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FM not reconciling to Fidelity account

Questions about updating prices or transactions in Fund Manager

Postby alan green » Mon Aug 10, 2020 11:07 am

Hi Mark,

Ever since Fidelity went to two cash accounts (which bear different interest rates) it seems FM is having a hard time. The one account acts as a settlement account and transfers money in and out of the account depending on what is needed. I spent over an hour last month trying to get the FM and Fidelity cash accounts to balance. This month I've spent two hours and can't seem to figure why they aren't balancing. The transactions match up but the balance doesn't. Hopefully you can tell me how to fix it. Thanks.

Alan
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Postby Mark » Mon Aug 10, 2020 11:27 am

Hi Alan,

Cash balances work just like any other investment. You start with some number of shares, and the share balance changes based on your recorded transactions. With cash, you typically want to record everything at a price of 1, and keep the shares equal to the value. For example, if you are balanced at some point, with $1,000 you should own 1,000 shares at a price of $1. If you receive a $100 deposit into cash (like maybe from a stock paying a dividend), you would record a buy of 100 shares, at a price of $1/share. Now, you have 1,100 shares. You might like to watch our reconciling tutorial and the tracking cash tutorial.
Thanks,
Mark
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Postby alan green » Mon Aug 10, 2020 1:53 pm

Hi Mark,

I understand how the cash balances work and they are all valued at $1 in my program. I have seen the reconcile video and when I run it in my FM I get only the two cash accounts that don't balance -everything else is correct. As mentioned I went through the transactions and matched them against FM but the value (price) listed at the end of the month doesn't match the balance on my Fidelity statement. I don't understand why it isn't. Any other suggestions or would you like to take a look at the paperwork?

Alan
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Posts: 33
Joined: Sun Dec 23, 2007 12:22 pm

Postby Mark » Mon Aug 10, 2020 1:59 pm

Hi Alan,

If you start from a point where you have the correct balance (it could be 0 before any transactions), and work your way forward, everything should balance. The balance in FM is pretty straightforward, in that the share balance is simply a sum of all transactions up through that date. If it isn't balancing, then you either started out of balance, or don't have the same share balance changes as is being used by the broker/statement. I would just suggest starting at the beginning, and working your way forward, day by day, until you find the discrepancy. If you have any questions on how/why FM is reporting any figure I can try to answer those.
Thanks,
Mark
Fund Manager - Portfolio Management Software
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Postby golden-berg » Thu Sep 03, 2020 3:20 pm

I am having the same difficulty with Fidelity account.
I think the difficulty comes from the fact that Fidelity records cash transactions on settlement date whereas FM records them on transaction date. Not having a settlement date concept in FM complicates matters significantly when there are many transactions.
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Postby alan green » Fri Sep 04, 2020 5:45 am

I gave up trying to balance FM with Fidelity, because at this point I think they are not compatible. I got rid of my money market account, since the interest rate is so low and now only have one cash account. I would hope Mark is able to fix this one day.
alan green
 
Posts: 33
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Postby Mark » Fri Sep 04, 2020 7:54 am

Hello,

It sounds like your account might need to be set up with a "sweep" cash investment, that ultimately ends up going to 0 each time things settle out. This is the case when you buy something, and a few days later the money comes out of the money market. I wrote a summary of the different ways cash can be set up in this thread. Please take a look at that, and hopefully it can help you. It is a matter of seeing how the broker is reporting your cash transactions, and setting up cash appropriately.
Thanks,
Mark
Fund Manager - Portfolio Management Software
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