How can I get quicken classic to correctly track my jp morgan retirement accounts?

Mark Shafton

I have tried everything and even when I delete the accounts and add them as new, the downloaded information does not match the bank records. Share count is off, cash balance is off, and if I "force them" to reconcile, then the account total is off. I "think" the problem is that JPM sees money market sweep funds as cash, in addition to any actual cash in the account, and reports them to Quicken as part of the cash balance. Quicken sees the sweep funds as just another stock holding, so these funds end up getting counted twice. Any ideas? BTW latest version of quicken on windows 10 laptop. TIA

Quicken Jasmine

Hello @Mark Shafton,

Thanks for reaching out!

You're absolutely right that money market sweep funds are often the culprit in cases like this. Many financial institutions, including JPMorgan, report sweep funds as part of the cash balance, but Quicken frequently downloads them as separate investment holdings. This can result in an inflated total if the cash and sweep fund are effectively double counted. Here's what I suggest:

Step 1: Ensure Complete Investing Mode is Enabled

Quicken offers two investment tracking modes: Simple and Complete. To accurately track all transactions, ensure your account is set to Complete mode:

1. Go to Tools > Account List (or press Ctrl + A).
2. Click Edit next to your JPMorgan retirement account.
3. In the General tab, under Tracking Method, select Complete - Positions and Transactions.
4. Click OK to save changes.

This setting ensures that all investment transactions are downloaded and recorded, providing a detailed view of your account activity.

Step 2: Review Holdings and Cash Balance

1. Navigate to the Investing tab and select Portfolio.
2. Compare the value of your sweep fund with the reported cash balance.

If the sweep fund's value matches the cash balance, it's likely being counted twice—once as a security and once as cash.

Step 3: Adjust Sweep Fund Classification

To prevent double-counting:

1. Go to Investing > Tools > Security List.
2. Locate your sweep fund in the list.
3. Click Edit next to the sweep fund.
4. Change the Security Type to a category like Other or Bond.
5. Click OK to save changes.

By reclassifying the sweep fund, Quicken will no longer treat it as cash, preventing the double-counting issue.

Optional: You may want to reconcile the cash balance only, using the statement’s reported cash amount as your guide. Keep in mind this won’t address discrepancies in the total account value if sweep funds are double-counted — it’s just to help keep the cash portion in check.

I hope this helps!

Tom Young

"I "think" the problem is that JPM sees money market sweep funds as cash, in addition to any actual cash in the account, and reports them to Quicken as part of the cash balance."

After forcing securities to "reconcile" - recording Placeholders I'd think - you should have a number of shares for each security that agrees to JP Morgan, and if you use a per share price that's the same as JP Morgan's it seems to me that the "double counting" of cash would stick out like a sore thumb. But that's not the case? You should be able to ignore all the securities that AREN'T sweep funds and cash - those other securities should be contributing $0 to the difference - and only focus on the sweep funds/cash items.

You say the money market security is a sweep fund and what's confusing to me is that you report there's also actual "cash" in the account; in my experience real sweep funds pull cash out of an account or put it back into an account on an "as needed" basis, so I wouldn't think you'd have any real cash in the account. Is the money market fund actually a "sweep fund" as I described it, or is it a "traded" security - you initiate buys and sells - with maybe a one-day settlement period? If it is a traded security that could be part of the problem. If you record, say, a Sell today of the fund and manually enter it into Quicken, at which point Quicken eliminates the number of shares you sold and puts the cash in your Quicken Account. But because of the settlement period comparing Quicken holdings at the end of the day to JP Morgan means your Quicken money market fund is understated compared to JP Morgan and cash is overstated, though the overall balances would be in agreement.

Quicken Jasmine

https://community.quicken.com/discussion/7962643/how-can-i-get-quicken-classic-to-correctly-track-my-jp-morgan-retirement-accounts

We haven't heard from you yet. Are you still needing assistance?

Let me know!

Mark Shafton

Thanks to everyone who responded. Sorry so slow, but been away. Jasmine, the funds are already classified as other. The values do match so I think you are on the right track, but the double count still seems to be occurring. Tom confuses me too but JPM shows the sweep funds as cash on their web site and in the info downloaded to quicken so it count twice.

Quicken Jasmine

https://community.quicken.com/discussion/comment/20491928#Comment_20491928

I am terribly sorry for my delayed response. Are you still experiencing the double count issue?

Let me know!