Quicken reporting close to double of what I have in my Fidelity Netbenefits accounts

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Mathew
Mathew Member ✭✭
edited August 2023 in Investing (Windows)

The last 6 months I had download issue because I was running Quicken on the Win 7 (hitting into TLS security requirement issues and with Win 7 workarounds was able to limp along initially but hit into other download issues) that I stopped using Quicken.

Recently I was able to redo my system from scratch installing Win 11 and installed a fresh copy of the latest Quicken and all things now work except that I see Quicken report close to double the total investment in my Fidelity Netbenefits accounts. Digging deeper, I see Quicken show a “Cash Balance” (which I do not have in the account) of around the same $ amount of my “Securities Value” (which I have in the account) in each of my Netbenefits accounts. And Quicken adds up this wrong “Cash Balance” and my “Securities Value” to report the wrong “Total Market Value”.

I searched this forum and noticed many report same/similar problem with no fix from Quicken which I may have missed. I tried several suggestions in this forum such as changing the default of “Simple – Position Only” to “Complete – Positions and Transactions” and none helped. I can delete this “Cash” entry but that will put a false entry into the ledger. And also, I saw few folks here report that this Cash entry is added back by Quicken in the next/subsequent downloads.

Can I please know what is the right fix? What is the workaround solution that you folks have done to overcome this issue?

Quicken, What is the plan to fix this issue?

Any help is appreciated.

Thanks

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
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    I think that you have identified the problem correctly. 401K accounts at Fidelity in simple mode don't work right. But you also have to realize that changing between simple and complete mode isn't just flipping the switch. The way simple mode works is by putting in transactions like add remove shares or adding to removing to the cash balance to try to match what it got from the financial institution as the balances. Switching to complete mode doesn't magically put in all the right transactions and remove all the ones put in during simple mode.

    The bottom line is that might have to go in remove/fix transactions to get things back in line

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  • Mathew
    Mathew Member ✭✭
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    Chris_QPW, Thanks very much for your help.

    » Switching to complete mode doesn't magically put in all the right transactions and remove all the ones put in during simple mode.

    I have few questions on the above:

    a. If I start fresh/new using “Complete – Positions and Transactions” mode, will this avoid the issue? The bummer is that I loose the 15+ years of my old entries, but I am willing to forgo it.

    b. If I delete the "Cash" entry manually, will it be added back again by Quicken?

    Thanks

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited July 2023
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    a) Yes, this would avoid that problem. I might also be possible to clean up the transactions and if you can figure out what to remove. But b) is most likely the best way to go (see b).

    b) No if you are in complete mode Quicken will not add the cash back in. In Simple mode the operation is after each download check the number of shares of the securities and the cash balance and put in whatever transactions are needed to match (using transactions like add/remove shares, or a cash balance adjustment). In Complete mode it is download whatever transactions there are and those go into the register.

    EDIT: What throws people off is they are in Simple mode, they try to adjust the cash balance because it is wrong. On the next download Quicken adjusts the cash balance to what it thinks it is, and the loop starts again.

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