Long-Standing Schwab Money Market Fund Issues

System

This discussion was created from comments split from:

Missing All Fidelity Government Cash Reserve Transactions

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Everett

Alyssa,

I've been dealing with this issue for two years when parking cash in a MMF in my Schwab account and using Quicken for Mac.

I just enter the transactions manually, either at the time cash is moved into or out of the MMF, or when I'm reconciling the account. This keeps the Quicken portfolio view accurate and keeps the cash balance accurate, so it's all identical to my account at my broker. Which is what Quicken is supposed to do automatically but it doesn't, and Quicken just keeps suggesting to "stay updated for changes" which doesn't really help because it doesn't change.

I also experience an issue with Quicken not matching transfers between the same brokerage account and my bank accounts, and have to fix those manually every month when reconciling. That issue has also been occurring since I've had my Schwab account in Quicken, for two years now. So I just plan to spend the time required to do those things that Quicken won't, and hope the next software update doesn't break more stuff.

Quicken Alyssa

Hello @Everett,

Thank you for posting your thoughts and concerns. I'm sorry Quicken isn’t handling your Schwab MMF and brokerage transfers the way you expect.

You said, "I've been dealing with this issue for two years when parking cash in a MMF in my Schwab account and using Quicken for Mac." I’m not totally clear on exactly which issue you’ve been seeing over the last two years.

Is it:

• That cash moving into/out of the MMF isn’t being recorded automatically, or
• That the MMF balance (or cash value) shown in Quicken doesn’t match what you see at Schwab?

Let's start there, looking forward to your response!

RickB_Mac

I'll add to the Schwab topic, for the longest time, the interest transactions don't automatically categorize as Investments:Interest Income, as Quicken does for other brokerages. The category always stays as uncategorized. Dividends from Schwab, however, do categorize automatically at Investments:Dividend Income. Quicken doesn't let me categorize using Investments:Interest Income, so I generally just categorize the Schwab interest as "Interest Earned", which works, but I'd love to see the interest categorization fixed for Schwab.

Quicken Alyssa

Hello @RickB_Mac,

Thank you for adding to this discussion and providing your experience with this.

I am curious if this is occurring because Schwab is sending the data this way, or if the disconnect happens somewhere in Quicken. Can I have you go to Help >Report a problem from within your Quicken software and send your logs to Quicken?

Let me know once it's done so I can take a look for you.

Thank you!