monthly downloaded transaction for dividends from Charles Schwab amount is zero.

James Koski

the monthly transaction for the dividends has an amount that is zero. this happens every month.

Frankx

Hi @James Koski

What is the name of, and the type of, the holding for these transactions? Should there actually be a transaction for this holding - in other words, do you actually see a transaction when you view your account via the Schwab website?

Frankx

James Koski

the transactions happen on the 15th of each month in the managed IRA account. the transaction is real I have to log on the Schwab each month to get the amount to add to the transaction. it is the money market that schwab uses to hold cash. all other transactions for this money market the buy and sell transactions are correct and there are many each month.

Tom Young

"the monthly transaction for the dividends has an amount that is zero. this happens every month."

If you're referring to one of the Schwab Value Advantage funds then you really should be receiving 2 transactions on the 15th of the month. One is the "dividend" (traded MM funds issue dividends) and the other is the reinvestment of that dividend in more shares. The fund does need to be bought and sold as there is a one day settlement period.

If you really are having funds automatically swept to and from Schwab Bank then you should be receiving the one interest transaction, recorded as a "Deposit" if you're letting downloads make entries into the Transaction List (Register).

Which way are you handling your cash? It would seem that you've got SVA as you mention buys and sells, but only mention one transaction.

When Schwab abandoned the Direct Connect method of downloading Quicken announced that all MMFs (e.g., SVA) would be treated as "cash" in Quicken, a pretty ridiculous position to take as a MMF is not cash, it must be bought and sold and has a settlement period. Somewhere along the line Quicken relented and declared users could treat the MMFs the owned as either a security or as cash.

If you are using SVA as your cash repository maybe some mix up in how Quicken "views" your MMF might be the issue. Assuming we're talking about SVA can you tell how it's being treated in the Quicken Account?

James Koski

Schwab does not keep cash for this managed account. everything is in the money market. yes I know that for some of my account I get a deposit. only one transaction each month and it is a dividend there is no buy transaction maybe that is because the amount is zero. now for other stocks I do get a dividend and a buy for this account.

James Koski

I have sent this issue to quicken each month for the last year using the HELP - REPORT A PROBLEM in quicken. No action has been taken at all. why does quicken even have that option if nothing is ever done.

Tom Young

"Schwab does not keep cash for this managed account. everything is in the money market. "

I don't understand what you've said here. Since your statement names Schwab in the role of the actor here - "Schwab does not keep cash (in the account)" - it would seem that that some sort of "sweep" is involved, but you state that "everything is in the money market" which suggests that you don't see cash in the the Quicken Account, you just see some security called "money market?"

Which is it? Can you post a screen shot of the downloaded transaction?

"I have sent this issue to quicken each month for the last year using the HELP - REPORT A PROBLEM in quicken. No action has been taken at all. why does quicken even have that option if nothing is ever done."

This feature generally isn't there to solve your particular problem, it's there for Quicken to try and determine if there's a wide-spread problem of some sort, one that affects lots and lots of users. IF you want support for your particular problem, (a problem that doesn't seem to be widespread), you should be contacting Official Quicken Support directly, allowing Support to screen share, and see if they can figure out what's going on.

James Koski

again this month the transaction quicken generated had an amount of zero. I have attached a word DOC. showing the Schwab transaction and what quicken generated,

quickentransaction.pdf

Tom Young

It seems like there might be a disconnect between how Schwab is handling the MMF and how you have it established in Quicken. The potential for this originated with Schwab's decision to quit using Direct Connect for the downloading method in favor of Express Web Connect+.

This announcement by Quicken explains how things would change with respect to SWVXX and SWGXX as a result:

https://community.quicken.com/discussion/7907735/swvxx-value-advantage-money-market-fund-and-swgxx-schwab-government-money-fund?utm_source=community-search&utm_medium=organic-search&utm_term=Schwab+Value+Advantage+is+not+cash

There was a lot of discussion in here after this announcement (started by me) about the wisdom of this as Schwab Value Advantage (SWVXX ) is certainly NOT cash as you have to initiate Buys and Sells and there's a one-day settlement period.

If memory serves, I think that the Schwab Government Money Fund (SWGXX) works differently than SWVXX in that SWGXX truly is a "sweep" fund in that the customer doesn't have to initiate Buys and Sells of SWGXX. Instead, Schwab automatically moves cash into SWGXX and moves cash out of SWGXX as needed.

It seems like Quicken (the company) went through various programming iterations of Quicken (the program) trying to get this all straight. At one point I know that clicking on "Update cash balance.." brought up a screen with a button on it that allowed a change from "cash" to "security" or vice versa, but I'm not sure if that's the case anymore.

So my guess is that Schwab on its end is handling SWGXX as "cash" and Quicken is looking at SWGXX as a "security" and that somehow is playing into the problem you're having.

Once or twice since Schwab made the changeover in downloading methods I've had to re-authorize my Schwab accounts for downloading into Quicken and in the process of re-authorizing I'm asked how I want to account for SWVXX - cash or security - so you might try disconnecting the Quicken Account from downloading from Schwab and then reconnecting to see if you get that question. (DO NOT allow for downloads to be automatically entered into the Transaction List so that IF you get duplicates they will be shunted down into the Downloaded Transactions window where they're much easier to delete, as opposed to pawing through the Transaction List looking for duplicates.)

You might also contact Official Quicken Support and see if this indeed is the problem and guide you to fixing it.