Net Worth report is still wrong
Quicken Home and Business 2017 R.15.13 Build 26.1.15.13 on PC.
An update was installed today (Jan 29 2017) and I immediately checked the net worth report, which I have complained about before. It is still wrong:
1) Accounts that have been closed (zero balance) and that have the box checked that instructs Quicken NOT to include them in reports are included. The net worth report shows the final balance before closing.
2) Only the cash balance on my investment accounts is included.
I validated the data. The only error was a $36 transaction in 2011.
A caveat has been added to the report: "The overall net worth and totals in this report are based on the accounts selected in the customize dialog. By default, all accounts are selected." This does not explain the errors above.
The net worth report used to work. Complaints about the new, and I assume reprogrammed, version have been submitted since the new version came out. I assume this occurred when Quicken split from Intuit and must have acquired a new IT team. As someone who has developed and deployed programs, I conclude that this new IT team has exceptionally poor quality control procedures. They either cannot or will not fix the net worth programming. Unfortunately this error calls into question the entire Quicken program, as well as the "new and improved" security procedures. This would be totally unacceptable to my clients, and I would lose my contracts. Therefore, although I have used Quicken for many years, I no longer trust its accuracy and will certainly not purchase Quicken 2018.
An update was installed today (Jan 29 2017) and I immediately checked the net worth report, which I have complained about before. It is still wrong:
1) Accounts that have been closed (zero balance) and that have the box checked that instructs Quicken NOT to include them in reports are included. The net worth report shows the final balance before closing.
2) Only the cash balance on my investment accounts is included.
I validated the data. The only error was a $36 transaction in 2011.
A caveat has been added to the report: "The overall net worth and totals in this report are based on the accounts selected in the customize dialog. By default, all accounts are selected." This does not explain the errors above.
The net worth report used to work. Complaints about the new, and I assume reprogrammed, version have been submitted since the new version came out. I assume this occurred when Quicken split from Intuit and must have acquired a new IT team. As someone who has developed and deployed programs, I conclude that this new IT team has exceptionally poor quality control procedures. They either cannot or will not fix the net worth programming. Unfortunately this error calls into question the entire Quicken program, as well as the "new and improved" security procedures. This would be totally unacceptable to my clients, and I would lose my contracts. Therefore, although I have used Quicken for many years, I no longer trust its accuracy and will certainly not purchase Quicken 2018.
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Comments
Sorry you're having this trouble!
Can you verify that the accounts that should not be showing in the net worth report reflect this same information?
All of the account display boxes need to be checked to reflect in the report accurately.
Let me know how it goes!
Yes, more plausible figures appear elsewhere. My point is that this apparently irreparable error calls into question the validity and reliability of the programming of all reports and processes in this new 2017 and 2018 versions of Quicken.
What version and release of Quicken are you running?
Do you also see this problem when you use the default Net Worth report, the one you get by going to Reports > Net Worth and balances > Net Worth?
So I removed the existing reports from the Quicken tab. Then I added them back in and it fixed the problem.
Sometimes when you have saved reports from a previous version of Quicken, the reports do not get upgraded along with the rest of the software.
Then compare each account to see if different accounts are included in the report, or if only one account is different, then explore further.
First, go to File > File Operations > Validate and Repair and validate in case that fixes it.
If you compare the Net Worth report to the Holdings view for the account, are they different?
Note in the report you can customize it to include the individual securities. Set the As of date for the Holdings view and the report back in time till they agree, then go forward till you find the problem date(s), then check the transactions for those dates.
First, go to File > File Operations > Validate and Repair and validate in case that fixes it.
If you compare the Net Worth report to the Holdings view for the account, are they different?
Note in the report you can customize it to include the individual securities. Set the As of date for the Holdings view and the report back in time till they agree, then go forward till you find the problem date(s), then check the transactions for those dates.
Thanks Jim. Your suggestion re Validate solved my problem.
First, go to File > File Operations > Validate and Repair and validate in case that fixes it.
If you compare the Net Worth report to the Holdings view for the account, are they different?
Note in the report you can customize it to include the individual securities. Set the As of date for the Holdings view and the report back in time till they agree, then go forward till you find the problem date(s), then check the transactions for those dates.
Thanks for the suggestions, Jim. Unfortunately, Validate and Repair did not solve the issue. I started going backwards in time, as you mentioned, and found that the cash balance has been wrong since the beginning of my investing in 2002. Transactions from there to around 2011 were converted in from a Microsoft Money file after Microsoft ditched that product. I suspect that is the source of the issue. The transactions are correct in the register, but somehow are showing with a large negative cash balance in the net worth report. If I delete or otherwise modify those old transactions, then it will throw off my investment account details, such messing u the the cash balance, putting back securities that have long been sold, etc. For some reason, the Net Worth report must be calculating cash transaction differently than the actual investment register.
Thanks again for your suggestions.
First, go to File > File Operations > Validate and Repair and validate in case that fixes it.
If you compare the Net Worth report to the Holdings view for the account, are they different?
Note in the report you can customize it to include the individual securities. Set the As of date for the Holdings view and the report back in time till they agree, then go forward till you find the problem date(s), then check the transactions for those dates.
In the net worth report, make sure you have all securities selected, especially "no security (includes cash)"
First, go to File > File Operations > Validate and Repair and validate in case that fixes it.
If you compare the Net Worth report to the Holdings view for the account, are they different?
Note in the report you can customize it to include the individual securities. Set the As of date for the Holdings view and the report back in time till they agree, then go forward till you find the problem date(s), then check the transactions for those dates.
I verified that all securities are selected in the report. I received a response from Quicken
I received a message from someone with Quicken in response to my post that they believe this is a Quicken configuration problem and asked I called their customer support. I'll update if I get a resolution through that channel.
Thanks.
First, go to File > File Operations > Validate and Repair and validate in case that fixes it.
If you compare the Net Worth report to the Holdings view for the account, are they different?
Note in the report you can customize it to include the individual securities. Set the As of date for the Holdings view and the report back in time till they agree, then go forward till you find the problem date(s), then check the transactions for those dates.
No no no
Responses like that are from fake Quicken support scammers! Do not give them credit card info or let them access your computer.
"Quicken Harold" without "Official rep" next to his name in black is an impostor.
First, go to File > File Operations > Validate and Repair and validate in case that fixes it.
If you compare the Net Worth report to the Holdings view for the account, are they different?
Note in the report you can customize it to include the individual securities. Set the As of date for the Holdings view and the report back in time till they agree, then go forward till you find the problem date(s), then check the transactions for those dates.
Yeah...I should have searched on the number before posting but did shortly after and discovered that. Asking for credit card info or access to my PC would have been a show stopper as well. Thanks for posting in case anyone else reads this thread.