Re: default cash account and OFX before/after subportfolio setup
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Posted by Steve
on August 06, 2006 at 22:54:17:
In Reply to: Re: default cash account and OFX before/after subportfolio setup posted by Mark on August 06, 2006 at 17:45:10:
: One of the more common problems with setting up new sub-portfolios with OFX retrievals is that the broker only provides data back for a relatively short time. This time varies by broker. Some of them have it back for many years, while others only keep it on the OFX server for 60 or 90 days back.
The timespan for the OFX data provided my client accounts is at least 2 years, and is sufficient for my documentation needs.
: Regarding the default cash account... If your sub-portfolio has a default cash account assigned to it when you do the retrieve you can have all the retrieved transactions automatically credit/debit this cash account when you import them. After the retrieve you will see the "Preview Transactions" dialog, and there is an option towards the bottom to control whether or not you want all the transactions to apply to any assigned default cash account or not. In order to utilize this feature you must have a default cash account assigned before you do the transaction retrieve. Assigning the default cash account after retrieving transactions will not cause any of the previously retrieved transactions to debit/credit the cash account.
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. So, the OFX data is downloaded, with no investment symbol assigned as the default cash account, even though one of those symbols is indeed the default cash account.
Two questions: How do I get an OFX retrieval's money market investment symbol set as the default cash account? Why doesn't PM permit me to set the default OFX cash account symbol at subportfolio set-up time? : 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.
: You will see the options:
: 1) Don't use one
: 2) Have one created and assigned for you
: 3) Use one of the investments from the import as the default cash account
What's the point of using one of the investments from the import as the default cash account if, as you say above, "retrieving transactions will not cause any of the previously retrieved transactions to debit/credit the cash account"?
: 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.
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