Is there a workaround for the lack of transactions in investment accounts?

JimSimpkins
JimSimpkins Member
edited July 8 in Investments
I'm new to Simplifi, and while there a lot that I already love, I discovered this evening that it's not possible to view transactions in investment accounts. I'm sure many people do what I do, using an investment account as the place to pay credit cards, write the occasional check, use Venmo or PayPal, and so on.  So I just wonder how people are getting around this limitation.  Do people somehow classify their investment accounts as checking accounts or some such? It looks like folks from Simplifi have been saying "the feature is coming" for two years now. But until then, I would love to know if there is a workaround. A ton of my everyday transactions are in a brokerage account. (Personally, I don't need to track investment purchases/sales/dividends, just the transactions that resemble those in a checking account, e.g. the monthly transfers to pay off a credit card.) Thank you for any ideas!
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Best Answers

  • DannyB
    DannyB Superuser ✭✭✭✭
    Answer ✓
    Hi @JimSimpkins, this is an ongoing subject and feature request for Simplifi. It looks like you have read some of the previous conversations.  I think the problem is the way brokerage accounts run their web connections, i.e. "Direct Connect" vs "Web Connect."  See @Coach Tappan 's comment in this archived post.

    Right now I don't use a brokerage account the way you describe here but in the next year or two we will start receiving payouts from our retirement accounts that will need to be tracked.

    Hopefully @Coach Natalie 's comment in this active thread about this feature will come sooner rather than latter.

    Hopefully someone else may have some ideas for you for the here and now.
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    edited June 9 Answer ✓
    Hello @JimSimpkins,

    Thanks for posting your inquiry to the Community!

    Sadly, we have no control over how the bank classifies accounts when they're connected in Simplifi, and investment accounts are unable to be turned into checking or other banking account types.

    The Investment upgrades are actively being worked on, although we don't have an ETA to provide on a release as of yet. In the meantime, I'd definitely suggest following the corresponding Idea posts here in the Community for any updates (it looks like @DannyB may have also linked one of these above).

    https://community.simplifimoney.com/discussion/1019/show-investment-transactions#latest

    https://community.simplifimoney.com/discussion/1563/ability-to-create-ira-and-investment-transfers-edited/p1?new=1

    With that said, however, does Fidelity classify the account in question as an investment account, or do you see specifically on their website that the account is considered a checking account? If you can provide proof that Fidelity classifies the account as a checking account, we can always escalate it to our Product Team for further review, and to see if there's anything that can be done to correct the account type in Simplifi from our end. :smile:

    -Coach Natalie

Answers

  • JimSimpkins
    JimSimpkins Member
    Thanks very much, Danny. I just happen to use a brokerage checking account to pay credit cards, make ATM withdrawals, Venmo, and so on, and it never even occurred to me that Simplifi wouldn't track these transactions just because they arise in a brokerage's checking account. With other products (Quicken and Tiller, for example), they just don't make any distinction - you see all these transactions from brokerage accounts just the way you see them in any other checking account, and the products know how to make the correspondence between, say, a credit card payment from a brokerage account and the correct credit card account.

    I did just spend a half hour chatting with a helpful customer service "coach", who gave clear instructions on the workaround of setting up a hand-made dummy checking account, exporting the Fidelity transactions to a CSV and then importing them into that account. That method would in some sense "work", but it would be painful to do whenever new transactions came in to the brokerage account (in my case, something happens there every couple of days).

    It looks like they've been promising the tracking of investment transactions for two years now with no ETA, so I don't think I can count on it happening any time soon. In my few days with Simplifi, I found an awful lot to like - I would love to be able to use it. I'll probably have to go back to Quicken (ugh) just for the depth of its features, but I'll keep an eye out, and if Simplifi addresses this one thing, I'll be back.

    Thanks again,
    Jim
  • DannyB
    DannyB Superuser ✭✭✭✭
    I thought about the manual "dummy checking account" but wasn't sure that would appeal to you.  I like the way Simplifi works and it's features... so much easier to work with as a budgeting app then Quicken.  Sorry Simplifi doesn't work for your situation right now... maybe soon.

    Danny 
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • JimSimpkins
    JimSimpkins Member
    Thank you. I hope so too - I really love everything else about Simplifi.
  • JimSimpkins
    JimSimpkins Member
    Fidelity categorizes my account as a brokerage account. It just happens that that account - like probably many people's investment accounts that are not retirement accounts - can perform ordinary "checking account-like" transactions: ATM withdrawals, credit card payments, checks written and deposited, Venmo, Paypal, and so on. It's those transactions that I need to be able to see, because pretty my whole financial life passes through that account (to take just one example, it's the account from which credit cards are automatically paid each month). I was just looking to see if there was a workaround until the Simplifi team can get this feature working. But there seems to be no practical workaround; it doesn't make much sense to export and import CSV files every couple of days.  I like so much about this product, and I'll definitely keep checking to see if the feature becomes available.  Thanks!
  • jwscott
    jwscott Member
    If you like simplifi enough, you can transition to using a Fidelity Cash Management account for your transactions, which does register as a checking account.
  • JimSimpkins
    JimSimpkins Member
    That's interesting - I wasn't familiar with a "Cash Management Account", but if it is interpreted as a checking account, that could be exactly what I'm looking for to circumvent the issue in Simplifi. Thank you very much!!
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