Inflated cash value on IRA account
Hi, I'm using Quicken Business and Personal for Mac and have a Roth IRA account set up. The amount is correct on the transactions register, and the quantity and amount of the shares are correct, but the cash value is hugely inflated. My guess is that I did something wrong when manually adding transactions (they were too old to migrate from my old software). Any advice would be appreciated.
Comments
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If you look through the transactions in the register, can you indentify and obviously incorrect transactions affecting cash? Is the account connected for downloading? A connected account might have created a Placeholder transaction back at the beginning of the account history — but that doesn't seem likely if your current value inflated and not correct; the Placeholder transaction would be trying to force your current balance to match the financial institution, and you're saying it doesn't. Is your cash balance too high or too low? If you entered everything manually, make sure you have all the transfers of cash into the account; fit's too low, did you use Buy transactions to use up cash or Add Shares to create the shares without using any cash? Without seeing what you're seeing or knowing how much you're off, it's hard to know what the issue is.
The fastest way to fix it going forward could be to enter a transactions of Type=Payment/Deposit with Category=Adjustment and and amount being the difference between what it shows now and what it should show. That will get your current balance correct, but it doesn't fix your past history. You could back-date the adjustment transaction by a year or several years if the inflated value exists far back into your history. If you have old brokerage statements, you could quickly go back through December 31 statements year by year to see if you can identify where the total went wrong.
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