Quicken automatically entering downloaded transactions - Fidelity cash management account

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I have a Fidelity cash management account and I have configured it so that it has created the linked checking account. I don't care to track the money market funds in this account. I just want to track the cash transactions. During download I can see the downloaded transactions added to the Downloaded Transactions list in my linked checking account. However, after download has completed these transactions disappear and Quicken has added a reconciled (R) entry to my register that is equal to the total amount (deposits and withdrawals) of the downloaded transactions. This reconciled entry has a Category called [Investment Account Number-Cash]. This is in the linked checking account that was created.

Why is Quicken doing this instead of leaving the downloaded transactions separate so I can manual reconcile and enter them in my register? I have done the following:

  • Turned off automatic entry for the account in the account settings Online Services tab.
  • In Edit | Preferences | Downloaded transactions I have unchecked Never interpret downloaded Money Market funds as cash. I also have unchecked Automatically add to banking registers and Automatically add to investment transaction lists.

I have looked online and tried everything I could to fix this but can't seem to find the solution, so I am turning to the Quicken community for help. Note this is a new account previously I had used a local bank for my checking and I never had this issue and I have been a Quicken user for over 24 years.

I am using Quicken for Windows version R49.29 build 27.1.49.29.

Comments

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    EDIT, Preferences, Downloaded transactions and UNcheck the 2 "Automatically add …" options at the top of the window.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • qwuser1999
    qwuser1999 Member
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    I mentioned in my original post that I have already unchecked Automatically add to banking registers and Automatically add to investment transaction lists which are in the top section of this windows called After downloading transactions.

  • RichardCSchreyer
    RichardCSchreyer Member ✭✭✭✭
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    I have the same problem....forces me to go in and edit the transaction as a split....additionally, it throws the balance off because of transfers into and out of the account to other accounts such as credit cards double up. The transfer is booked from the other account and the transferred amount is included in the total amount.
  • qwuser1999
    qwuser1999 Member
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    This is frustrating and looks like I will need to look for different software to manage my finances. I am hoping someone has a solution and will post it but if not I will have to switch after my current Quicken subscription expires. If anyone has suggestions for other financial software they have used and liked please share.

  • Robert
    Robert Member ✭✭✭
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    Same problem. Not sure when it started because it used to act normally and let me manually add transaction that were downloaded.

    I know I have my wife's cash management account set up without creating the linked checking account so it functions as a brokerage account with only cash transactions. Her account functions normally, i.e. without automatically adding transactions.

    I tried to convert my account back to look like my wife's, but after a very long conversion process, it messed up a lot of history, so I reverted to a backup file.

    Now i'm thinking of telling quicken that I closed this cash management account and then re-add it as a new account. If it solves the undesired auto-add problem, I'm ok with old history being in a different account.

    Any suggestions? (and note that like qwuser1999 i have auto-add turned off both globally and in the specific account. All other accounts follow the global preference.

  • qwuser1999
    qwuser1999 Member
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    Robert since is a new investment account that I created last month I was ok with trying to delete and setup again within Quicken but even after doing that the issue still persists. When it automatically adds the downloaded transactions is it adding them as one reconciled entry? I am attaching a screen shot of the entry that Quicken adds for the downloaded transactions.

  • qwuser1999
    qwuser1999 Member
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    Well today when I an update to download transactions this time Quicken left the transactions in the downloaded transactions list. The only difference is instead of updating from the update button on the Accounts window (Update Accounts) which updates all of my accounts at once, I updated from Downloaded Transactions window of the account itself. But I did make some settings changes since the last time I did an update, which I can't seem to remember now what I had changed, so it could have been those changes that fixed it. It is still adding these reconciled transactions for exchanges in and out of the core money market account which I wish it would not do, but I can live with that as long as the downloaded transactions are being left for me to review before entering them in the register.

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
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    This thread started out talking about not wanting a MMF to be tracked as the security but wanting it to be tracked as Cash, instead, in the linked checking account. At least this is my understanding. Correct me if I am mistaken about this.

    Fidelity defaults their Cash sweeps into a MMF they refer to as the Core Account. The default MMF for this is SPAXX but they do allow the customer to select a different one from a short list of optional MMF securities. The easiest way to see which MMF is the Core Account is to go to the Positions tab in the online account. The Core Account will have two asterisks following ticker (example: SPAXX**).

    Quicken normally downloads the value of the Core Account into Quicken as Cash and cash-related transactions will then transfer into and out of the separate connected checking account. But this does not always work as it should because of two primary issues:

    1. DIVIDENDS: If the Core Account in Fidelity.com is set up to reinvest dividends back into the MMF, Fidelity will download ReinvDiv transactions into Quicken for them which will add shares to Holdings. It will also not download a cash-related transaction so the cash value of the dividend is then not added to the separate connected checking account. In addition, the Cash Balance will be downloaded by Fidelity with that reinvested dividend cash value included. This will cause the value of the dividends to be doubled….adding in the shares to Holdings because of the ReinvDiv transactions and then also increasing the Cash Balance by the same dollar amount.
    2. SELL TRANSACTIONS: When Fidelity sells shares of the Core Account to fund the purchase of other securities, cash distributions or other investment account expenses, Fidelity will download Sell Shares transactions into Quicken instead of disregarding them and instead simply updating the Cash Balance to reflect the decreased cash value of the Core Account.

    These things will cause the total value of the investment account to go out of balance and will prevent the Cash Balance being properly reflected in the separate connected checking account or, if a separate connected checking account is not set up, in the investment account itself.

    If you are interested, you can read more about this issue and the steps that can be taken to resolve it in the thread at the following link. (NOTE: This referenced thread talks about Cash Balance in the investment account which does not exist in the investment account when there is a separate connected checking account involved. To see the cash balance in this situation you will instead need to look at that connected checking account. It might be easier to follow the steps in this referenced thread if you first uncheck the box on the General tab of Account Details for the separate checking account which will merge the separate checking account back into the investment account. Then when the process is completed you can check that box, again, so the separate checking account is visible, again.) :

    Quicken Classic Premier (US) Subscription: R55.26 on Windows 11

  • Robert
    Robert Member ✭✭✭
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    I think this thread is about Fidelity Cash Management Account (not their standard Brokerage Account or their IRA accounts,etc). The Cash Management is similar to a bank account but has some additional investment options (like money market or CD's). Personally I use it like a interest-bearing FDIC insured checking account (it even has checks which I don't use). When you set it up, you tell Quicken to "show cash in a checking account". This creates a separate linked account — the main account is under Investing and is called something like "Fidelity Cash Management" and the cash portion is under Banking and is called "Fidelity Cash Management — Cash".

    The problem that https://community.quicken.com/profile/qwuser1999 and I both seem to have is that the when we do one step update, cash transaction are downloaded and automatically added to the register even though this functionality is turned off in "edit preferences". I do not want this to automatically add. I want the transactions to download to the "downloaded transactions" tab at the bottom of the register for me to manually categorize and add.

    I've tried many things to try to fix this and nothing seems to work. I'm looking for suggestions.

    Robert

    P.S. i'm not concerned about download functionality for Money Market funds for this account because I don't have any money in Money Market. All cash is "swept" into FDIC insured bank accounts seemlessly. As I said, I use this for my checking account and relating banking (funds transfers, ATM, etc).

  • briankelly
    briankelly Member ✭✭
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    I have the exact same problem—Fidelity Cash Management account insists on autoentry of downloaded transactions even though all settings are such that that should not happen.

    After 30+ minutes on chat and an 1:15 on the phone with a Quicken Support Agent, who was very friendly, clearly understood the issue, and was trying to figure out why it was happening, he finally came back with "I spoke with higher level support and this is working as designed". I told him that I appreciated his help but that was unacceptable because it is either (a) not working as designed or (b) the design is idiotic, as it is ignoring all the user preferences regarding automatic entry of downloaded transactions.

    I asked him to please file a bug so that the product team can look at it, but I am not hopeful that is going to actually happen (either the bug or, even if that is filed, that the product manager will look at it and act), so I would not get my hopes up on a solution to this product defect any time soon.

  • K109
    K109 Member ✭✭✭
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    I am having the same issue with 2 out of 3 of my investment accounts. I have deselected and turned off any and everything related to automatic entry on all accounts, as I like to review everything individually, but the investment/linked checking downloads are being automatically entered/matched and cleared. I have validated and super validated files and they show no issues.

This discussion has been closed.