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LPL transaction being recorded wrong in Quicken

Rick Guilander

It appears since LPL can now be downloaded by One Step all of the transactions are recorded as deposits or withdrawals instead of buys and sells etc. So, it's not keeping securities or cash balances up to date. Is anyone else having an issue with this?

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Comments

Quicken Jasmine

Hello @Rick Guilander,

What is your connection method with LPL Financial? You can see the connection method by navigating to Tools > Account List. When did this issue begin? Are you receiving any error codes or messages?

Let me know!

Rick Guilander

Express web connect-the problem started when I switched to express web connect about a month ago. There is no error messages and the transaction are downloaded properly but they are recorded wrong. It show Withdraw or deposit instead of buy sell etc. in the action column.

Rick Guilander

Are there any updates regarding my issue?

Boatnmaniac

@Rick Guilander - Please clarify the connection method. Express Web Connect (EWC)? Or Express Web Connect+ (EWC+)?

EWC cannot be used for downloading investment transactions at all so I suspect you are using EWC+ with LPL which can sometimes be used for that if the financial institution supports it.

Several financial institutions have established EWC+ downloading of investment accounts data. However, I think (not 100% sure) that when investment accounts are supported with EWC+ it works correctly only with Simple Investing, not with Complete Investing.

This was reinforced with me when Fidelity Investments introduced support for EWC+ last December. I already had DC accounts with full transaction registers (Complete Investing) set up in a test file. I backed up the test file and then I converted from DC to EWC+. The result was that new downloaded transactions were an absolute mess….buys recorded as withdraws, sells recorded as deposits, new meaningless securities created for some transactions for existing securities, placeholders entered into the registers, etc.

I couldn't figure out how to fix it so I restored the backup file, changed the investment accounts from Complete to Simple and then did then did the conversion from DC to EWC+, again. The result were perfect Simple Investing accounts with none of the odd data observed the first time.

Simple Investing has a dashboard with no transactions register. It shows securities, securities values, shares held, etc, but no transactions details. Here is an example of what it looks like.:

From the issues you described, it sounds like LPL is downloading into Quicken as if the account is set up with Simple Investing but it is still set up with Complete Investing. So you are seeing the same kind of garbled information that I did after my first attempt to convert Fidelity from DC to EWC+.

If my assumptions are correct, I think you have a couple of choices:

If you want Complete Investing: Restore a backup file from before you set up LPL with EWC+. Then continue to use Web Connect (WC)…manually downloading and importing from your online LPL account…like you had been doing previously. (LPL does not support the DC connection method so that is not an available option.)

Or, if you are OK with Simple Investing:

Go to Account Details and on the General tab select "Simple" in the Tracking Method box. Then click on OK. If everything in the Dashboard (securities, shares, security prices, security values, account value, etc.) looks OK, then you should be able to continue downloading with the EWC+ connection method via OSU.
If it does not look OK, then you might want to consider restoring a backup file from before you set up LPL with EWC+. Then change the Tracking Method from "Complete" to "Simple" on the General tab of Account Details followed by changing the connection method from WC to EWC+.

Questions?

Quicken Jasmine

Hello @Rick Guilander,

I apologize for the delayed response.

We have forwarded this issue to the proper channels to have this further investigated. In the meantime, we request that you please navigate to Help > Report a problem and submit a problem report with log files, a sanitized data file, and screenshots (if possible) attached in order to contribute to the investigation.

Please let me know once you have done so! Thank you.

dan11

It seems that this issue has been reported over and over again.

Is "closing the discussion" supposed to fix the issue? I'm not very technical, so I was wondering….

Boatnmaniac

https://community.quicken.com/discussion/comment/20435254#Comment_20435254

Discussions get closed when after a certain period of time there has been no posting activity. The assumption being that a lack of posting activity often means the topic or issue has become stale or is no longer an issue. I don't know what the minimum time period is before closing a post thread but I seem to recall it is about 4 wks. Not many threads remain open for much longer than that when there has been a lack of posting activity.

eswenerton

I too am having issues with syncing my Quicken and LPL account.

First, for many securities LPL uploads a 30 string hexadecimal number instead of the appropriate CUSIP ID. This hexadecimal number constantly changes and Quicken thinks it is a new security and asks if the security is existing or new each time I upload. Plus, the price history does not update due to the incorrect CUSIP ID. This does not happen with stocks and ETFs, but it does happen with bonds, such as structured investments. I am sure that it is a handshake problem between LPL and Quicken and I would think it would be an easy matter to resolve.

Second, the issue of not identifying deposits as interest, dividends, etc. still persists. This used to wok with Web Connect, but is not working with Express Connect.

Rick Guilander

Actually I went back to Web Connect last month and the transactions are being recorded. I won’t use Express connect again until the problem is resolved!!