Using Quicken Classic for Windows - Have question below as it may be lengthy.
Ok so I have an investment account where I bought several CD's, lets say for 25,000. They down loaded properly from Schwab. Then they matured and the amount for each CD downloaded properly from Schwab. So I am to reconcile these simply as one offsets the other. Quicken however does not remove the CD from history so if I were to but two more CD's at 25K each and they matured, Quicken shows as if I own 4 CD's at 25K each for a total of 100K. I do notice that when the CD matures the only item booked into the investment account if the dollar amount. How should I correct this. Help! Growing old just hanging on to Quicken help line. LOL
Answers
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The first thing I wanted to say is that the first entry for a new post is for the title, you shouldn't put the full question there, so you did exactly the right thing posting this question. (But it would be better to put a short description in the title of the problem)
You say that the CDs download just fine, what do they show as bought? In an investment account each CD should be a separate security, so I'm not sure why would think that they would get mixed up if you bought more of them.
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Here is more info on what is happening. The purchase of the CD posts correctly. When the CD is matured, the amount of money posts fine and I am able to see the reduction in cash when buying and the increase in cash when sold or matured. The problem is that Quicken continues to carry the CD in its history and does not remove it from the value in holdings. So, that is to say if I bought 4-30 day CD's at 25K each, my cash would be reduced by 100K and my holdings would increase by 100k but when these are redeemed, my cash posts as the 100K (which would be correct) but the CD amount does not decrease because of the sale, so Quicken would be showing that I have (after they are redeemed) 100K in CD's and another 100K in cash for a total of 200K, this goes on and on and if I were to buy 4 - 30 day CD's each month it would show as an extra 100 K each month never reducing the holdings. Am using Classic showing the account as an investment account. Ideas??
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When you buy a CD, there should be a Bought transaction that reduces the cash in your account. When it matures, you should see a Sold transaction for the same security that increases the cash.
Is this what you are seeing, or something else?
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Agree with that premise but all I see when the CD matures is the money coming back into my account with no reduction or elimination of the CD, the CD then is carried forward as if I still have it in my account and Quicken shows the amount of the CD as if it were a part of the holdings in the account thus in the case of a 25K CD, I end with Quicken showing my holdings as 25K and my cash as 25K for a total of 50K, that continues with every CD that I purchase and actually can double my holdings in the account when in actuality, I may not have any CD's in the account but it shows as if I do.
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The simple thing to do would be to enter a manual Sell transaction, selling the CD for the same price you paid for it, and an Interest transaction for the extra money you received, unless the interest has been credited separately.
Why the sale transaction was not downloaded is another question.
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The sale transactions are downloaded but the CD never gets its value back to zero and the history shows as if the CD was never sold. The cash is increased properly but the CD and its value does not go back to zero. If I try to modify it, then the history is lost. I would think there should be a historical detail of the holdings purchased in Quicken with a zero value applied to the CDs that were matured or cashed. Am I missing something??
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I'm having the same problem with Schwab and CDs. They show up when purchased, but when matured, cash goes into the account, but the CD never goes away in the holdings and thus the account value is too high by the amount of the original CD. This most recently happened on 12/28/23. My account is getting increasing out of balance because of CD maturity issues
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How do we report this? It doesn't appear that Quicken watches this forum (this issue is mentioned many times). How about Schwab?
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[Removed - Rant/Disruptive]
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