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Mismatch of Online Balance During Reconciliation (Q Mac)

tim.rohrer1

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.

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tim.rohrer1

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

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.

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tim.rohrer1

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

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.