401K Fidelity Netbenefits doubling of value Issue?

Klancey7

Can someone outline the steps I can try to resolve the 401K Fidelity Net benefits doubling of values issue? I'd be happy with one or more things I could try.

Thank you,

Lance.

Frankx

Hi again @Klancey7,  [EDITED ON 1/21/23]


From what you told us, you apparently believe that your Fidelity Netbenefits account balance as shown in Quicken is "double" the value that it should be.  Is that correct? 
I've just taken a look at the .png file you posted above, and it seems like you hold an investment in a security named "BR Lifepath RET" in the amount of approximately 492k AND Cash of the same amount (i.e. 492k). So, I have to assume that it where the problem is. 

Since I can't see any transactions, I don't know exactly what happened. But I think that instead of reducing the cash balance - as the account's cash was used to purchase the investment in "BR Lifepath RET" - an incorrect transaction (or transactions), likely a "shares added transaction", which recorded the holding in the "BR Lifepath RET" security without reducing the Cash in the account.  Which is why the value of the account is double what it actually is.

If the above is true, the fix would be to either edit the incorrect entries made to record the investment in "BR Lifepath RET" to show the reduction of cash as the securities are bought, or simply reduce - or delete - the account's investment in "Cash".

Let me know if you have any followup questions, etc.

Frankx

Frankx

Hi again @Klancey7,

Okay, the fix for your original problem is fairly easy.  Simply open up the account register for the 401k plan, then "right-click" on the first entry dated 10/16/2022 - which has "Xln" in the "Action" column - and select "Delete".  This should fix the problem in that account.

Once you've done the above, repeat these same steps for the 403B account as well.

Please let me know how that goes.

Frankx

p.s. - Also, the fact that Mint shows the correct balances is not a surprise.  The nature of that online application is that it downloads current data from FI's so it will always show whatever those websites show.

Jim_Harman

Is your NetBenefits account set up in Quicken's Simple mode, where you see a dashboard rather than a traditional transaction list (register?

If so, switching to Complete mode should fix this.

Klancey7

Thank you for the quick response, Jim.
This is what I have,

See the attached image.

Klancey7

I'm new to this so not sure what to do as far as steps to take.

Frankx

Hi @Klancey7,

To switch from Simple Investing to Complete investing for an account, do the following:

1) open up the account in Quicken and click on the little "Gear" icon in the upper right;
2) select "edit Account Details" and at the bottom look for the "Tracking Method" box;
3) click on the "Complete - Positions and Transactions" button;
4) Click on the "OK" button.

That should do it.  Let me know if you have any followups.

Frankx 

Klancey7

Thank you Frankx,

I was able to follow your precise directions easily and made the appropriate change, but nothing was different. I also clicked the update and restarted it several times, but nothing changed.

Frankx

Hi again @Klancey7,  [EDITED ON 1/21/23]


From what you told us, you apparently believe that your Fidelity Netbenefits account balance as shown in Quicken is "double" the value that it should be.  Is that correct? 
I've just taken a look at the .png file you posted above, and it seems like you hold an investment in a security named "BR Lifepath RET" in the amount of approximately 492k AND Cash of the same amount (i.e. 492k). So, I have to assume that it where the problem is. 

Since I can't see any transactions, I don't know exactly what happened. But I think that instead of reducing the cash balance - as the account's cash was used to purchase the investment in "BR Lifepath RET" - an incorrect transaction (or transactions), likely a "shares added transaction", which recorded the holding in the "BR Lifepath RET" security without reducing the Cash in the account.  Which is why the value of the account is double what it actually is.

If the above is true, the fix would be to either edit the incorrect entries made to record the investment in "BR Lifepath RET" to show the reduction of cash as the securities are bought, or simply reduce - or delete - the account's investment in "Cash".

Let me know if you have any followup questions, etc.

Frankx

Klancey7

Thank you Frankx

Here is the most comprehensive view of the investments. What should I delete and will I have to do it again each time I open Quicken?

Frankx

Hi again @Klancey7,

Thanks for the additional pic.  However, you didn't actually answer my question, so let me ask it another way.

First, do you hold any cash in the 401(k) account - or does the account only hold investments (apparently in a fund called "BR Lifepath RET")?

Second, is the amount that the account is overstated by approximately 492k? and if not, what is the amount of the overstatement?

Let me know,

Frankx

Klancey7

The answer to your first question is, I have not contributed any cash to the account. I actually have a second account, and the same thing is happening, doubled. That one is listed as a 403B account.

Yes the account is almost to the dollar doubled. In fact the same is true for the second account.

Thank you Frankx.

Klancey7

An interesting thing Frankx is that I just logged into my Quicken Mint account and the updated investment balances are correct.

Frankx

Hi again @Klancey7,

Okay, the fix for your original problem is fairly easy.  Simply open up the account register for the 401k plan, then "right-click" on the first entry dated 10/16/2022 - which has "Xln" in the "Action" column - and select "Delete".  This should fix the problem in that account.

Once you've done the above, repeat these same steps for the 403B account as well.

Please let me know how that goes.

Frankx

p.s. - Also, the fact that Mint shows the correct balances is not a surprise.  The nature of that online application is that it downloads current data from FI's so it will always show whatever those websites show.

Klancey7

That did it.

Thank you immensely Frankx,