Brokerage CD Error

that_boy7

Mac OS: 15.1.1 Quicken 8.0.0

In November 2024, a Schwab Certificate of Deposit matured and the money and interest was deposited correctly.

The problem is that this CD remains in my portfolio overstating the balance and net worth.

Schwab says it's a Quicken issue; Quicken says it's a Schwab issue.

What manual entry is available to correct the error. I've looked at my options but draw a blank on a fix.

Thanks in advance for a solution.

jacobs

If the CD is a security in your account, you could create a Remove Shares transaction to remove all the "shares" of the CD. Remove Shares won't count as income or expense or gain or anything; it simply makes the shares disappear.

jacobs

I’m glad to hear you got to the bottom of it and resolved your problem. 😀

jacobs

If the CD is a security in your account, you could create a Remove Shares transaction to remove all the "shares" of the CD. Remove Shares won't count as income or expense or gain or anything; it simply makes the shares disappear.

that_boy7

Unfortunately not… I tried removing shares anyway and balances were affected so I reversed and all is back to the correct totals but Portfolio still incorrect. Thanks for the suggestion.

NotACPA

How did you record the maturity of that CD? What transactions downloaded from Schwab for the maturity?

Because, in Q, it should probably have been recorded as a SALE of the security for face value with another transaction for the interest rec'd.

jacobs

I tried removing shares anyway and balances were affected

I'm not sure how your CD was recorded in Quicken. You said originally that your portfolio is overstated because the CD remains after the CD matured. So that suggests removing the CD holding, via Remove Shares, is what you need to make the double-counting go away. You're saying that Remove Shares affected the balance, but that's what you wanted to do, right? So I'm confused.

If you're willing to post screenshots of the transactions recording the CD purchase and redemption, and what your portfolio shows (with other accounts blacked out), it might help us understand what the problem is.

that_boy7

https://community.quicken.com/discussion/comment/20471931#Comment_20471931

It recorded as Payment/Deposit. This is a normal transaction in Quicken when redeeming. I did receive a separate transaction for the interest. Thank you…

that_boy7

https://community.quicken.com/discussion/comment/20471934#Comment_20471934

The item continued showing in the portfolio. It removed the redemption value and subtracted it from cash, thus showing negative cash after the remove shares. Plus, it did nothing on the cost basis still showing making gain/loss inaccurate..

NotACPA

@that_boy7 Your bank/brokerage is doing you no favors by just sending the cash. They also need to send either a Remove OR, instead of those 2 txn they could send a simple sell for face value + interest.

You need to Edit that payment and use a Sell instead in order to straighten this out.

that_boy7

https://community.quicken.com/discussion/comment/20472498#Comment_20472498

I used sell, still remained in Portfolio. I edited the price to zero so the balance is correct but the cost basis remains thus showing a loss. I visited with Schwab yesterday and was told if the info on their website is correct, and it is, there's nothing they can do… it's Quicken.

NotACPA

If it still showed in the Portfolio view, that suggests that either there's a tiny fraction remaining (unlikely with a CD) OR, you have "Show closed lots" turned on.

In the upper right corner of the portfolio, click on OPTIONS, and UNcheck "Show closed lots".

that_boy7

https://community.quicken.com/discussion/comment/20472599#Comment_20472599

Quicken Mac does not have OPTIONS… nor "Show closed lots" in any of choices offered.

Thank you for the time and thoughts, but this just does not seem to have a corrective procedure that fits.

I wished Quicken had a back door to correct this type of error but I haven't found anything to fix it.

jacobs

I visited with Schwab yesterday and was told if the info on their website is correct, and it is, there's nothing they can do… it's Quicken.

That logic is proven untrue in myriad cases. What is shown on a financial institution's website is not necessarily the same as the transactions they download to Quicken. It's easier for them to blame Quicken and not look deeper.

I asked previously if you would post screen shots showing the purchase and removal transactions in your register, and what it shows in the Portfolio. If you're not comfortable doing so, that's fine, but it makes it hard to troubleshoot with you. I don't believe there is some flaw which only you have experienced with the code of Quicken Mac, nor a need for a "back door"; I believe there is something with the transactions in your file and/or what Schwab is reporting to Quicken which is causing the issue.

You said that the CD is still showing in the Portfolio. Remove Shares is a way of making shares of a holding simply "disappear" without otherwise affecting your account. (That's actually the "back door" you're seeking.) You said you tried Remove Shares and it affected the balance; that doesn't make sense, because Remove Shares does not use or generate cash; it simply affects the number of shares of a security which are held. If you enter a Remove Shares transaction to reduce the shares to zero, there should be no change to your cash balance. If you subsequently download transactions, and your balance changes, then it is Schwab which is causing the change in balance. But without seeing what you are seeing, it's hard to prove exactly what the problem is.

that_boy7

https://community.quicken.com/discussion/comment/20472623#Comment_20472623

Thank you, thank you, thank you. Your time and patience in this case is greatly appreciated.

It worked…

When I first removed shares, I mistakenly replaced the downloaded transaction. That of course created the inaccurate amounts. Today, I created a seperate transaction (as anyone with a brain should have done) and it did exactly as you described. I now have it removed from my Portfolio.

Again, many, many thanks.😁

jacobs

I’m glad to hear you got to the bottom of it and resolved your problem. 😀