We are aware of an issue with how Fidelity money market funds are represented in Quicken for Mac.
Fidelity sends the money market security in the API (previously through OFX) as both a security holding and in the cash balance for the core money market.
For example:
SPAXX — you own $100,000 as 100,000 shares.
Fidelity sends that holding and sends availableCashBalance=$100,000.
Quicken for Mac does not currently provide the choice to represent this as cash or a security. We currently have a setting in place which converts all money market funds to Cash Balance. The majority of customers are okay with this, but we understand there is also a group of customers who prefer to see these funds represented as securities.
This becomes more complex for customers who have more than one money market security and want to see one as cash balance and one as security.
Example:
SPAXX — you own $10,000 as 10,000 shares
FDRXX — you own $90,000 as 90,000 shares
Fidelity sends those holdings and sends availableCashBalance=$100,000.
Due to the current limitation in Quicken for Mac, we do not have the ability to have SPAXX represented as Cash and FDRXX represented as a Security.
Quicken for Windows has handled this case for years for the simple case of just SPAXX. Last October, Quicken for Windows enhanced this for Fidelity customers that have more than one money market security and allows customers to choose how they want the security represented.
Quicken for Mac is in the process of building functionality to allow customers to represent those money market funds in the way they prefer, either as cash or security, in the single or multiple money market security scenarios.
This functionality is expected to be released at the end of August.
To be notified of updates as they become available, please click the bookmark ribbon located in the upper right. If you do not see the bookmark ribbon, please make sure that you are signed into the Quicken Community.
Thank you!
