Net Worth report is still wrong

lainslie9lainslie9 Member
edited December 2018 in Investing (Windows)
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.

Comments

  • John SmithJohn Smith Member
    edited February 2018
    I agree - used to be able to get accurate Net Worth reports - now it's impossible.  I generated a report yesterday that was accurate, and today I can't seem to generate the same report with the same figures - accounts that should have 0 because the assets were transferred to other accounts and the account closed still shows large sums.
  • Quicken_TykaQuicken_Tyka Moderator ✭✭✭✭
    edited July 2018
    Hey Lainslie9,

    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?

    image

    All of the account display boxes need to be checked to reflect in the report accurately.

    Let me know how it goes!
    -Quicken Tyka
  • Nels HebgenNels Hebgen Member
    edited July 2018
    My NW display is wrong.  It is off by a total of two liability accounts, which show as negative amounts when they should be positive.  Okay in registers, but apparently the +/- value is switched when used in NW.    Unable to fix.  Any REAL help?
  • lainslie9lainslie9 Member
    edited December 2018
    To make it absolutely clear, it is the net worth report on the dashboard -- the quick overview of all accounts --  that is wrong. The initial graph is OK, but the figures above it are wrong, showing my net worth as negative 6 figures. When I click the "Net Worth Summary Report" below the dashboard graph, I get the graph of the negative net worth, and a report that displays as liabilities 1) the total of all payments made though my closed checking accounts, 2) the total of all charges made to closed credit cards, and 3) only the cash balances of my investment accounts. For the closed accounts, all three boxes are, and have been, checked.

    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.
  • edited December 2018
    same problem here
  • Ann ArborAnn Arbor Member ✭✭
    edited September 2018
    Saved networth report is now showing incorrect balances. Many of the bank accounts are showing negative balances which is different from the balance shown in account bar.
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited November 2018
    Ann,

    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?
    -- Jim QWin Premier subscription
  • Ann ArborAnn Arbor Member ✭✭
    edited December 2018
    I am using R11.18, Build 27.1.11.18. The problem does not exist for 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.
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited November 2018
    Good to hear it is fixed.

    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.
    -- Jim QWin Premier subscription
  • Ann ArborAnn Arbor Member ✭✭
    edited September 2018
    Thanks Jim. Interestingly, the report went bad recently (about a week back) and I don't remember any upgrades. Oh well...as long as it is fixed. Again, thanks for your suggestion.
  • Malcolm McCorquodaleMalcolm McCorquodale Member ✭✭
    edited December 2018
    lainslie9 said:

    To make it absolutely clear, it is the net worth report on the dashboard -- the quick overview of all accounts --  that is wrong. The initial graph is OK, but the figures above it are wrong, showing my net worth as negative 6 figures. When I click the "Net Worth Summary Report" below the dashboard graph, I get the graph of the negative net worth, and a report that displays as liabilities 1) the total of all payments made though my closed checking accounts, 2) the total of all charges made to closed credit cards, and 3) only the cash balances of my investment accounts. For the closed accounts, all three boxes are, and have been, checked.

    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.

    I have had this problem on the dashboard.  The solution was to delete the reports on the dashboard and add them back.  Hope it works for you too.
  • Malcolm McCorquodaleMalcolm McCorquodale Member ✭✭
    edited December 2018

    same problem here

    I have had this problem on the dashboard.  The solution was to delete the reports on the dashboard and add them back.  Hope it works for you too.
  • John KesslerJohn Kessler Member
    edited December 2018
    The Net Worth report at Reports>Net Worth Reports and Balances > Net Worth is not correct when compared to the investment account totals on the Account Bar. How do I fix this?  Ver R18.4 Build 25.1.18.4 Quicken 2016  Home and Business
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited December 2018

    The Net Worth report at Reports>Net Worth Reports and Balances > Net Worth is not correct when compared to the investment account totals on the Account Bar. How do I fix this?  Ver R18.4 Build 25.1.18.4 Quicken 2016  Home and Business

    The first thing to check is to verify that the balances shown in the Account Bar are set to "Current" not "Ending". Click the gear at the top right of the account Bar to check.

    Then compare each account to see if different accounts are included in the report, or if only one account is different, then explore further.
    -- Jim QWin Premier subscription
  • Jeff MichelJeff Michel Member
    edited December 2018
    The Net Worth report (from the Reports menu) has been off for a year or so.  I've traced it back to one investment account...the balance for that account shows differently in the Net Worth report than it does in the account list (the account list is correct).  The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment.  I can't figure out what could be causing it aside from just bad code.  Any ideas on how to fix this?   I have Quicken Premier 2017 Ver R17.4 Build 26.1.17.4.  Thanks.
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited December 2018
     The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment. 

    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.

    -- Jim QWin Premier subscription
  • Douglas PeckDouglas Peck Member
    edited December 2018

     The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment. 

    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.
  • Jeff MichelJeff Michel Member
    edited December 2018

     The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment. 

    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.
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited December 2018

     The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment. 

    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)"
    -- Jim QWin Premier subscription
  • Jeff MichelJeff Michel Member
    edited December 2018

     The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment. 

    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.  
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited December 2018

     The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment. 

    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.
    -- Jim QWin Premier subscription
  • Jeff MichelJeff Michel Member
    edited December 2018

     The value is about 10% less on the Net Worth report, and the difference in the amount doesn't tie back to a single investment. 

    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.
  • notmenotme Unconfirmed, Member
    I too have had an incorrect Net Worth report for years. When I check account by account the number of errors are too many to mention. I don't get why Net Worth thinks my checking account has a $-162,400 balance. Other accounts have negative balances of $50,000 or more when in reality all have positive balances.
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