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Cash Account

gslaby

I have a ML IRA. In February of 2024 ML started shifting some of my cash balance to a new liquidity account with BlackRock (BUPXX). The BUPXX transactions show up in my ML statements as a purchase ($1/share) in BUPXX and is deducted from the regular cash account. My monthly statements from ML now show the cash account as the sum of the regular cash account and the BUPXX account. However, Quicken does not sum them. Is there a way to do this or should I just edit the BUPXX transactions to "Added" at no price so the purchase cost stays in the regular cash account? The BUPXX account is set to "cash" in the account details.

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Accepted answers

Boatnmaniac

Some brokerages, like Fidelity, will download the shares value of their settlement Money Market funds (MMF) as cash and not as shares.

If ML is not doing it this way then you might want to consider doing the following:

Back up your data file before proceeding.
Go to Edit > Preferences > Downloaded Transaction > make sure the box for "Never interpret downloaded Money Market funds as cash" is not checked.
Enter a manual SELL transaction in the Account Register to sell all shares of BUPXX that you hold for $1/share with the cash proceeds to be deposited to the account's cash balance. Does this now match what you see on the ML statement?
If you have set up in your online account for dividends of BUPXX to be reinvested, change it to have the dividends to be deposited to the account's cash balance.
If/when you get Buy or Sell transactions for BUPXX downloaded from ML, delete them. This will return the cash to the Cash Balance.
If/when any ReinvDiv shares for BUPXX download in the future, change the transaction to a Div transaction. This will ensure that the dividend is added to the Cash Balance instead of adding BUPXX shares to the Holdings.
I'm not sure if ML gives you this option but perhaps you could check with ML to see if they will no longer download BUPXX shares transactions but will instead download the value of those shares as Cash.

Then do the following and report the results back here:

Go to Account Register > upper right Gear icon > Reconcile Shares. Does the popup show there is a holdings discrepancy between what is in Quicken and what was reported by ML? If so, what was the discrepancy?
Click on the blue font Cash Balance on the right below the Account Register. Does it show that the Cash Balance in Quicken and the Cash reported by ML are the same? If not, is the difference accounted for by the value of the BUPXX shares that you hold?

(Edit: Added a comment above in bold italics about how to manage ReinvDiv transactions that might download.)

Boatnmaniac

https://community.quicken.com/discussion/comment/20474701#Comment_20474701

Thanks for letting us know. I'm glad it worked for you.

I do see I forgot to mention that if you get any ReinvDiv transactions for BUPXX in the future, you will need to change them to Div transactions. Then it will simply add the dividend amount to the Cash Balance instead of adding shares for BUPXX to the holdings. (I've edited my post above to include this comment.) Since you already SOLD all of your BUPXX holdings there is nothing you need to do regarding any historical BUPXX ReinvDiv transactions as the SOLD transaction already took care of that.

All comments

Tom Young

One approach and the simplest if you are automatically "swept" into and out of BUPXX is to not record those entries at all. This is clearly a money market fund who's share price (supposedly) is always going to be $1 so it's "just like" cash and could be treated as such.

NotACPA

At Fidelity, the cash is actually held in a MMF. But, as @Tom Young suggests, I just keep it as CASH in my Q retirement accounts.

In our Fidelity taxable accounts (mine & wife's) we use the "Show Cash in a checking account" function, so the MMF buys and sells aren't a factor … they're all just txn in the pseudo-checking account in Q.

Boatnmaniac

Some brokerages, like Fidelity, will download the shares value of their settlement Money Market funds (MMF) as cash and not as shares.

If ML is not doing it this way then you might want to consider doing the following:

Back up your data file before proceeding.
Go to Edit > Preferences > Downloaded Transaction > make sure the box for "Never interpret downloaded Money Market funds as cash" is not checked.
Enter a manual SELL transaction in the Account Register to sell all shares of BUPXX that you hold for $1/share with the cash proceeds to be deposited to the account's cash balance. Does this now match what you see on the ML statement?
If you have set up in your online account for dividends of BUPXX to be reinvested, change it to have the dividends to be deposited to the account's cash balance.
If/when you get Buy or Sell transactions for BUPXX downloaded from ML, delete them. This will return the cash to the Cash Balance.
If/when any ReinvDiv shares for BUPXX download in the future, change the transaction to a Div transaction. This will ensure that the dividend is added to the Cash Balance instead of adding BUPXX shares to the Holdings.
I'm not sure if ML gives you this option but perhaps you could check with ML to see if they will no longer download BUPXX shares transactions but will instead download the value of those shares as Cash.

Then do the following and report the results back here:

Go to Account Register > upper right Gear icon > Reconcile Shares. Does the popup show there is a holdings discrepancy between what is in Quicken and what was reported by ML? If so, what was the discrepancy?
Click on the blue font Cash Balance on the right below the Account Register. Does it show that the Cash Balance in Quicken and the Cash reported by ML are the same? If not, is the difference accounted for by the value of the BUPXX shares that you hold?

(Edit: Added a comment above in bold italics about how to manage ReinvDiv transactions that might download.)

gslaby

Thanks so much to all of you for submitting answers. I followed Boatnmaniac's suggestions. This allowed me to add memos to all the BUPXX transactions so I know what I did and why.

The box for never interpret… was not checked.

Entered Sell Transactions for BUPXX

No share discrepancies between Q and ML.

Cash Balances of Q and ML match.

Again, thanks so much.😁

Boatnmaniac

https://community.quicken.com/discussion/comment/20474701#Comment_20474701

Thanks for letting us know. I'm glad it worked for you.