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Fidelity deposits register as 2 transactions

disc2120

I have a Fidelity Cash Management checking account and have SPAXX set as the reserve investment for cash. When Simplifi grabs new deposits each deposit shows up as 2 transactions. One positive transaction for the amount and then a negative transaction where the money is transferred into SPAXX. This messes with the report and spending plan as the transactions cancel each other out. I have to manually go into the account and either delete the negative transactions or exclude them from reports. It would be nice if I could create a rule to do this but doesn't seem possible. Are you guys aware of this issue? Any suggestions?

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Comments

Coach Jon

Hello @disc2120,

Thanks for reaching out. It sounds like the deposit you mentioned is being categorized as a transfer possibly. Can you provide screenshots showing both sides of the transactions? This will better assist us as we review your situation.

-Coach Jon

disc2120

Here is an example. I have manually excluded the "Purchase Into" transaction from reports.

disc2120

I just noticed it also does it the opposite way. Credits get a positive then the negative credit.

Coach Jon

Hello @disc2120,

Thanks for the screenshots. These transactions are indeed transfers. Which means that they will have two sides to the transaction. One on the receiving side and one on the sending side. I am not sure why they are duplicated in the same register, however. If you open the Transaction Detail window for these transactions do they contain the same "Appears on your statement as.." information?

-Coach Jon

disc2120

They are coming in like this from the Fidelity API. This is for a deposit.

Coach Jon

Hello @disc2120,

Thanks for the reply. If the "Appears on your statement as..." information is the same for both of the duplicate transactions, and one of the transactions is Pending, but the other one is Cleared, it could be that Quicken Simplifi didn't properly match the downloaded Pending transaction to the newly downloaded Cleared transaction. In this instance, you'll want to delete one of the duplicate transactions.

-Coach Jon

disc2120

I can give you more background if it helps. Fidelity has an option to automatically invest available cash in SPAXX. Therefore whenever I deposit money it shows 2 transactions the deposit and also the investment. (However when I look at the fidelity website I only see the deposit). On the flip side when I withdraw money you see 2 transaction as well. Selling SPAXX and then the withdrawal. Something needs to be done to hide these extra transactions. I don't want to have to manually clean up the transaction in my Fidelity account.

Coach Jon

Hello @disc2120,

Thank you for the information. So the investment is also showing up in addition to the actual deposit. Technically this would mean that these are two different transactions. Can you supply a screenshot of how this transaction appears on the bank's website? Feel free to redact any personal information.

-Coach Jon

disc2120

They show as single transactions.

disc2120

It's also not always 1:1. For instance here I have 2 credits that hit at the same time and got lumped into 1 of the extra transactions.

Coach Jon

Hello @disc2120,

Thanks for the additional screenshots. Is there a place on your bank's website where it shows the investments you are making with the available cash? It is possible that your bank's website may be sending both transactions over, though not necessarily showing up in the same place.

-Coach Jon

disc2120

No. There isn't

Coach Jon

Hello @disc2120,

Thank you. If your bank's website allows you to download/export a CSV file, does the file show both transactions as it does in Quicken Simplifi or just a single transaction as it appears on the bank's website?

-Coach Jon

disc2120

It's actually mixed. Normal transactions show as single transactions. Interest received from shows as 2 transactions. CSV is the same as what shows on the website. The positive transaction changes the account balance but the negative one does not.

Coach Kristina

Thank you for your reply,

Is the interest payment you're referring to the Dividend received transaction and the Reinvestment transaction? If so, it makes sense for that to be two transactions, since it's showing 2 separate actions in the same account. How do those transactions reflect in your Quicken Simplifi?

Thank you!

disc2120

I have reached the end of this conversation. Really what I need is rules that allow me to set the Exclude from Spending Plan and Report flags. The current rules only allow controlling the name and category.

Coach Jon

Hello @disc2120,

Thanks for the reply. We do have an idea post that should allow this ability soon within Quicken Simplifi, that you can vote for and follow for updates here:

https://community.simplifimoney.com/discussion/938/transaction-rules-for-automatically-excluding-including-transactions-edited-1-merged-vote

I hope this helps! Let us know if this is what you were looking for.

-Coach Jon