Credit Card showing positive balance?

FI Wizard · August 24

Setting up Quicken accounts for the first time.

I found the historical payments from my checking account to pay this credit card. In the checkbook register I selected the payments in the category field to Transfer to this Visa account. The result of these actions was having the credit card balance sow a plus $103K balance and the transaction register for the credit card show all the payments 2x?

I have the credit card automatically pull the payment from the checking account:

Boatnmaniac · August 24

Is Fidelity - Investments & Retirement Accounts for the Fidelity Rewards Visa card working properly for QMac? For most QMac and QWin users it stopped working properly about June 26. Sometimes transactions would download, sometimes they would not. Sometimes the Online Balance would update and sometimes it would not. But the biggest issue with the Online Balance for most people is that it was the right digits but it was a positive number when it should have been a negative number. For example, a -$1000 charges balance would be shown as $1000. Then Quicken would recommend entering a balancing transaction. Each time this happened the account balancing issue would get progressively worse. Until Fidelity fixes this download issue, the accounts can never be back in balance.

There is an Alert posted about this: ONGOING 7/24/24 Fidelity - Investments & Retirement Accounts FDP-101/CC-601. It references some error codes which have applied to only some people and it does not come close to mentioning all the variables that people have encountered. There still is no fix and Fidelity has actually told some people to no longer try to download their credit card account from them but to instead download from the card's issuer: Elan Financial Services.

There are also several rather lengthy threads in this Community about this issue. Here are just a few of them:

I believe most people have deactivated their Fidelity Visa Card connections with Fidelity - Investments & Retirement Accounts and then set up the connection with Elan Financial Services. I say this because the issue is still occurring but the number of people posting about it has dropped to almost nothing. I have made the switch and it has been working well for me.

If you wish to try switching your Fidelity Visa Card account to Elan Financial Services you will first need to set up an online account with them for your Fidelity Rewards Visa Card number. You can do that at https://www.myaccountaccess.com/onlineCard/login.do. It does not look like much of a site with no bold reference to Elan but if you scroll down to the bottom of the page you will see that it is Elan's website. Once you have done that you can then deactivate your current connection with Fidelity and then set up the new connection with Elan Financial Services.

UKR · August 24

Looks like, upon download, Quicken did not automagically match/merge the downloaded transaction with an already existing register transaction.

To resolve these duplicates, drag and drop each of the "Payment Thank You" transactions over the matching Web Payment transaction (the ones with a pencil icon).

FI Wizard · August 24

UKR,

Your recommendation worked for the handful of transactions that were in the screenshot, however there remains a net positive balance of $50K. Prior to conducting the "Transfer To…" the account had the correct credit balance displayed in the sidebar.

I had no idea Quicken had this type of functionality. Is there a website, book, video series where I could learn best practices, recommended workflow, and how to troubleshoot these situations? I have a number of other issues I need to resolve as well.

UKR · August 24

Thanks for responding.
Have you matched and corrected all the potential duplicates in your register, even older ones?

Does the account register's Opening Balance transaction match the credit card's monthly statement on that date?
If you owed money on that day, the statement amount must be recorded in the register as a negative amount.

Have you reconciled all your register transaction to their respective monthly statement transactions, making sure that purchases are recorded correctly as negative amounts and payments as positive amounts?

Are you new to Quicken Mac (2015 and newer)?
Welcome.

Getting Started with Quicken for Mac
https://www.quicken.com/complete-guide-getting-started-quicken-2018-mac
https://www.quicken.com/getting-started with links to more information and videos

If you haven't done so already, please review these videos for more information about Quicken Mac
https://www.youtube.com/user/QuickenMac/videos
(OK, so they're a little dated by now, but they will still help you get started)

Help! (Quicken Mac)
Click Help / Quicken Help for additional help on Quicken functions and features.
A browser-based version is available here: https://help.quicken.com/display/MAC/Quicken+for+Mac+Help

Boatnmaniac · August 24

Is Fidelity - Investments & Retirement Accounts for the Fidelity Rewards Visa card working properly for QMac? For most QMac and QWin users it stopped working properly about June 26. Sometimes transactions would download, sometimes they would not. Sometimes the Online Balance would update and sometimes it would not. But the biggest issue with the Online Balance for most people is that it was the right digits but it was a positive number when it should have been a negative number. For example, a -$1000 charges balance would be shown as $1000. Then Quicken would recommend entering a balancing transaction. Each time this happened the account balancing issue would get progressively worse. Until Fidelity fixes this download issue, the accounts can never be back in balance.

There is an Alert posted about this: ONGOING 7/24/24 Fidelity - Investments & Retirement Accounts FDP-101/CC-601. It references some error codes which have applied to only some people and it does not come close to mentioning all the variables that people have encountered. There still is no fix and Fidelity has actually told some people to no longer try to download their credit card account from them but to instead download from the card's issuer: Elan Financial Services.

There are also several rather lengthy threads in this Community about this issue. Here are just a few of them:

I believe most people have deactivated their Fidelity Visa Card connections with Fidelity - Investments & Retirement Accounts and then set up the connection with Elan Financial Services. I say this because the issue is still occurring but the number of people posting about it has dropped to almost nothing. I have made the switch and it has been working well for me.

If you wish to try switching your Fidelity Visa Card account to Elan Financial Services you will first need to set up an online account with them for your Fidelity Rewards Visa Card number. You can do that at https://www.myaccountaccess.com/onlineCard/login.do. It does not look like much of a site with no bold reference to Elan but if you scroll down to the bottom of the page you will see that it is Elan's website. Once you have done that you can then deactivate your current connection with Fidelity and then set up the new connection with Elan Financial Services.

FI Wizard · August 24

Boatnmaniac,

Thank you! I think you identified the core issue. I deleted the account and added it again and confirmed that sign issue was being misreported on Fidelity's site. I already had access through Elan and once I went through their domain the sign issue is now resolved.

I'll have to categorize my transactions again and ensure the payments get picked up correctly but this was the likely culprit.

Credit Card showing positive balance?

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