I messed up the cash/money market conversion for SWGXX from Schwab [Edited]

Question

I've tried to research the threads on this topic but I'm not seeing an option to stop tracking the buys and sells for SWGXX. Quicken created Placeholder Transactions in 2 of my IRAs for a large negative transaction of SWGXX. When I look in the account's "Holdings" in Quicken SWGX is not listed yet I see SWGXX transactions in Schwab. How can I clean up this mess?

I want to fix the mis-matched SWGXX share count and have the accounts show an accurate Cash Balance. I don't need to track the money market buy sells but it doesn't appear that Quicken will allow me to switch.

Thanks for your help!

Jeff

Chris_QPW · Answer

Here is a thread with other people having problems with SWGXX/Schwab, if might provide some help:

https://community.quicken.com/discussion/7963484/schwab-govt-money-fund-swgxx

On the subject of selecting to treat it as cash as @Quicken Kristina said it is determined by the financial intuition is this is supported for a given security.

I don't have Schwab account, but my Chase account does support this, and what I see is if you go to the Account Details → Online Services tab you should see this if it is supported:

Selecting that I get:

Also, in the account, if I select Update Cash Balance from the gear icon menu it shows this:

Selecting that:

Also, you might be interested in voting for this idea that allows the user to select what security(s) should be used for this instead of relying on the financial institution sending something that tells Quicken to allow it.

https://community.quicken.com/discussion/7943516/let-users-choose-how-money-market-transactions-are-treated

Quicken Kristina · Answer

Hello @jeff.schmitz,

Thank you for letting us know you're running into this problem.  Did you recently add this account and choose the wrong option when going through the process to add the account?  While not all financial institutions offer the option, if it is supported, you should see it when adding the account.  See this article for more information:

https://info.quicken.com/win/your-brokerage-may-use-a-money-market-fund-to-repr

If you recently added the account, then maybe the simplest fix would be to backup your file, deactivate the account, then add the account as new to see if you do get the option to track as cash.

I hope this helps!