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Posted by P.Schuman on April 6, 2007, 1:04 pm
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well - Schwab tech support called me back...
This is the way that it works.
They DO NOT REMOVE the CD principle from the investment account.
Seems faulty logic - but that's the way it works..
----
>
>>
>> > Hi, P.
>> >
>> > We've often griped here about Quicken's failure to handle CDs properly.
>> > But
>> > this one is new, at least to me, since I don't download transactions
>> > from
>> > brokers. (I tried it a couple of times, but spent more time correcting
>> > the
>> > downloads than simply entering my relatively few transactions
>> > manually.)
>> >
>> > > Interestingly, there is a Quicken - Bonds bought - but what is the
>> > > "mature" transaction ?
>> >
>> > Well, a CD is not a bond, of course, and that's just one of Quicken's
>> > failures in this area. When a CD - or a bond - matures, our only real
>> > option is a Sell transaction. In accountant-speak, we credit the CD
>> > investment account and debit the account where the cash goes, which
>> > could be
>> > our checking account or the cash balance in the broker's account. It
>> > seems
>> > to me that your broker should have reported the Sell, balancing the
>> > corresponding increase in your cash balance.
>> >
>> > Often, we just roll over the CD into a new CD. If the new CD has the
>> > same
>> > number, we can practically ignore the rollover, except for updating the
>> > "other info" (maturity date, interest rate, etc.) in Security Details.
>> > If
>> > it gets a new number, we COULD just "rename" the security, but a better
>> > treatment is to Sell the old and Buy the new, in two simultaneous but
>> > separate transaction entries. (Remember that I'm a retired auditor and
>> > still dedicated to preserving the audit trail of transactions.)
>> >
>> > After all these years, Intuit's programmers should have been able to
>> > let us
>> > enter "live" details for CDs (not just text comments that don't affect
>> > anything) into Security Details. We should be able to enter the
>> > maturity
>> > date, interest rate, compounding or payout frequency, and other details
>> > that
>> > could actually be used in the program to calculate and record interest
>> > income, compounded balances, future cash flows, and other useful
>> > information.
>> >
>> > But, they haven't, so we are still stuck with workarounds. :>(
>> >
>> > RC
>>
>> I may have hit the transactions with a hammer to fix it.
>> Some other ladder CD's are coming due in the future,
>> and will wat to see what the transactions look like
>> and then take action & alsot let Schwab know that
>> there may not be a balanced set of transactions at CD maturity.
>> They are listed in my real Schwab account online history,
>> but don't really have "action" just basically a ledger entry
>> showing the shift from the brokerage account into the cash account
>> along with the $132 of 6months interest.
>>
> ok - here's the captured OFX log from the CD maturing -
> again, there is the interes posting, the principle returned to cash,
> BUT no transaction for removal from the investment register,
> as it is still listed.
> ---
>
> here's the interest posted to cash
>
> <INCOME>
> <INVTRAN>
> <FITID>xxxx my acct snip'd
> <DTTRADE>20070404120000
> <MEMO>NEVADA SECURITY 5.2XXX**MATURED** DUE 04/04/07
> </INVTRAN>
> <SECID><UNIQUEID>641453AR6<UNIQUEIDTYPE>CUSIP</SECID>
> <INCOMETYPE>INTEREST<TOTAL>129.64
> <SUBACCTSEC>CASH<SUBACCTFUND>CASH
> </INCOME>
>
> here's the principle credited back into the cash account
>
> <INVBANKTRAN>
> <STMTTRN>
> <TRNTYPE>CREDIT
> <DTPOSTED>20070404120000
> <DTAVAIL>20070404120000
> <TRNAMT>5000.00
> <FITID>xxxx my acct snip'd
> <NAME>NEVADA SECURITY 5.2XXX**MATURE
> <MEMO>NEVADA SECURITY 5.2XXX**MATURED** DUE 04/04/07
> </STMTTRN>
> <SUBACCTFUND>CASH
> </INVBANKTRAN>
>
> and here is the CD security still listed in the investment portfolio
>
> <DEBTINFO>
> <SECINFO>
> <SECID>
> <UNIQUEID>641453AR6<UNIQUEIDTYPE>CUSIP</SECID>
> <SECNAME>NEVADA SECURITY 5.2%07CD FDIC INS DUE 04/04/07PAYS INT @MA
> <TICKER>7502190</SECINFO>
> <PARVALUE>1000.0000<DEBTTYPE>COUPON
> <DEBTCLASS>OTHER<COUPONRT>5.2000<COUPONFREQ>MONTHLY
> <DTMAT>20070404
> </DEBTINFO>
>
>>
>
>
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