Why Can't Quicken fix the bugs from the November 2021 Schwab migration?

Suegrose

I am still extremely frustrated that the glitches from the Schwab migration November 2021 have still not been fixed. I am a retired CPA with 20 years as the audit partner in a CPA firm and I have been a Quicken user since the early days of its existence. So thie issue is not that I am unfamiliar or unskilled. The issue is that each time I speak to one of the Quicken support people they tell me they have no personal investment experience and do not understand concepts such as cash sweep accounts and so cannot help me. So I continue to manually correct errors each month and if there was a viable alternative I would leave Quicken in an instant. I no longer recommend Quicken to anyone.

The continuing errors which none of the Quicken support stuff appear able to address are:

Cash sweep sales and purchases do not impact actual cash balance as they are an element of “cash” yet each sweep sale and purchase is recorded as a cash adjustment which I have to delete

Schwab has multiple sweep accounts to choose from. The cash sweep dividend entries are imported showing an incorrect sweep account and a zero entry amount. Again, I manually adjust.

SWVVX is a money market security which is set up on my security list yet Quicken continues to confuse it with cash, recommending that I incorrectly adjust my cash balance and only reflecting SWVVX as a placeholder entry.

SWVVX dividends are shown as cash increases rather than being correctly shown as reinvested dividends, requiring a manual adjustment

In one account, Vanguard 500 dividends are consistently recorded to Vanguard small cap, requiring yet another ongoing manual correction

Month after month, this is frustrating, annoying and a waste of my time, as are futile calls to Quicken support staff. I sincerely hope that at some point the support staff is given further training and the techs can fix these errors.

retird

Have you talked with Schwab Tech Support? Could it be that Schwab is sending the data incorrectly to Quicken thus Quicken can't correctly post it in Quicken? Just a thought…😉

Tom Young

I think the long and the short of it is that at this point EWC+ is unreliable and where that unreliability originates is largely unknown. Well, at least unknown to me as I've yet to see any clear explanation of how EWC/EWC+ really working in getting information from the Financial Institutions and putting that information into instructions that Quicken understands. Perhaps someday it will improve but certainly for the moment it's less than ideal.

That said, I think that there are some steps you can take to fix some of the problems you've identified. The issue with the Vanguard 500 dividends being identified as Vanguard Small Cap dividends might very well be due to the two securities being misidentified in your Quicken data base. Generally the approach to take here would be to go to each securities' "Security Detail View" and click the "Edit Details" button. Then uncheck the box next to "Matched to online security." With the next download from Schwab you should get the screen asking you if these securities are "new" or actually are already in your portfolio. Assigning each security to the correct existing security should fix that problem.

To solve the "cash?" or "security?" mix up what I would do would be to disconnect all the Schwab Accounts from downloading, then go through the process of reconnecting them, making sure to Link the accounts Quicken finds at Schwab to the correct Schwab Quicken Accounts. With each Account being linked you should be asked that Cash/Security question again. For SWVVX you'll identify it as a security, and for any true "sweep" situations you can choose to have those represented as cash.

Be sure and make a backup before changing anything, of course.

q_lurker

In one account, Vanguard 500 dividends are consistently recorded to Vanguard small cap, requiring yet another ongoing manual correction

That suggests to me that there is a mismatch on the matching of your Quicken securities to your brokerage securities. I would edit securities details and uncheck the "Matched" box for the small cap security. On your next download, you should get the chance to rematch.