Mismatch of Online Balance During Reconciliation (Q Mac)

tim.rohrer1
tim.rohrer1 Member ✭✭
edited January 21 in Investing (Mac)
NVM. I *think* I figured it out. It is due to Quicken counting the MMF in the online balance but not counting it as cash in the register.

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Quicken is reporting an online balance (1/5/2023) of a Schwab IRA account that is more than $5,000 higher than the cash balance of that account when looking at it logged into Schwab (1/5/2023).

How is this possible? What can I do to find the cause of the discrepancy?

Thank you.

Answers

  • tim.rohrer1
    tim.rohrer1 Member ✭✭
    edited January 5
    Update #2. Trying to reconcile this account, I find I'm off by X dollars, where it turns out X = the online balance (which includes the MMF) minus Quicken's register balance (which is cash in the account).

    Why isn't the MMF being treated as another investment? It is not a sweep account.
  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    Multiple threads here about Schwab not treating MMF as a security.  Search for SWVXX (Schwab Value Advantage Fund) here for discussion of how to make manual entries to track it as a security in QMac so that your cash balance shows the actual cash available to invest or withdraw.  It is a Schwab issue and they have not been responsive to anybody about this.  Totally infuriating that Schwab provides Quicken with an online balance that includes MMFs, but which, if you were to withdraw, would result in a margin loan...much less that you cannot use to reconcile your account.

    Just know that it is wrong, use the statement balance to do your reconciliation, and make the necessary manual entries to adjust your QMac cash balance via Buy/Sell transactions of your MMF.

    Quicken Windows and Mac subscription • Quicken user since 1990
    iMac Pro, macOS Ventura 13.2 • Windows 10 via Parallels Desktop 17
  • mhead110
    mhead110 Member ✭✭
    edited January 12
    multiple schwab/ cash/MMF threads, none appear to be resolved, all closed.

    I spent 3 hours today w/ tech support at quicken, they can't figure it out, said call schwab, who says "we no longer support quicken" -- [Removed - Violation of Community Guidelines]

    4 investment accts at schwab. 2 work ok (that is, same as always, MMF is a security, not cash.) The other two off by tens of thousands of dollars. In one, the "update cash balance box says" current cash balance for this acct. is $xxx,xxx.x" "cash balance downloaded from schwab is $yyy.yy" Another acct, which has about $100 cash, shows -S39k. So you CAN'T correct the cash, nothing happens.

    arrgh.....
  • tim.rohrer1
    tim.rohrer1 Member ✭✭
    I'll keep raising the issues with Schwab as I have specific problems arise. In particular, I've started having to manually change some downloaded transactions, but it isn't clear to me why yet.

    I'm paying Quicken for this software and the interface to the FIs to download data. It is Quicken that I hold >50% accountable unless it can be shown that Schwab is not complying with the OFX standards. So far I've not seen that to be the case and Quicken should be on the hook for the fix.
  • gsrr
    gsrr Member
    My view after talking to my Schwab rep is that it is on their side and they know it. He did not think anything would be done in the near term as they are busy trying to integrate TD Ameritrade accounts.