Fidelity new symbol recognition

[MartyP]

Fidelity is currently offering a fixed value US Treasury-based money market mutual fund FZFXX as a choice for their clients' core (cash) accounts. I chose this as a replacement cash account and it seems that FM does not recognize it to open a new investment in any way. Once I manually entered it as a new investment and set the default cash account in Properties, FM retrievals from Fidelity FM populated the sub portfolio investment. For my present and future edification, should FM have recognized FZFXX with the Create Automatically setting ON in the retrieval menu? Is there a listing or criteria somewhere that shows what investments FM will recognize?

Thanks!
Marty

[Mark]

Hi Marty,

Yes, if there is any transaction reported for a CUSIP that doesn't exist in FM, and you have on the option to create new investments automatically, it should create a new investment. I'm not sure what happened in this case, and why it didn't create for this cash investment. It could be that your cash transactions were not reported as regular investment transactions, but instead as "banking transactions", and in this case, FM will only create a new investment, if you don't already have a default cash account assigned. You could look at the log file after a retrieve, and see how these cash transactions were reported, comparing them to other non-cash transactions. See "Help / Logs / Transaction Retrieve (Parsed)...".

[MartyP]

Mark-
Thanks for your reply. I wrote a very detailed followup but it apparently didn't get posted. Here is a recap of what I sent...

In response to your suggestions, I looked at the log and found no references whatsoever to FZFXX or its CUSIP. I know nothing of FM's process to create a new investment but I would think Fidelity must send something to start the process. I have not received a reply from Fidelity in response to my question about this.

Regarding the manual creation of the investment FZFXX, I made sure the default cash account was set to none when I created the investment. I used a create date 1 day before the date I requested the new investment at Fidelity. After doing a retrieval and seeing nothing in the preview window, I changed the default cash account to FZFXX and retrieved again. This time the preview window showed 2 sell transaction identified for FZFXX but these are transactions already retrieved in January 2024 and May 2023. Upon clicking finish in the Preview window, the sell transactions were posted in FZFXX (showing a negative balance) and yet still in the old default cash account SPAXX too.

I'm baffled. Any suggestions?
Thanks!
Marty

[Mark]

Hi Marty,

It sounds like these 2 transactions are "Investment Banking Transactions", which are basically "cash" transactions, and don't designate a specific investment. The way a new investment is normally created is there is a transaction for that investment. Since you didn't find any transactions specifically mentioned for this CUSIP, that would explain why a new investment was not automatically created for it. in this case, you would need to manually create the investment, and assign it as the default cash account, as you've done. FM will put these "Investment Banking Transactions" into whatever investment is assigned as the default cash account, regardless of CUSIP. This is why they were also in your old cash account also.

[MartyP]

Thanks for you feedback. Here's how I solved this. I manually created a Transfer-In transaction in the FZFXX default cash investment to complement the Transfer-Out transaction FM created during the Fidelity retrieval. Next I deleted the associated Buy and Sell transactions in both SPAXX and FZFXX related to the duplicated transactions, Following one last retrieval I found that SPAXX and FZFXX had now correct balances and no duplicated transactions. The only thing that I did differently from previous failures was creating a non-zero positive balance in FZFXX before retrieving. Sadly I can't explain this but my problem is solved. The only odd thing I noted is that the corrected transactions in FZFXX are dated before the date I created FZFXX, I can live with that.

I appreciate you staying with me on this one, Mark. Thank you.
Marty