Quicken QFX Files

[WeekendRider]

I am able to download QFX files from Fidelity by clicking a button titled Quicken.

I am having trouble with the transactions I'm importing when there is a redemption with Fed tax withholding from an IRA. The file has the redemption net of the w/h and a separate transaction for the w/h. When I reconcile I am off by the w/h.

How do I get this to import correctly?

Below is what is in the QFX file for the redemption and attached is how the data was imported into the Data Register.

<SELLMF>
<INVSELL>
<INVTRAN>
<FITID>12345678|12345678901
<DTTRADE>20190913040000.000
<DTSETTLE>20190913040000.000
<MEMO>RETIREMENT DISTRIBUTION
</INVTRAN>
<SECID>
<UNIQUEID>316067107
<UNIQUEIDTYPE>CUSIP
</SECID>
<UNITS>1500.0
<UNITPRICE>1.0
<TOTAL>1500.0
<SUBACCTSEC>CASH
<SUBACCTFUND>CASH
</INVSELL>
<SELLTYPE>SELL
</SELLMF>

<INVEXPENSE>
<INVTRAN>
<FITID>12345678|12345678902
<DTTRADE>20190913040000.000
<DTSETTLE>20190913040000.000
<MEMO>FED TAX WITHHELD
</INVTRAN>
<SECID>
<UNIQUEID>316067107
<UNIQUEIDTYPE>CUSIP
</SECID>
<TOTAL>500.0
<SUBACCTSEC>CASH
<SUBACCTFUND>CASH
</INVEXPENSE>

[Mark]

Hi WeekendRider,

It looks like it is importing as shown in the OFX file. How should it be recorded? How much was taken out of your money market? How much did you actually receive?

BTW, have you considered "retrieving" instead of importing? You can use the transaction retrieve feature with Fidelity, and it is a couple less steps for you.

[WeekendRider]

Hi WeekendRider,

It looks like it is importing as shown in the OFX file. How should it be recorded? How much was taken out of your money market? How much did you actually receive?

BTW, have you considered "retrieving" instead of importing? You can use the transaction retrieve feature with Fidelity, and it is a couple less steps for you.

Hi Mark-

$2,000 in total came out of the MM. $1,500 was sent to the account owner and $500 was sent to the IRS. See the screen snip below from the Fidelity statement.

I'm an Advisor so I assume I don't have the ability to "retrieve" the data for my clients. Is this not the case?

Thanks for your help!

Jim

[Mark]

Hi Jim,

You'll need to manually change that Account Fee transaction to be "Reinvested". The reinvestment will have a value of -500, shares of -500, and a price of 1. Recording the withholding as a negative distribution adversely affects performance figures. If you don't want withholding to affect performance, record it as a sell instead of a negative valued reinvestment.

Yes, you would to use the client's username/password in order to retrieve. You might also look into Fidelity Advisor CHANNEL, which allows Advisors to save your client's data into a "Centerpiece" format. You can import this under "File / Import / Transactions / Fidelity Advisor CHANNEL...".

[WeekendRider]

If you don't want withholding to affect performance, record it as a sell instead of a negative valued reinvestment.

I don't want it to affect performance and it is a distribution so I guess I need to post it as a sell.

When I try to edit the existing transaction I do not have the ability to change it to a sell (see below.) It looks like my only option is to delete the transaction and manually repost it. Please tell me there is an easier way to do this...

Thanks!

[Mark]

Hi WeekendRider,

Sorry, you can't currently edit a Distribution to become a Sell. You would have to delete and add as you described.

We will be releasing Fund Manager 2020 very soon, and that will add the ability to edit transactions in the "Preview Importing Transactions" dialog. So, during import you can edit this distribution. With this feature you can change it from a distribution to a sell.

[WeekendRider]

Ok. Two questions:

1) Is there any place to "subscribe" that will notify me when a new version is available?

2) Why not give the same functionality in the Data Register to change transactions as will be in the transaction import review process?

Thanks!

[Mark]

Hi WeekendRider,

1) Yes, subscribe to our mailing list.

2) That is something we could add as an improvement, it just hasn't happened yet.

[WeekendRider]

Ok, adding that ability to the Data Register would be a big help.

Thanks for your help!