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Fidelity Cash Management Account Continued Issues

alan14

Using Quicken For Windows. Since the Fidelity changes in downloading, the checking portion of the cash management account does not work properly. Downloads of credit cards paid work fine as to downloads of checks paid. but the redemptions from the corresponding account to fund the checking account do not work and I usually have to add an adjusting transaction. When will this get resolved? I have reset the account to no avail.

Just to note, everything worked great since I set up the accounts a few years back but now things are messed up. I know things are underway to straighten this out.

alan

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Raider

having the same issue beginning 1 Nov

NotACPA

@alan14, @Raider When you do TOOLS, Account List and click EDIT next to your taxable brokerage account … is the "Show Cash in a Checking account" marked as YES?

If so, there should be no cash represented in that brokerage account. All cash should be in the pseudo-checking account that was created and no "Transfers" of cash from brokerage to pseudo-checking should be needed.

Q handles it all without you having to do anything.

And it's working exactly as expected in the 3 accounts (across 2 files) that I manage.

alan14

I have to continually manually add transactions for the sales and transfers of money market (FDLXX) to Fidelity Checking.

alan14

@NotaCPA

is the "Show Cash in a Checking account" marked as YES? YES it is. It is the transfers from the cash management 'investment' account that stopped working automatically.

marcaronson408

I also am having problems. I am constantly having to true things up. Right now I have a negative balance in the "checking" account, and too many shares of one of my MM funds.

Does anyone know if this a known issue that is being worked?

thanks!

Marc

marcaronson408

A quick update to my previous post: I've reviewed the transactions in quicken against what is showing online at fidelity, and what I see is that every transaction at Fidelity with a description of "REDEMPTION FROM CORE ACCOUNT FIDELITY CA MUNI MONEY MKT PREMIUM CL (FSPXX) (Cash)" is missing from my quicken register…

NotACPA

https://community.quicken.com/discussion/comment/20523660#Comment_20523660

If a taxable investment account has "Show cash …" checked there should be NO cash in the investment account … so I don't understand how there could be "transfers". The movement of the cash to the Linked checking account should happen without any specific action in the investment account.

Are you saying that cash is being shown in the investment account? Is there also cash in the checking acct?

And, have you tried taking a backup and then Validating your Q data file?

marcaronson408

Hopefully this clarifies things:

The Fidelity account is a cash management account.
- The "REDEMPTION FROM CORE ACCOUNT…" entries are showing online, when Iook at the account at Fidelity.
- My core fund is the CA tax free MM.
In quicken there are 2 accounts, as expected. An investment account and a linked checking account.
- The investment account has "Show cash in a checking account" set to "yes".
Over time the cash balance in the linked checking account goes negative and the share count is overstated.
- If you add the value of the MM to the negative number if the checking account, the total value of the 2 accounts is consistent with the total value of the actual account.
I periodically have to manually add transactions to quicken to true things up.
My observation is that the "Redemption" transactions that show up online, at Fidelity, do not have a corresponding transaction entry in either of the quicken registers.

I have run a validation. No errors.

I hope this clarifies what I am seeing. Thank you for any help you can provide.

Marc

mrzookie

@marcaronson408

The "redemption from core account" transactions not downloading is a known bug that surfaced when EWC+ was implemented. Quicken is aware of the problem and has an open ticket on it, but has not yet fixed it. The workaround, as you have already know, is to enter those transactions into the Quicken register manually until a fix is implemented.

alan14

This is the exactly the issue I have as well. Let's hope that it is resolved quickly. The downloads used to work flawlessly.

marcaronson408

https://community.quicken.com/discussion/comment/20524672#Comment_20524672

Thank you

marcaronson408

I have a follow-up question.

My fidelity CMA account is currently configured to treat SPAXX as cash.

If I change the account so that it treats SPAXX as a "position", would the "redemption from core account" transactions download automatically? Would it create any other issues?

Marc

alan14

Marcaronson - I tried that setup last year when I switched to SPAXX from a bank. It made a mess. I don't recall exactly what the issues were but I had to do some manual fixing in Quicken for a few months. Now that Fidelity has allowed Quicken to treat SPAXX as cash, I might switch back, or perhaps switch out of Fidelity Money Market to a muni money market (tax free federally). I am happy to treat SPAXX as cash, but what do you see as the advantage of making it a position?

marcaronson408

Hi @alan14, the problem I am having is that Fidelity does not download the "redemption from core account" transactions. These are the MM sales that are used to fund cash transactions like bill payments, checks, direct debits, etc. I have to manually enter those txns to keep Quicken in sync with reality. My understand is that everyone is having this problem since the cutover to the new method of downloading.

I am wondering if treating that core money market as an investment position rather than cash would fix things.

Marc

alan14

I understand your issue. I don't think switching will help you. I suspect redemption from any core account will have the same issue. I have tried resetting the account and that helped me get quicken to show the checking account balance. I don't plan to waste additional time knowing it's a fidelity issue.

es114

As I understand it, the linked cash management account acts as a pseudo checking account register. Set the original cash management account to treat SPAXX as cash, with that account set to “0”. It now becomes unnecessary to track any redemptions as they are happening behind the scenes so to speak. All that matters is your linked checking account register. In the end you may want to hide the original cash management account as there is no need to track a static account with a “0” balance.

marcaronson408

https://community.quicken.com/discussion/comment/20527239#Comment_20527239

This is a bit different than my experience with the CMA, but it may be because I have 2 funds in my CMA: SPAXX (the core money market that is treated as cash) and FSPXX, a California tax free MM fund.

"It now becomes unnecessary to track any redemptions":
- In my case, the redemptions from FSPXX do need to be tracked, as they create a transfer of cash to the linked checking account. Without the redemptions, the checking account balance goes negative and the number of FSPXX shares is not consistent with reality. Having said this, the total value of the account is correct, because the negative cash balance offsets to excess FSPXX shares.
"you may want to hide the original cash management account as there is no need to track a static account with a “0” balance".
- In my case, the account is not static. As an example, the monthly payment of dividends for the FSPXX fund shows up as a dividend reinvestment.

Marc

es114

I did exactly what you’re doing as I had FZDXX ( a MM premium fund) treated as a fund. Then I also treated FZDXX as cash and started with a “0” balance and no longer track the original cash management account.

marcaronson408

If you no longer track the original cash management account, how do you download the dividend reinvestments from FZDXX?

alan14

Are you both saying it might be possible to move all the money in the cash management account into the checking account, then just track that balance? Right now my real checking balance is the sum of both accounts and periodically I need to manually transfer money to the actual checking account, otherwise the balance becomes increasingly negative.

marcaronson408

That is what @es114 is saying.

My experience is that I need to track both.

If you look at your account in Fidelity, you will see that there is a "redemption" transaction from the your MM position whenever cash is needed.

I suspect the reason you need to manually transfer money to the checking account is because quicken is not downloading the "redemption" transactions. This is a known bug, but it is not known will it will be addressed.

If the only fund you have in your cash mgmt account is your core fund, then I suspect @es114's strategy will work.

I am not sure how he make it work if you have more than that 1 fund — let's see what his response is.

Marc

es114

Although I designate FZDXX as cash, fidelity automatically moves money to SPAXX (which Fidelity requires as core) when cash is needed. I never see that transaction as the original cash management account is always “0”.

es114

I never see transaction in Quicken, but of course you will see it in Fidelity.

alan14

ok, yes, Marc- I only have 1 fund in the Fidelity Cash Management account. And yes Fidelity stopped moving those 'redemption' transactions. I use Fidelity Treasury Only Money Market in checking - so that the interest is not taxed at the state level (NJ) i. I periodically move all funds that are sitting in the fidelity 'bank accounts' or SPAXX when I had that to Fidelity checking - to make sure most interest is state tax free. Deposits go into those associated banks. It would see that Marc and Es are not concerned with that.

Jeepien

I am having issues with a Fidelity Cash Management account with pseudo-checking account set to Yes.

The investment account has no securities in it, just a cash balance. In the past, this cash was always shown as zero in the investment account and shown in the checking account. Since the update, the cash is going into the investment account, and when I try to set it to zero, Quicken complains: Can't adjust cash because it's always zero—but it's not.

Meanwhile, the checking half seems to be showing transactions from the associated debit card, but when I do an update, it adds a transaction to the checking account, back to the same account, to set the balance to zero.

Is this another case of a problem that takes Quicken a year to fix??