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Issue with Fidelity Investments Mac

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This discussion was created from comments split from: Experience using Quicken with Fidelity investment accounts.

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ScottyO

The biggest issue I have with Fidelity and Quicken is that if you have funds in a Money Market, it will show up twice in Quicken. It shows the fund balance and an equal cash balance as well and this throws off your balance. Since Fidelity will not allow detailed tracking, only simple tracking, you would either have to live with it in Quicken, or enter the transaction manually.

ScottyO

Of the 38 institutions that have the word fidelity in them, "Fidelity Investments" is not an option. "Fidelity Investments Mac" is but that is not an intuitive name so who uses it except by a guess. All my accounts go through "Fidelity - Investments & Retirement Accounts"

I am not so concerned about Simple vs. Detailed. I have many brokerage accounts with different institutions and the inconsistencies of each make managing the "Detailed" views in Quicken a part-time job. I already have that information from the institutions along with sophisticated tools. I don't need the information duplicated, I need a value-add tool to summarize information and provide planning information.

To clarify my issue, I attached a view from a fidelity brokerage account that shows the error of duplicating and adding the MM and CASH together. It creates a $38,056.36 error. The Simple tracking won't allow a fix.

Boatnmaniac

@ScottyO - A Moderator spun your posts off from the thread you originally posted them in because that thread was a QWin discussion and you are running QMac. QWin and QMac are different softwares and totally different programs so it was thought your issue would get better attention and more accurate help from other QMac users if it were to be split off into its own QMac thread.

Just a few comments from me:

Fidelity Investments is a QWin financial institution. Fidelity Investments Mac is, I believe, the QMac equivalent. If I am correct, Fidelity Investments Mac will provide you with a Direct Connect connection for downloading and it supports Complete Investing which will give you a register where you can enter and edit transactions.
Fidelity - Investments & Retirement Accounts for QWin provides an Express Web Connect+ connection and it supports Simple Investing only which has no account register so editing of share transactions (because there are no share transactions) cannot be done. Instead, it relies solely on the securities, shares, market price, Cash balance and total values that are downloaded by the investment company.
Fidelity - Investments & Retirement Accounts for QMac, to the best of my knowledge, is the same as for QWin except that the Express Web Connect+ connection method is called Quicken Connect.

In the picture you posted it looks like what was downloaded was both the Core Account MMF position as well as downloading the value of that as Cash. So, if the Core Account MMF position is removed OR if the Cash Balance is removed, the total value of the account would be correct. Am I understanding the situation correctly?

Assuming my understanding is correct:

As I'd mentioned in the other thread, Fidelity downloads the Core Account MMF value as Cash and has done that for over 20 years.
This being the case, the Cash Balance of your account in Quicken is correct and should remain. However the Core Account MMF position needs to be removed.
In QWin's Simple Investing there is an ability to change the number of shares held of a security. Does QMac have this capability? If so, backup your data file and try changing the quantity to 0.

If you cannot change the number shares you might want to consider doing the following:

Log into your online Fidelity account and make sure that the dividends for your Core Account MMF are paid to the Core Account and are not set up to Reinvest. This will not change anything with how Fidelity will manage those dividends because they will by default still be reinvested in that MMF. But it does help to ensure that Fidelity will download those dividends as Cash instead of as reinvested shares.
Backup your data file.
Delete your Fidelity account.
Try setting up your Fidelity account, again, with Fidelity Investments Mac.
Hopefully you will see it is set up with Complete Investing where you can see the Account Register.
If your new account exhibits this same issue (both Core Account MMF shares plus the shares value as Cash), you can then try entering a Remove Shares transaction and remove all of the shares of that MMF.

One other thing: You might want to read through the discussion in this thread…Downloads from Fidelity do not included activity into the settlement fund. The last person in the thread is a QMac user and they said the steps I laid out in that thread for QWin helped them resolve their issue with 2 changes that they documented. Perhaps the information in this thread will be helpful to you, as well.

I think this is a far as I might be able to help you on this matter.

If this doesn't work for you, you can restore that backup file and everything will be as it was. Then maybe some QMac users will pipe in here and offer their assistance.

Jon

I can confirm that "Fidelity Investments Mac" works with my Fidelity accounts on Quicken Mac - brokerage, CMA , HSA, and two IRAs are all on Direct Connect and Detailed Tracking using that. If you have the Fidelity VISA you'll need to connect that through Elan (the card issuer), and if you have any 401k/403b type accounts you'll need to connect those through Fidelity NetBenefits.

The balance I have in SPAXX in my brokerage account shows up as "Cash" and not as SPAXX; I can't recall if that was ever an issue in the past but if it was I was able to delete the duplication.

Boatnmaniac

@Jon -

If you have the Fidelity VISA you'll need to connect that through Elan (the card issuer)

QMac cannot download the Fidelity Visa card with the relatively new Fidelity - Investments & Retirement Accounts? QWin can download the Fidelity Visa card with this one and it is far more reliable and trouble free than the Elan connection is.

Jon

@Boatnmaniac Yes, that works too. I hadn't tried that one before since the URL Quicken shows you starts with "nb" which looks suspiciously like it might be related to NetBenefits. Turns out that isn't the case. I don't know if it's actually any better than the Elan connection or not, I'll leave it connected for a few days & see how it goes.

Boatnmaniac

https://community.quicken.com/discussion/comment/20439268#Comment_20439268

Thanks for confirming. Elan used to be such a reliable connection for the Fidelity credit card but starting last Sep it's been one issue after another with some issues taking months to get fixed. I tested the Fidelity - Investments & Retirement Accounts connection with this credit card starting in Feb and was so pleased with the improved reliability and stability that I switched my main data file over to it in March. I have never regretted doing that.

My understanding is that Fidelity - Investments & Retirement Accounts can also be used with Fidelity.com investment accounts and, in the case of QMac, with Fidelity NetBenefits (I don't have any NetBenefits accounts so I can't test that with QWin). But it is Express Web Connect+/Quicken Connect, not Direct Connect, and it supports Simple Investing only so I usually recommend that people stick with the DC connections, instead.