Net Worth Report Incorrect

jonlowe
jonlowe Member ✭✭
edited April 2023 in Reports (Windows)

Not a paycheck issue.

I retired last month and my checking account and any other accounts which would have been linked in my paycheck are all correct. What I have incorrect is a beneficary IRA that is showing about double the value. For example the account has a 100k balance in both the register as well as in real life. But when i go to the net worth page I notice that it shows a higher net worth than at the bottom of the account list bar. It's inflated by like another 100k.


If I pull that manual report and go through all the balances, it's just that beneifcary IRA that is worth approx double real life.

Best Answer

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓

    The stocks were sold before they were added? It should not have let you do that because at that point there was nothing in the account to sell. Quicken usually refuses to sell more shares than you own, but I have seen cases where that was allowed for some reason and it led to problems.

    After the Added transactions, the account has the value of the stocks plus the proceeds from selling them, which is wrong.

    Making sure you have a good backup, you could try changing the date on the Added transactions to the day before everything else.

    If that doesn't fix it, make everything explicit by deleting the Added and Sold transactions. Enter fresh Added transactions two days before, Sell the next day, and leave the last 3 transactions the way they are.

    Please let us know what you find.

    QWin Premier subscription

Answers

  • jonlowe
    jonlowe Member ✭✭

    Also to note if I then click into that beneficary IRA to show the report of transfactions — the balance is correct.

  • jonlowe
    jonlowe Member ✭✭

    Also it's not exactly double, its 1.75 the amount of the balance.

  • jonlowe
    jonlowe Member ✭✭

    This seems to be the same issue. Why are these issues "closed" with no resolution? Shouldn't the board and post allow comments so people can add "i have this issue too" until it's resolved??

  • jonlowe
    jonlowe Member ✭✭
    I got an email from quicken saying someone had answered this but there is nothing here..
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    You have answered your own message 4 times. That probably accounts for the email(s) you received.

    To resolve this problem, first I would do a File > Validate and repair to see if that fixes the issue. Back up first just in case …

    If the Validate and Repair does not fix the issue, set the ending date for the Net Worth report back in time and compare it to the account balance displayed when you click on Holdings in the account and change the As of date to match. When you have found the date of the mismatch, look for an unusual transaction on that date.

    Hopefully correcting the transaction or deleting and re-entering it will fix the problem.

    Please let us know what you find.

    QWin Premier subscription
  • jonlowe
    jonlowe Member ✭✭
    Thanks Jim, I'll give that a shot. It said the user who updated the post was named "DocGer".

    I don't think there are any unusual transactions in there, it's a rather bland account, but I'll run a check now.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    It appears that @DocGer's account as been suspended or something.

    You might also check to see if there are any hidden Placeholders in the account. Check the box at Edit > Preferences > Investing > Show hidden transactions to reveal them.

    QWin Premier subscription
  • jonlowe
    jonlowe Member ✭✭
    QDF:
    Validating your data.
    No errors.

    QEL:
    No read errors.

    QEL:
    All internal consistency checks passed.

    The account appears to always have had this incorrect balance (when viewing from net worth reports). It could maybe be something with how the account was built at the beginning but it seems fine now.

    12 different stocks added without taking from cash.
    1 deposit of cash
    12 different stocks sold, cash balance increasing
    1 different stock purchased
    1 ira distribution
    1 dividend

    Again one of the things that makes it strange is the account register tabulates properly.
    The net worth graph is just inflated.
    When I run the net worth report, the value of this single account is inflated 1.75x. (maybe an old cost basis?)
    But when I drill down into any one month the total is correct and number doesnt match.

    Appreciate the help
  • jonlowe
    jonlowe Member ✭✭
    Showing hidden transaction didn't make anything else show up -- I was hopeful on that one. There are no placeholder entries in this account (or any).
  • jonlowe
    jonlowe Member ✭✭
    I can maybe tomorrow if I'm bored try wiping it and re-downloading it all.. I've been using this for 15+ years though so I'm not sure I did anything really wrong in the process. I'm mostly gremlin free besides this one issue -- but I can always view the correct net worth on the account bar.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    Was the first deposit of cash equal to the value of the stocks at that time? That would be incorrect.

    In the Net Worth report, click on the gear at the top right and check the Account Detail box. That will show each security as well as the cash in the account.

    QWin Premier subscription
  • jonlowe
    jonlowe Member ✭✭
    edited March 2023
    Ok well that helped a lot, thank you. The account detail for the win.

    Hmmm how did this happen, but it looks like it's still counting value in all of the stocks that I sold, so the balance in the account is my current balance + the current value of the 12 stocks that I sold.

    The way the register reads is confusing because it's all the same day.

    Deposit cash in.
    Sold 12 stocks. Cash balance increasing.
    Added 12 stocks. Cash balance remaining constant.
    Bought 1 stock, balance drops.
    Distribution, balance drops.
    Dividend, balance increase.

    But it's still holding value from those initial stocks that are long gone. example:

    Attached a screenshot of what one of the details looks like. (removed)

    Appreciate the assist.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓

    The stocks were sold before they were added? It should not have let you do that because at that point there was nothing in the account to sell. Quicken usually refuses to sell more shares than you own, but I have seen cases where that was allowed for some reason and it led to problems.

    After the Added transactions, the account has the value of the stocks plus the proceeds from selling them, which is wrong.

    Making sure you have a good backup, you could try changing the date on the Added transactions to the day before everything else.

    If that doesn't fix it, make everything explicit by deleting the Added and Sold transactions. Enter fresh Added transactions two days before, Sell the next day, and leave the last 3 transactions the way they are.

    Please let us know what you find.

    QWin Premier subscription
  • jonlowe
    jonlowe Member ✭✭
    Thank you Jim, that did the trick. For the "added" transactions, I set those back to the date they were really given to me (the date of death of the benefactor) and that corrected the issue. It also made the cost basis perhaps correct had this not been an IRA. Appreciate the assistance.
This discussion has been closed.