Why does money disappear when you close an account?

Len

I see this has been brought up a number of times, some of which are so old to have lost the grey hair they got waiting for a solution. The Windows version works properly…why not Mac? Not enough Mac users to make a difference? What's up Quicken?

UKR

Before you mark an account closed in Quicken, did you record a final transaction to transfer the account's balance to a new account and, in doing so, set the balance to zero?

If you don't do this, the close account process in Quicken will / should add a final adjustment transaction to set the balance to zero. At first glance, this may look like money disappearing … but you did open a new account and deposited the money into it, didn't you?

It might help if you explained what you're seeing in more detail, perhaps including image snapshots of the situation.

Len

Earlier this year I moved my IRA accounts to a new brokerage. The balances in the old account went to zero and the new account was the prior old account balance +/- a couple of days' security price changes. I categorized the old account as closed. After that my YTD investment balances graph showed a big jump on the day the new account was funded, and the prior balances were lower by the closing transaction in the old account. Quicken representatives on this site a few years ago acknowledged this Mac version bug and said they'd address it. Tick, tick, tick…

jacobs

@Len Yes, you're correct that Quicken Mac does not show the value of closed investing accounts in the Portfolio graph and table. It's a really awful bug. The only work-around at this time is to re-open the closed account; it will have a zero balance and take up a line in your left sidebar, but the values in that account over time will show up in the Portfolio. Or you leave the account closed, and the history of that account disappears from your Portfolio. (It's not base don the account being open or closed, but Hidden or not.)

We get no information from the Quicken folks why this hasn't been addressed after all these years. Sigh.

Len

I guess we can stop holding our collective breath now that we are "Quicken Classic"…a death sentence in tech-land.

jacobs

https://community.quicken.com/discussion/comment/20390874#Comment_20390874

I disagree. They did some rebranding to put their online Simplifi product on equal footing with the desktop products, but that doesn’t mean the desktop programs have been give a death sentence. The company still gets most of its revenue from the desktop products.