Account Market Value is double Account Portfolio Total
Quicken Classis 7.4.2, Mac OS 13.6.3
IRA account has 3 securities, one of which is a Fed Fund (cash). Total for the account is adding the Fed Fund again as cash, doubling the market value. The same account in Merrill Lynch is correct, only should the value of the 3 securities.
Example:
BLF FEDFUND 130K
INT BKST 25K
SX5E 25K
CASH 130K
Total: 310K
*** Total should be 180K FEDFUND is cash, however doubled as a separate cash line
Comments
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Additional analysis:
Account has 4 securities:
1K cash
130K FedFund
25K Sec1
25K Sec2
Total should be 181K
Quicken represents as:
130K
25K
25K
131K (considers 130K FedFend + 1K cash)
Total: 311K
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Yes, Simple mode for these ML accounts
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There is a known problem that for some financial institutions (and for just some account types) that the financial institution is sending Quicken "doubling" information in the "summary" information. In general, Complete investing mode uses the transactions data, and Simple investing mode uses the "summary" information from the download.
There are many long threads on this problem in for Quicken Windows.
The current workaround is to use Complete investing mode.
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Will give this a go. Do I have to delete the account and recreate - or can I change the mode?
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No change. Still incorrect Total
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When in Complete mode the total will be based on the transactions. Make sure all the transactions are correct. Note you might have to download again to get all the transactions into the register. After that it is a matter of "reconciling the account". First make sure the security transactions/securities/shares are correct, and then the cash amount.
Most likely the reason it didn't change is because you probably have no cash balance, but there is a transaction in there that it is putting in cash basically from nowhere.
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P.S. One of the main differences between Complete and Simple mode, is that in complete mode if you make changes when you download again, Quicken will not overwrite those changes. But in Simple mode it will do whatever it takes to bring all the shares and cash balance to what it thinks is the right numbers based on what was downloaded.
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As in the example, this account has 4 securities (2 money market and 2 market-linked investments). They download to Quicken as 3 securities (1 of the money market funds and the 2 market-linked investments). Then, additionally, there is a cash line in Quicken with the total of the 2 money market investments). As the below example:
Money Market funds
1K cash
130K FedFund
Market-linked investments
25K Sec1
25K Sec2
Total should be 181K
Quicken represents as:
130K
25K
25K
131K (considers 130K FedFend + 1K cash)
Total: 311K
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Well to go any further someone that is a Quicken Mac expert with knowledge of how it handles the investment transactions will hopefully come and comment. I'm neither a very good expert on either being a Windows user. I don't know all the detail on what options Quicken Mac has to reclassify mutual funds as cash and such.
The goal would be to get the right combination of transactions in Complete mode and to understand how the future downloaded transactions are going to be sent/used and work with that. The only real reason for avoiding Simple mode is that each time it downloads it forces it to what is in the summary information. Whereas with complete it won't override what you have changed. Or in simple terms, in Simple mode the complaint is "I changed the cash amount to the right value, but as soon as I updated, it changed the cash value back to the wrong amount.".
I can say this. It is better not to try to fight what the financial institution is sending. If it wants to represent as cash, then let it. If it sends it as a security, treat it that way.
I will take a stab at what is the right thing, but like I said I might wrong because I don't understand the details of how Quicken Mac deals this.
Here is how Quicken Windows shows the balances at the bottom of the register:
The "Cash Balance" is the same as the last column in the register. You will notice that in this case, it is zero.
In Quicken Windows if a mutual fund is treated "as cash" then when that mutual fund is downloaded what it basically does is ignore any buys or sells of that security. So, let's say you buy XXX shares of one of the other securities. At the financial institution it shows that it sweeps money out of the "cash mutual fund" and into the buy. In Quicken it only gets the buy for the other security and the "cash" comes directly from the cash balance.
If I have that all correct, then the way to fix your total is to remove any transactions for the "cash mutual fund". And you should have 131K as a cash balance, and your total should be $181K.
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