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Problem with balancing Chase Manage Brokerage Account

Gary Lee Ashford

I am on Quicken Classic Deluxe on Windows 11, version R61.21, and build 27.1.61.21. Have 4 Chase accounts: Checking, Credit Card, Brokerage, and Managed Brokerage. Have no problems with the first three when I do a Quicken One Step Update.

When I update the Chase Managed Brokerage account, the "cash/sweep" is inserted twice on Quicken. It is updated in holding "J P Morgan Deposit Sweep Fund" and also cash. The balance on Quicken is always higher than the actual Chase balance. I can use the "Update Cash Balance" (from the gear box) to bring the Chase Account and Quicken to match each other but this causes another problem as the Quicken "investment Account Activity Daily" report now shows a negative number in the "MktVal Chg" field.

The Chase Managed Brokerage account is set us as a brokerage account, "No" to show cash in a checking account, and tracking method of "Simple - Positions Only". I have also used the tracking method of "Complete" and also created the account from "Chase New Investments". I still can not get the account to balance.

Is there any way to get the accounts to balance with using the "Update Cas Balance" which causes an error in the daily report.

Any help would be appreciated.

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Comments

Quicken Jasmine

Hello @Gary Lee Ashford,

Thank you for reaching out and for the details you've provided so far.

To better understand what's happening with your Chase Managed Brokerage account, could you clarify whether the duplicate cash/sweep balance appears immediately after each One Step Update, or does it happen after a specific transaction or activity? When you switch between the "Simple - Positions Only" and "Complete" tracking methods, do you notice any differences in how the cash/sweep funds are handled, or does the duplication occur in both cases? Additionally, when you compare the holdings in Quicken to what’s listed on your Chase online account, does Chase itself show the sweep fund separately from the cash balance, or is this only happening within Quicken? Have you noticed if any placeholder transactions are being created during the update that might affect the balances? Lastly, how often are you running into this discrepancy—does it happen with every update or only periodically?

The answers to these questions will help us pinpoint the root cause and determine the best way to resolve the imbalance without needing to manually adjust the cash balance each time.

Gary Lee Ashford

The Chase Managed Brokerage account shows a balance of $261,220.20. There are 16 entries which make up the $261,220.20. Fifteen mutual funds and then a "cash and sweep fund" entry of #2522.41.. If you click on the "cash and sweep fund" entry, it show an entry for a sweep fund, QCPCM. Sometimes there will also be an entry for cash, but not this time.

I deleted the account on Quicken. Added the account to Quicken as a brokerage account with simple investing and the mkt value is $263,742.61. I then did a one step update and quicken balance is still $263,742.61 with no placeholder entries.

The difference between the Chase account and the quicken account is $2522.41 which is the exact amount in the sweep fund on the Chase account. The sweep fund is being added in twice.

Deleted the account on quicken. Added the account to Quicken as a brokerage account with complete investing and get balance of $263,742.61. Have a lot of placeholder entries using complete investing. Do one step update and Quicken balance remains the same, $263,742.61.

The results are the same with simple investing and complete investing except complete investing has placeholder entries.

The problem is the sweep fund is being added twice. On quicken, if I look at the individual entries I have 15 funds which agree with the 15 funds on Chase. Quicken also has a $2522 entry cash and a $2522 entry for J P Morgan Deposit Sweep Mgd while Chase only has one entry of $2522. That is the problem.

Thanks for your help.

Quicken Jasmine

Hello @Gary Lee Ashford,

Thank you for your detailed response and for your patience as we work through this issue. Based on the information you’ve provided, it appears that Quicken is duplicating the sweep fund by treating it as both an investment holding and a cash balance, which is why the Quicken balance is consistently higher than the actual Chase account balance. Since you have already tested both Simple and Complete tracking methods and re-added the account multiple times, I’d like to suggest a few additional troubleshooting steps:

Verify Chase's Data Formatting – When you review your Chase account directly, does the sweep fund appear separately under investments, or is it combined with cash? If Chase lists it as a single entry but Quicken separates it into both cash and a sweep fund, this may indicate how Quicken is interpreting the data during the sync.
Check for Hidden Placeholder Transactions – Even though you did not see placeholder transactions with Simple Investing, they may still be affecting the balance. To check, go to Edit Account Details → Transactions and enable Show Hidden Transactions to ensure no placeholders are contributing to the discrepancy.
Manually Adjust the Sweep Fund Handling – Since the issue persists regardless of the tracking method, try manually adjusting the holdings by removing the separate cash entry while leaving the sweep fund intact. Monitor whether this adjustment holds after the next One Step Update.
Test an Alternate Connection Method – If you are using Direct Connect, switching to Express Web Connect (or vice versa) may help. Different connection methods interpret data differently, and switching could change how Quicken processes the sweep fund.

Please let us know if you notice any changes after trying these steps.

Chris_QPW

Let me start by saying that I have a brokerage account and an IRA account and two Roth IRA accounts with Chase, but all of them are self-managed, and I'm not seeing this "exact problem".

Note to @Quicken Jasmine Chase investments are only supported with Express Web Connect +.

One thing that is definitely different about Chase over other financial institutions I have used is that Chase uses multiple different accounts/funds for "cash". And depending on when you download one or more can be "out of sync". In other words, say I place a sell today, that security will be updated today, but the "Dollar security" won't be updated until the trade closes. I catch this when I do the compare of securities in Quicken to what was downloaded in the summary information from Chase. And I ignore it until the trade closes.

But your problem seems to be different, and more closely resembles what has been reported for some financial institutions like Fidelity, but only for 401K/403b accounts. As in there is in fact "double cash transactions" in the actual data sent by the financial institution. But yours is even a bit different from those reports. Those reports say the "Complete mode" is fine, but the "Simple mode" is doubling.

This is all possible because of the way these modes work. Complete looks at the transactions. Simple looks at the "summary information". As such either or both can be wrong, creating these different combinations.

Note that because Simple mode just looks at the downloaded investment summary information, which the user can't see, there isn't any way to fix it other than the financial institution fixes the problem. For complete mode you can work around it by either deleting the "sweep transaction" as @Quicken Jasmine suggested or the equivalent transaction(s) that are using the "cash mutual fund".

For a real fix, the only one that can really fix it is Chase.

Gary Lee Ashford

Jasmine and Chris, thanks for the comments and the advise.

Verify Chase's Data Formatting. On the Chase account

If you click on "Cash & sweep funds" you get

Check for hidden placeholder's - I go to "Edit Account Details" but don't see option for "Show Hidden Transactions".

Manually adjust the cash fund. This is kind of a pain to do on a daily basis. In addition is gives a negative value to the "MktVal Chg" field in the "Investment Account Activity: Daily Field" report. Note the "-2837.33" amount in the report. This is not good for me.

Test an alternate connection method. As Chris said, the only option is "Express Web Connect +".

I have decided to just manually update. I can enter deposits and withdrawals as they occur (which isn't that often). Once a month, I can use the monthly statement to see the increase in value and enter a dummy entry of ReinDiv (I realize some of the changes are interest, dividends, and capital gains) but this will balance the account and I cann see the ROI in reports.

As Chris said, the real fix has to be made by Chase.

Thanks again for the comments. As far as I am concerned, this duscussion can ber closed.