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Posted by David In NH on September 2, 2006, 10:26 am
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Hi All:
Please forgive me if this is a common question but I haven't seen a clear
answer to it yet.
I have a Fidelity Brokerage account that is on my Quicken 2006 download
list. Everything gets downloaded properly but I always have a cash balance
(positive or negative) due to stock and mutual fund purchases. There really
shouldn't be any cash balance at all because one of the funds in the account
is a Cash Reserves account which serves as the "Core" account (i.e., it is
where any cash exists).
Can I change the Quicken view to equate any "cash" transactions as being
transactions into/out of the Cash Reserves (money market) account?
Thanks in advance.
- Dave
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Posted by danbrown on September 2, 2006, 12:23 pm
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I'm still using Q 2005 H&B, but this is REALLY a Fidelity issue ... not
a Quicken issue.
Fidelity downloads your Cash Reserves balances as CASH, not a a mutual
fund balance. SO, if you were to enter all of the buys and sells to a
FCR position, Quicken would complain that there's a mismatched position
(you'd be showing $99.99, and the Fidelity download wouldn't show such
a position).
SO, the bottom line is: live with it. I raised the issue with Fidelity
a year or more ago ... and nothing has happened.
db
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Posted by David In NH on September 2, 2006, 12:43 pm
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> I'm still using Q 2005 H&B, but this is REALLY a Fidelity issue ... not
> a Quicken issue.
>
> Fidelity downloads your Cash Reserves balances as CASH, not a a mutual
> fund balance. SO, if you were to enter all of the buys and sells to a
> FCR position, Quicken would complain that there's a mismatched position
> (you'd be showing $99.99, and the Fidelity download wouldn't show such
> a position).
>
> SO, the bottom line is: live with it. I raised the issue with Fidelity
> a year or more ago ... and nothing has happened.
>
> db
>
Thanks for the answer Dan. I understand what you are saying. The easiest
solution from Fidelity's perspective should be to mimic what is happening in
the account. This would mean that when I sell a stock, there should be two
transactions - the first a sell which would go to "cash", the second a buy
(from cash) of the same dollar amount of the money market account. This is,
in fact what I am doing manually (adding that second transaction).
It would be nice if Fidelity did that automagically.
Once again, thanks for the response.
- Dave
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Posted by John Pollard on September 2, 2006, 12:51 pm
Please log in for more thread options > I'm still using Q 2005 H&B, but this is REALLY a Fidelity
> issue ... not
> a Quicken issue.
>
> Fidelity downloads your Cash Reserves balances as CASH, not a
> a mutual
> fund balance. SO, if you were to enter all of the buys and
> sells to a
> FCR position, Quicken would complain that there's a mismatched
> position
> (you'd be showing $99.99, and the Fidelity download wouldn't
> show such
> a position).
>
> SO, the bottom line is: live with it. I raised the issue with
> Fidelity
> a year or more ago ... and nothing has happened.
I agree it is probably a Fidelity issue; but Fidelity is not
consistent in this regard.
I have a similar situation, but Fidelity does download
transactions for the mm mutual fund in my case. The
transactions aren't correct - they send Dividend transactions
for the reinvested dividends, for example - and as you note, the
holdings aren't downloaded correctly either - zero holdings for
the mm fund. (It has been so long since I downloaded anything
other than the monthly "dividend" transactions that I do not
remember what was downloaded for mm fund share purchases and
sales). Since my account is not very active, the incorrect
treatment has only a small effect.
I don't see any significant problem carrying the mm fund shares
as cash in the account, but an alternative - that still won't
match the real world - would be to have Quicken create a linked
checking account. That will prevent any cash from appearing in
the investment account.
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Posted by danbrown on September 3, 2006, 2:19 pm
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John Pollard wrote:
> I agree it is probably a Fidelity issue; but Fidelity is not
> consistent in this regard.
>
There seems to be a question as to whether the same info re: cash
transactions is downloaded when the underlying account at Fido is a
brokerage account vs. a m/f account.
M/F type accounts can hold only Fidelity funds. Brokerage accounts can
hold pretty much anything (depending upon features of the account).
The only m/f type accounts that my wife and I have at Fido are fully
invested (no "cash" position within the account), so I can't research
whether m/f accounts download cash transactions differently. For my
brokerage accounts, they consistently download MMF transactions as cash
(without regard to wheter the brokerage account is a retirement account
or not) ... NOT as buys/sells to the MMF.
Perhaps others can add further info re: cash activity in m/f type
accounts.
db
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