to be tracked. Yesterday, a purchase was made and the transactions have downloaded correctly. However, the "balance" in the register is now negative the total amount of the purchase. For the life of me, I can not create a transaction against the security that represents the cash/sweep that would act as a deposit to offset the fund purchases and thus make the balance zero rather than a negative number int he register. Can anyone help on how I should accomplish this? Thank you so much.

Jon

If you wait a day or two, this might sort itself out on its own. I've had cases in the past where I purchased a security & the corresponding sweep transfer didn't happen until a day or two later, causing the account balance to be off for a short time before returning to the correct value. 

But if you want to enter the sweep transaction yourself, it should be easy. Whatever your sweep money is invested in (some kind of money market mutual fund, I assume), just sell the necessary number of shares. For instance, if you bought $5000 worth of a security, sell 5000 shares of your sweep money market fund. The $5000 income from the sale of the MMF offsets the $5000 cost of buying the security.

draimist

That's my problem. I can enter the txn for "sell" but it doesnt offset for some reason. I just can not figure it out.

draimist

I should say, it is just in cash... not a security. It was for a very short time period.

draimist

Sorry, let me clarify. My bad. I can "zero" out the balance in the account, BUT, the market value reflects the cash "sale" and does not seem to understand that that is the cash that was used to purchase the securities. So, the Market Value is overstated by the cash sell amount. Make sense?

Jon

Yes. I still think this will sort itself out in a day or so.

draimist

> @Jon said:
> Yes. I still think this will sort itself out in a day or so.

You are correct. It did. I guess it just doesn't handle the cash (linked cash account?) very well during the settlement periods. Thanks.

jacobs

@draimist It's not that Quicken doesn't handle it well, it's that the financial institution is not reporting data correctly. In some cases, financial institutions download only posted transactions (which is correct) but report a balance which includes pending transactions (which is incorrect).