Bond Purchase accrued interest deducted twice [edited]

Question

Bond purchase from brokerage deducts the bond cost plus any accrued interest from cash balance.  Then records the accrued interest separately and deducts again from the cash balance.   I have to adjust each transaction to avoid the duplicate accounting and also corrects the bond value/Price.

Example:  Buy $1,000 bond at par with $100 accrued interest.  Quicken records:

DR- Bonds $1,100  CR- Cash

DR- Misc Exp ("Accrued Int")     CR- Cash

Then I have to correct the bond entry to record the net bond cost.

Is this peculiar to the brokerage (JPM) or a Quicken bug in the download?

Tom Young · Answer

I understood your question and assumed that it was recorded using the downloaded file.  I suggested that you look into that file to see if that's actually what JPM sends you.  If they send the correct information, properly formatted, but it gets recorded incorrectly in Quicken then the answer to your question would be "it looks like a Quicken bug."  But if you determine that JPM is sending exactly what you're seeing in Quicken then the answer to your question is "JPM is sending you bad information."

Depending on the answer you now know which entity you need to talk to.

K N Waller · Answer

https://community.quicken.com/discussion/comment/20382148#Comment_20382148

Thanks for your response.  What you show is exactly what happens and that is how I correct it.  My real question is why is it initially recorded that way?

Tom Young · Answer

It looks like JPM uses Web Connect for downloading which, as I understand it, comes to you as a QFX file.  I'd think that you'd be able to look inside that file and see what JPM is sending you.