Fidelity: setting up new account - opening balance
Susan
Quicken Deluxe 2000 Release 9.0
I've worn myself out trying to set up 2 Fidelity accounts that have been
in existence for many years:
1. IRA account - containing multiple securities & mutual funds
2. regular brokerage account - with a multitude of different securities
and mutual funds.
My problem is what to enter for the opening balance. Using recent
statements for each account I entered the opening balance with the
amount Value for:
Fidelity Cash Reserves (FDRXX) in each account
Doing this, the IRA shows no discrepancies in the Holdings report after
retrieving on-line transactions, etc. from Fidelity and agrees with the
Fidelity statement.
Not so with the brokerage account. Using the Fidelity Cash Reserves
amount for opening balance in the regular brokerage account has it agree
with the Fidelity statement but discrepancies with the Holdings report
after retrieving on-line transactions, etc. from Fidelity. Upon
retrieving transactions, etc. from Fidelity, the Holdings for the
regular brokerage account always reports that Quicken hasn't # of shares
of Fid. Cash Reserves as reported by Fidelity. When I set the opening
balance to $0.00 for the brokerage account and add "only" shares for
Fid. Cash Reserves nothing shows up under Cash Balance that needs to be
there for in and out transactions in the account but all is kosher with
the Holdings report.
Soooo.... what have you all used for the opening balance for a Fidelity
account? By using the Fidelity Cash Reserves as opening balance for the
IRA, though it works in agreeing with values in statement, it does cause
all reports within Quicken to assign that value to cash rather than to
Fid. Cash Reserves.
Ohh.... how I hope someone can follow what I have written above. :(
The IRA with the Opening Balance the value of the Fid. Cash Reserves
shows no discrepancies in the holdings and agrees with the statement.
Another problem. The regular brokerage account does have another
difference in holdings. It contains a money market acct. I manually
entered the shares w/value for it and now the Holdings report in Quicken
says Fidelity doesn't have them for this account; however, the Fidelity
statement shows them. If I have Quicken adjust/remove them from the the
account then the account doesn't agree with the Fidelity statement.
TIA for any help
--- Susan
sgta...@att.net
Dan Swartzendruber
SGTA...@NOSPAMworldnet.att.net says...
Susan, fidelity has never properly supported the money market funds for
quicken downloading (sometimes you get transactions involving the XX
mutual funds, and mostly not). The way I decided to handle this finally
is to not process these transactions (and they usually don't send them,
so it works out fine). e.g. if you do see fdrxx transactions in the
compare window, delete them. The money market MFs are really the
brokerage equivalent of cash, so I leave them as a cash balance.
rbs1214
"Susan" <SGTA...@NOSPAMworldnet.att.net> wrote in message
news:394F7338...@NOSPAMworldnet.att.net...
Hi Susan,
I have Fidelity accounts similar to yours -- an IRA and a brokerage account.
For the IRA, I have set up a single investment account, with the value of
the CORE money market fund (in my case Fidelity Cash Reserves) set up as the
CASH amount. Dividends on Cash Reserves are treated similar to interest on
a bank account -- i.e. additional cash rather than additional shares.
For the regular brokerage account, I have all of my mutual funds, stocks,
bonds, etc in an investment account, with my CORE money market fund set up
as a LINKED CHECKING ACCOUNT. Again, all transactions on this money market
fund are treated as cash, not shares.
With this setup, everything always balances out correctly -- no
discrepancies in any of the numbers.
Susan
> Susan, fidelity has never properly supported the money market funds for
> quicken downloading (sometimes you get transactions involving the XX
> mutual funds, and mostly not). The way I decided to handle this finally
> is to not process these transactions (and they usually don't send them,
> so it works out fine).
Thank you! This explains why the after retrieval of Fidelity stuff and
such it didn't like the holdings I had manually entered on that money
market account!
> compare window, delete them. The money market MFs are really the
> brokerage equivalent of cash, so I leave them as a cash balance.
Okay, then how I had the Fid. Cash Reserves setup in the IRA as the cash
balance was more or less the right way to go. AND to just ignore in the
regular account the report of holdings on the Fid. Cash Reserves. In
other words the Fid. Cash Reserves and the MMs really aren't working
well or at all on the retrieving actions.
Thank you for your help.
--- Susan
SGTa...@att.net
Susan
rbs1214 wrote:
> I have Fidelity accounts similar to yours -- an IRA and a brokerage account.
>
> For the IRA, I have set up a single investment account, with the value of
> the CORE money market fund (in my case Fidelity Cash Reserves) set up as the
> CASH amount.
Thank you! Then when I entered the Fid. Cash Reserves (Core MM) as the
opening balance in the IRA, this was the way to go.
> Dividends on Cash Reserves are treated similar to interest on
> a bank account -- i.e. additional cash rather than additional shares.
Hmmmm...., in the IRA account when the transactions were retrieved, the
income into the Fid. Cash Reserves came through as dividend income. This
resulted in reports showing both cash and Fid. Cash Reserve values;
however, when added together they matched the value of the Fid. Cash
Reserve on the statement.
> For the regular brokerage account, I have all of my mutual funds, stocks,
> bonds, etc in an investment account, with my CORE money market fund set up
> as a LINKED CHECKING ACCOUNT. Again, all transactions on this money market
> fund are treated as cash, not shares.
Very interesting! In my regular brokerage account I too have Mutual
funds and stocks, but I have both a Fidelity * Municipal MM fund (F*MXX)
**and** a Core Account - Fid. Cash Reserves (FDRXX). Having more or less
2 MM in this account is the reason the cash stuff caused such a hassle.
:( Having only the FDRXX and no other MM in the IRA is why using the
value of the FDRXX for the opening balance worked. Hmmmmm......
As it looks like you only have one MM (***XX) in your regular brokerage
account, I'm going to really have to think over this regular acct. on
just how to set up the more or less 2 MM - like having the Fid. Cash
Reserves act as the linked checking acct. and manually enter the Fid.
Municipal MM transactions when the statements come in.
> With this setup, everything always balances out correctly -- no
> discrepancies in any of the numbers.
Glad to know there is light at the end of the tunnel! Thank you for
your input. You have certainly gave me ideas on how to handle all this.
--- Susan
sgta...@att.net
Dan Swartzendruber
SGTA...@NOSPAMworldnet.att.net says...
> Dan,
>
> > Susan, fidelity has never properly supported the money market funds for
> > quicken downloading (sometimes you get transactions involving the XX
> > mutual funds, and mostly not). The way I decided to handle this finally
> > is to not process these transactions (and they usually don't send them,
> > so it works out fine).
>
> Thank you! This explains why the after retrieval of Fidelity stuff and
> such it didn't like the holdings I had manually entered on that money
> market account!
Yes.
> > compare window, delete them. The money market MFs are really the
> > brokerage equivalent of cash, so I leave them as a cash balance.
>
> Okay, then how I had the Fid. Cash Reserves setup in the IRA as the cash
> balance was more or less the right way to go. AND to just ignore in the
> regular account the report of holdings on the Fid. Cash Reserves. In
> other words the Fid. Cash Reserves and the MMs really aren't working
> well or at all on the retrieving actions.
What is annoying is that once in awhile they do send down a MM
transaction, and I have to manually delete it :)
> Thank you for your help.
My pleasure.
rbs1214
> Very interesting! In my regular brokerage account I too have Mutual
> funds and stocks, but I have both a Fidelity * Municipal MM fund (F*MXX)
> **and** a Core Account - Fid. Cash Reserves (FDRXX). Having more or less
> 2 MM in this account is the reason the cash stuff caused such a hassle.
> :( Having only the FDRXX and no other MM in the IRA is why using the
> value of the FDRXX for the opening balance worked. Hmmmmm......
>
> As it looks like you only have one MM (***XX) in your regular brokerage
> account, I'm going to really have to think over this regular acct. on
> just how to set up the more or less 2 MM - like having the Fid. Cash
> Reserves act as the linked checking acct. and manually enter the Fid.
> Municipal MM transactions when the statements come in.
>
If you have a non-core MM fund, this would go into the investment account as
a money market fund. This is the situation in my IRA, where I have Fid Cash
Reserves as my core account, and Fid Gov't MM as a separate MM fund. Since
Fid Gov't is not the core account, I get 2 transactions for each dividend.
The first is a cash dividend, the second is a purchase of additional shares.
I usually change these two to a single Reinvest Dividend transaction.