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Re: default cash account and OFX before/after subportfolio setup[ Message Board ] [ Archives ] [ Search ] Posted by Mark on August 07, 2006 at 11:26:38: In Reply to: Re: default cash account and OFX before/after subportfolio setup posted by Steve on August 06, 2006 at 22:54:17: Hi Steve, Default cash accounts can be confusing, especially in conjunction with retrieving transactions. Once your accounts are set up, retrieving transactions sure does make life easy though. Let me try to clarify some things below. : Unless I am missing something vital, this is where many unnecessary errors appear set to transpire. If I'm using OFX and wish to set up a subportfolio for a client, it isn't an option to assign a default cash account using an OFX investment symbol prior to the retrieval. This isn't correct. You can, but the investment must exist when "retrieving". When you are "importing" you do get the option to use one of the investments from the import as the default cash account during the import. The difference is that the import can create new sub-portfolios, where the retrieve does not. A sub-portfolio must already be created before you can retrieve it. See my other answer below for more...
There are a couple of ways to do this. You could create the investment before the retrieve. Use "File / New Investment..." and create it, and then you can assign it as the default cash account. You would want to make sure and set the CUSIP properly, so when you do retrieve, any transactions in this money market will match with this investment. The other option would be to retrieve twice. Retrieve transactions so that your money market investment is created. You can then assign it as the default cash account. During the transaction preview of the first retrieve, un-select all transactions except one that creates this money market. : Why doesn't PM permit me to set the default OFX cash account symbol at subportfolio set-up time? You can, but the investment must exist. Maybe we could add a check so that if a sub-portfolio was initially empty you be given the option of choosing one of the investments from the retrieve to use as a default cash account. Currently you get this choice when importing, and creating a new sub-portfolio. Since retrieving requires the sub-portfolio already exist, this isn't an option you'll currently see when retrieving. I'll see if we can't get this added into a future version. : : The OFX "retrieve" doesn't automatically create new sub-portfolios. Are you asking about when you "import" an OFX file? If so, when you import an OFX file, and a new sub-portfolio needs to be created, you are prompted on how you want to deal with the default cash account. : I'm referring to OFX imports. Concerning your latter observation, are you referring to the 'Preview Importing Transactions Bar' and the checkbox 'Import "Investment Banking Transactions" into Default Cash Account'? If so, I must need to follow different steps than the ones provided in your tutorial as the result is described in the final paragraph below. I have not referred to the option about Investment Banking Transactions in this thread. If there are still questions on this area, let me know... : : You will see the options: : : 1) Don't use one : The investment assigned as the default cash account during an import will be used and debited/credited. The complete sentence of what I said before was: "Assigning the default cash account after retrieving transactions will not cause any of the previously retrieved transactions to debit/credit the cash account." I was trying to say that if you complete an import or retrieve, and then later go and assign a default cash account, the transactions have already been entered, and the newly assigned default cash account won't retroactively be debited/credited for previously imported/retrieved transactions. The rule is simply that if a default cash account is assigned when you enter/import/retrieve the transactions, then the cash account will be debited/credited. If the cash account is assigned _after_ the transactions were imported, it won't be debited/credited. : : If you choose one of the options that assigns a default cash account, this will happen before the transactions are imported, so any imported transactions can apply against this cash account. : When I set up a default cash account manually, and then do an initial OFX retrieval with "Import Banking Transactions" checked, the consequence is a subportfolio displaying a balance far more inaccurate than when I merely download all the OFX stuff without a demarcated default cash account. Any guidance appreciated. Investment Banking Transactions are usually things like credit card or check charges withdrawn from the cash account. I don't think I have any special advice here, other than to look and see why the balance is off. I'd look at the transactions in the cash account online, and also in FM, to see where they are differing. To look at these in FM use the Data Register with the 'Investments (all)' data type selected. Thanks,
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