Quicken and Schwab
I am about to totally give up using Quicken to track my investments at Schwab! Securities do not transfer into new and out of old accounts properly. I have to add bogus cash entries to account for SWVXX money market securities. What used to work fine no longer does. I call to support to ask about reconcile issues with investing accounts that used to work and the Quicken tech tells me I can not reconcile the cash in an investment account. Totally frustrated Quicken user since the 1990's.
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For Schwab accounts, they (Schwab) have chosen to have both SWVXX and cash lumped together as cash. I don't know what their reasoning was, as this seems to make it harder, not easier, for people to reconcile what Quicken shows versus their Schwab statements. I'd guess it's so they don't have to create separate Buy and Sell transactions every time money flows into or out of SWVXX.
So yes, it doesn't work the way it used to before Schwab made this change 2+ years ago.
When you look at your Schwab statement, if you add the market value of the SWVXX account and the bank cash account together, this should match what's reported in Quicken as Cash. If you can live with it this way, you shouldn't need have to make any extra entries in Quicken, and you should be able to verify your account balance in Quicken matches what Schwab reports.
Quicken Mac Subscription • Quicken user since 19931 -
Jacobs, thanks for the comment. I could live with your suggestion, but that's not all. I opened a new account and transferred securities from and existing account into the new. Now the securities remain in my old quicken register account, they are sort of in the new quicken register account, and overall it's a mess. Should you have any suggestions for this situation I'm all ears.
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One further comment - my other financial software such as e-Wealth, handles all the Schwab transactions perfectly. SWVXX shows up as a security, stocks are properly transferred between old and new accounts. Pointing fingers between Schwab and Quicken is not helpful. If e-Wealth can do it properly, why not Quicken?
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We four siblings inherited 1/4 each of our parents' Schwab account. Schwab was dismal to work with, it took months to have them correct the step up basis for the securities. Now Schwab's continued aggrevation of combining the cash accounts when updating Quicken has reached a tipping point. Three of us have already closed our inherited Schawb accounts by transferring all of the securities in-kind to Fidelity and Vanguard brokerage accounts. None of us has any problem updating Quicken balances from either of these two brokerages. After January 1, 2025, I will be transferring my Schwab account to Fidelity as well!
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Have you tried clicking "Reset Money Market securities/cash options on the Online Service tab of "Edit Account Details"?
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Hi nerdindenial, Thank you for the comment. Unfortunately this reset control does not seem to be a feature in Mac Quicken (Version 7.9.1 (Build 709.54540.100)), or at least it is not in account settings. Is there another way to reset this in Mac Quicken?
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nerdindenial - Thank you for suggesting the "[Reset Money Market securities/cash options]". I believe that your tip resolved my Schwab cash issue by now tracking the Schwab Money Market Account [SWVXX] as a security rather than, as previously, combining the SWVXX value with the brokerage account's cash balance value. Screen shot shows my selection within Quicken after doing a "Reset Money…" and then an "Update Transactions" within the Quicken/Schwab account.
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