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!