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Cannot reconcile Fidelity Cash Mgt Acct - Balance mismatch

Pacific_Shark_Chum

I'm on Mac Quicken Classic Deluxe, version 8.5.1 (Build 805.60122.100), macOS 6.3.1

The cash management account has one money market fund, FDLXX, that holds the entire balance of the account ($12K). Cash balance is $0, meaning that there is no "cash" being held in SPAXX, Fidelity's default core holding for uninvested cash. My account dashboard correctly shows FDLXX $12K, Cash $0. In the transactions panel, all transactions have been accounted for (reconciled through 3/12/26 and blue checkmarks for anything more recent), and the share balance for FDLXX is correct (12,000 shares at $1/share), and the Balance column is $0. That's all good. But when I go to reconcile, it says the Online Balance is $12K, the Quicken Balance is $0, and the difference is -$12K. I can't add an adjustment because that would double the value of the account. Is this a bug, or is there a way for me to fix this?

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Quicken Laura

Hi all,

Thank you for reporting your experience with how Quicken is handling and displaying your Money Market funds.

This issue has been reported internally, and our teams are actively working toward a resolution. We appreciate your patience.

For updates, please bookmark the Community Alert, as new information will be shared there as it becomes available.

Thank you!

All comments

Jon

I don't think there's anything you can do to fix this other than to reconcile to the monthly statement instead of the online balance. Hopefully at some point they'll fix the "online balance" to match the balance held in the core position only, but the way things currently work with Fidelity is that all MMFs seemed to be lumped together in the account's cash balance.

NotACPA

@Pacific_Shark_Chum is there a particular reason why you're carrying a MMF, with a constant $1 NAV, as a security rather than as cash?

If you simply sell the fund, it looks like your issue disappears.

Jon

Someone might want to hold a different MMF for tax reasons. SPAXX dividends are only partially tax deductible in most states & in a few states were not tax deductible at all last year because it didn't hold a high enough balance in Treasury securities consistently enough to qualify.

And my personal preference for most of my investing accounts is for all investments to be explicitly tracked including MMFs. That way I can see which MMFs I have money in when looking at my overall investing portfolio, rather than having different MMFs lumped together under a single "Cash" entry. The only exception is the CMA, where I don't want the account register cluttered up with frequent buy/sell transactions - in that account I'm fine with having the core position tracked as the cash balance as if it's a checking account. I know when looking at my overall portfolio that the "Cash" investment is SPAXX.

Pacific_Shark_Chum

+1 for Jon's comment. FDLXX isn't subject to my state taxes, so I prefer to hold my "cash" in that, rather than in SPAXX. Fidelity only offers SPAXX or bank interest on cash - you have to actually make a purchase of any other Treasury, corporate, or Muni money market fund if you want to hold your cash in one of those offerings. If I sell the fund in Quicken to "fix" the problem, then I can't tell how much I have in SPAXX vs FDLXX.

Relatedly, I still have the other problem that auto-redemptions of FDLXX to provide cash when I have an ACH transfer from the cash Mgt account that forces a sale of FDLXX (which Fidelity generously does automatically) won't show up as a redemption of FDLXX. I have to manually enter a sale transaction to fix the cash balance, but that's another issue.

It would be nice if Quicken got around to fixing this, perhaps providing some way that the user could configure options for users that are tracking transactions. I use my CMA account as my main checking account to auto-pay bills, deposit income, etc. It was all working fine prior to the Fidelity download cutover last June.

Jon

@Pacific_Shark_Chum Quicken may not be able to fix themselves if Fidelity is hiding the various MMF holdings & simply reporting to Quicken a single combined Cash value.

jblevy01

https://community.quicken.com/discussion/7972191/cannot-reconcile-fidelity-cash-mgt-acct-balance-mismatch