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Fidelity download reporting TWICE the actual amount

Gene K in PA

I added a Fidelity investment account to Quicken today, choosing the "Simple" display option. It correctly pulls in the account and its value, but also adds a second line labelled "-Cash-" and shows the same values for both lines. The result produces a "Total Value" of TWICE the actual amount. The same issue happens when I add this account to a test file in Quicken.

A Quicken support person referred me to Fidelity. A Fidelity tech support person says it must be a Quicken issue. Can someone assist?

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Comments

Quicken Kristina

Hello @Gene K in PA,

To help look into this issue, could you please provide more information? Is this your first time adding the account, or has it been successfully connected before? When you add the account, are you getting a message asking you to confirm the cash balance? Does the same issue happen when you select Complete instead of Simple?

Thank you.

Gene K in PA

Thanks, Kristina! Some answers to your questions:

I had previously added this account using the "Complete" display option. That didn't add a cash balance equaling the actual value of the shares, but I found that the transactions were apparently not processed correctly by Quicken and the market value in Quicken was always a little out of sync with the actual value shown by Fidelity. So I switched to "Simple" display and that's when this issue began. I did try adding this account to a test file in Quicken, and got the same issue there as well. When I added this account, I did not get a message asking me to confirm the cash balance. I discovered that if I click on the value shown in the "-CASH-" line that appears as a second line (where the value is incorrectly shown as the value of the shares), I can edit the value to make it "0". When I do that, the "-CASH-" line disappears and the total value (based on the remaining line that reflects the shares) is then correct. It's no longer doubled. However, as soon as I update the account again with the Quicken update function, that second "-CASH-" line appears and the total value for this account is, once again, shown as double the true value.

Quicken Kristina

Thank you for your reply,

The issue you describe with Simple doubling the value typically happens due to the financial institution sending the information formatted in a way that doesn't work properly with Simple. It may be better to connect using Complete so that you're not having to manually correct the cash balance every time.

You mentioned that when you connected using complete, you noticed a couple issues. Could you provide more information on the problematic transactions? Was it affecting all transactions? What appeared to be incorrect about the transactions? Was the out of sync market value due to the financial institution website being more current than Quicken, due to the apparent transaction issues, or something else?

Thank you.

Chris_QPW

Note that if this 401K account this has been a known problem with Fidelity/401K/Simple since the simple mode was created.

Gene K in PA

l've now switched back to the "Complete" mode for this Fidelity 401K account. That shows the true value of the shares in the "Cash Bal" column, but the value displayed with this account in the Account listing at the left of the screen is doubled just like in the Simple mode. When I pull up the "Account Overview" screen for this account and look at the Account Status section, it shows the correct value of the account in "Security Value", but it duplicates that value in the Cash Balance field. Below that it adds up those two fields to produce a DOUBLED "True Market Value".

The Simple mode shows how an account has trended over time and would be best for my purposes. Kristina, since (as Chris says) this issue with at least the Simple mode with Fidelity 401Ks is apparently a known problem, could you please escalate this matter for resolution? If desired, I can provide you with screenshots that shows the doubling of the total value in both of these modes. Thanks for your assistance!

Chris_QPW

Given that this can only be fixed by Fidelity, and it has been a problem for day one since the Simple investment mode was added to Quicken, I wouldn't hold your breath for when it will be fixed.

If you want to see more on it, you can find many threads on it by searching for "Fidelity 401K Simple".