Need a workaround - Principal Financial totally messed up their webconnect conversion

Principal recently did an "upgrade" (if you can call web connect an upgrade). I had fee transactions to download for the first time today. Low and behold, they get imported with cash entries but don't debit the share balances. Causes a share differential between Quicken and Principal - well duh if it doesn't debit the share balances. I wound up entering manually. I called Principal and they took a report, but no estimate of when it might be fixed. I looked at the OFX file and there are share balances in there, so it's obviously some sort of formatting error on Principal's part. Has anyone seen this? If so, do you know how to edit the OFX file so that the upload will create proper transactions? I used to work for Principal and they fancy themselves a tech company - but the can't seem to handle express web connect, and even in creating a download file, can't seem to format it properly. Tech company - not! Any advice?

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Hi @Aaron4738 .  Just an FYI: Express Web Connect is not compatible with investment account transactions downloads.  For transaction downloads from within Quicken, Principal would need to contract with Quicken for Direct Connect.  Apparently Principal has decided that they do not want to incur the fee for using Direct Connect since they are not set up for that service.
    I'm sorry but I do not have any understanding of how Web Connect (the only Quicken connection service that Principal supports) works or should work with investment accounts.  Hopefully someone with more knowledge about this will be join in here and be able to enlighten both of us.
    (QW Premier Subscription: R35.31 on Windows 10)
  • Aaron4738
    Aaron4738 Member
    UPDATE: Principal contacted me today. They told me that they updated the web connect per the instructions of the Quicken developers. They have been in touch with the Quicken team and that the problem is on the Quicken side. I find this suspicious. Principal is creating the OFX file (or is it QFX?). The file uploads into Quicken without error. The transactions get posted, but only cash - no shares, so both cash and shares wind up being out of balance. There is clearly something wrong and Principal is passing the buck to Quicken. I'd be interested in a Quicken response. Manually entering fee transactions will be a PITA.
  • Austin@
    [email protected] Mac Beta Beta
    I have the same issue with the way the fee transactions import from the new QFX files principal provides. I had to edit each of the fee transactions after importing and change the transaction type to “Remove Shares”, then pull pull up my account history on the Principal website and copy the number of shares from there into each of the transactions to get everything to calculate correctly. It’s a pretty big pain. I’m planning on contacting Principal as well to draw more attention to the problem so they will (hopefully) devote the resources necessary for getting this resolved. 
  • Aaron4738
    Aaron4738 Member
    Thank you for your reply, Austin. Is is exactly that pain in manual transactions I'm looking to avoid. I would encourage everyone who has this problem to contact Principal. They are under the impression that Quicken users are not common among their clients.