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LPL simple download gives incorrect results

David Kessler

Some time ago, LPL switched from supporting transactions to Quicken's "simple" reporting. That is, they only update holdings on download.

Unfortunately, I'm unable to get correct results with method because money market holdings are not being accounted for correctly.

When I download holdings for my two accounts the holdings are set up fine. But the value of one of the holdings is wildly inaccurate. Specifically, the number of dollars in the money market account is recorded as the number of shares for one of the holdings. For the other account, the money in the money market account is simply ignored.

I have exported the QFX file to see if anything jumped out at me and something may have but I'm not sure whether it's significant.

The security ID is being described as a CUSIP. CUSIPs are 9 characters and the QFX file is listing them as 7 characters.

Another thing that I noticed is that for all of the holdings except the two money market accounts, after the name of the security, the QFX file has a ^ followed by the CUSIP number. For the two money market holdings, there is no ^ before the money market non-CUSIP.

If anyone can help figure this out, I'd appreciate it.

Thanks,

David

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Comments

robstanlick

I have the same issue with a client. LPL shows a debit to the money market but LPL substracts the total from the account.

Quicken Kristina

Hello All,

Thank you for taking the time to report this issue to the Community, although we apologize for any frustration or inconvenience experienced.

This issue has been reported to our Development and Product teams for further investigation and resolution. Though we do not currently have an ETA, you can bookmark this Community Alert to get updates when available and to know when the issue is resolved. If you do not see the bookmark icon at the upper right, please make sure you are logged into the Community.

Thank you!

(Ticket #10791283/CTP-8639)

robstanlick

I have an answer for you. The insured cash account is an internal account made up of several banks that work as a money market. Your broker can by PJLXX this is a JP Morgan money market account but doesn't work as a sweep account. So, each time a trade is done, and you want it in a money market a trade would have to be placed. If you need cash, then a sale ticket would need to be entered.