Problem with reconciling Schwab Money Funds

bearegee

I upgraded to Quicken for Mac version 6.8.3 and have discovered a new problem. I have money in Schwab Value Advantage Money Fund with Ticker Symbol SWVXX. Schwab treats this as a Mutual fund. The latest version of Quicken does not know how to handle this. There are two problems. Problem 1 - Quicken treats the value of this fund as Cash and reports incorrectly as cash and this results in a problem with reconcilation. For example, I have $1000 in cash in my account and in the same account I have 1000 shares of SWVXX at $1.00 price. In the portfolio screen, the amounts show up correctly. But when I try to reconcile the transactions, the cash amount shows up as $2000 and an imbalance of $1000. It appears that in the reconcile logic, Quicken treats the value of the SWVXX fund as cash.
Problem 2 - In the current month I bought additional shares of SWVXX (say $10,000 at $1 price per share). This transaction did not show up in the downloaded transactions. So now in the reconcile screen I have two problems. The original incorrect $2000 cash and the new missing $10000 cash. I was expecting the cash amount to go up by $10,000. That did not happen. So it appears that quicken does not handle purchases of money funds.
This started happening with the latest release. This used to work in the previous release of Quicken for Mac. Not sure if it is a bug in quicken or if there was a change in Schwab download record.
Please address this issue. A major feature of Quicken is broken and renders the product useless for investment transactions

jacobs

(1) This change took place much earlier in the year, due to changes made by Schwab. Here is Quicken's announcement about this change from February:

https://community.quicken.com/discussion/7907735/swvxx-value-advantage-money-market-fund-and-swgxx-schwab-government-money-fund

(2) If the $10,000 transaction is missing, it means Schwab for some reason didn't download it to Quicken. Instead of "rendering the product useless", can't you simply enter the transaction manually? I can't answer why it didn't download, and I understand this isn't optimal, but it takes only a few seconds to enter a manual transaction and move on. 

bytre

@jacobs, I am with bearegee on this. The functionality has changed with the latest R42.19 version (windows).

I keep my Quicken up to date, and with the latest update, the value of my swvxx vanished. I can see my swvxx in my holdings as of 7/30/22, it vanishes as of 7/31/22. There are no transactions removing them, no placeholder entries. The overall balance of the account drops by the amount of swvxx (valued at $1/share) held in the account.

I've gone in and out of "cash balance" and tried different variants of the "convert this fund into my cash balance" and "track this as a security" and synced with Schwab, but neither resolve the problem:

1: "track as a security" allows my cash balance to match what is reported as cash in my schwab account and what is reported as "cash balance downloaded from schwab", but the value of swvxx is not counted in the account after 7/30.

2: "convert to cash balance" will show "cash balance downloaded from schwab as xxx", which represents the value of my swvxx holdings, but none of the actual cash holdings. thus, my net balance is short by the amount of true cash in the account.

The statement "charles schwab co inc uses the fund swvxx to represent the cash balance in your investment account" is incorrect, in my case (it may be the case in scenarios where there is a sweep account). I have both shares of this fund and cash in my account, and quicken can no longer consider the two independently.

This needs to go back to the engineering team.

bytre

I was able to fix this by going into settings/preferences, finding an option under investments to show hidden transactions, and finding the transaction quicken inserted and hid from me.

bearegee

@jacobs - Sorry, I have to disagree that this was introduced much earlier as a result of the changes made by Schwab. I keep my quicken up to date and it was working as recently as June. I balance my accounts once a month and I was able to balance it without any problem in June. It failed to balance it in July. So it was introduced some time between July.
Your suggestion of entering the transaction manually doesn't work. Especially if you have bimonthly automatic investment option and have multiple money funds. So every month when I have to reconcile, I will have a bunch of missing transactions. Entering them manually doesn't make sense. The whole point of using the product is to avoid having to do manual tasks. Hence I said 'it renders the product useless'
This needs to go to the engineering department. I view this as a regression from a previous release and hence a bug that needs to be addressed.

bearegee

@bytre - I was trying to use the suggestion you mentioned. I cannot find the investment option in settings/preferences. It is probably a feature that is only available in Windows and not in the Mac version. Thanks for the suggestion. I will keep trying to figure out a work-around and if I find one, I'll post it.

bearegee

Update 1 - I did some investigating on the missing entry for the SWVXX transaction. The HTTP log shows the entry correctly. However, it does not show up in the registry. Here's the relevant HTTP log entries (I've xed out anything that might contain sensitive information). As can be seen from this log, it shows that there was a 'BUY' transaction for $10,000.

Another problem I noticed is that all the transactions show up as "NOT_MATCHED". I have to manually match them each time. This problem started to occur after the Schwab update (around Feb time frame)

{
"matchState" : "NOT_MATCHED",
"modifiedAt" : "2022-07-30T17:03:51Z",
"source" : "QCS_REFRESH",
"securityIdType" : "CUSIP",
"amount" : -10000,
"cpData" : {
"id" : "xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx",
"inferredCoa" : {
"type" : "UNCATEGORIZED",
"id" : "0"
},
"withholding" : 0,
"amount" : -10000,
"payee" : "SCHWAB VALUE ADVANTAGE MONEY INV",
"memo" : "SCHWAB VALUE ADVANTAGE MONEY INV",
"inferredPayee" : "SCHWAB VALUE ADVANTAGE MONEY INV",
"fees" : 0,
"stateWithholding" : 0,
"txnOn" : "2022-07-08",
"cpCategoryId" : "50",
"commission" : 0,
"postedOn" : "2022-07-11"
},
"createdAt" : "2022-07-30T17:03:51Z",
"coa" : {
"type" : "UNCATEGORIZED",
"id" : "0"
},
"securityId" : "808515605",
"localSecurityId" : "xxxxxxxxxxxxxxxxxx",
"postedOn" : "2022-07-11",
"type" : "INVESTMENT",
"state" : "CLEARED",
"id" : "xxxxxxxxxxxxxxxxxx",
"units" : 10000,
"symbol" : "SWVXX",
"isExcludedFromReports" : true,
"payee" : "SCHWAB VALUE ADVANTAGE MONEY INV",
"investmentTxnType" : "BUY",
"isExcludedFromF2S" : true,
"accountId" : "xxxxxxxxxxxxxxxxxxx"
},

RSaw

Is the Quicken team even trying to solve this problem for MAC users???

dwelch115

Same issue here. I bought shares in SWVXX in July in two investment accounts. The transactions never downloaded. My cash balance on Quicken is now incorrect as it includes the value of the money market fund. As a result the reconciliation feature does not work. As several have pointed out this is a flaw in the system and is not the proper accounting for these investments.

jacobs

It hasn't been clear since the Schwab changes earlier this year whether the change in the way cash is recorded in Schwab accounts is due to something Quicken did or something Schwab did. So it's not clear who is to "blame" for showing SWVXX funds as cash rather than as a separate security, and therefore who to lobby to change the behavior. The Quicken announcement about this change seems to make clear that This Is How Things Will Be Done, so it isn't considered a bug by Quicken, even though it's a problem for many Quicken users. As is typical for Quicken, there has never been any explanation from anyone about why things now work this way. 

pamela77

This is a big problem for me as well - Nothing reconciles in my schwab accounts now.  Has anyone found a work around at all?  I'd be willing to do something manually to fix it but I don't know how.  Has anyone found a way to address it manually?  How do we get quicken's attention on this?