Betterment: Support Dividends Income transactions
Hi there, I'm evaluating Simplifi as a Mint replacement. I'm seeing Interest Income transactions from Betterment Saving Accounts (SA) in Simplifi; but not Dividends Income transactions from Individual Taxable Accounts (ITA). That's a problem. Mint supports both. This is a crucial missing feature for me. I'm retired. Both Interest Income (from SA) and Dividends Income (from ITA) are part of my income as I draw a % from those accounts to get me an additional income source. Also, I have to pay taxes on both; having a monthly, yearly report on those gains helps me manage / anticipate my taxes. See how Betterment Dividends Income transactions appears in Mint and are automatically classified in the enclosed screen shot
Comments
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@floridaeast, thanks for posting!
I went ahead and moved this out of Missing Financial Institution Requests, as this sounds like something that needs to be looked at instead. When it comes to adding accounts in Quicken Simplifi, the data should match what's on the bank's website. Whether the ITA is a completely separate account that isn't being added, or whether those are Investment Transactions that are missing from the account that you were able to add, we'd ultimately want the data to match.
With that, please provide the following details so we can get a clearer picture of what's going on:
- Is the Individual Taxable Account a separate account on the bank's website, or are these Investment Transactions that belong in the Savings Account that are missing from Quicken Simplifi?
- Does the balance for the account in the Accounts List match the bank's website (this is the list of all of your accounts and balances in Quicken Simplifi)?
- Does the Portfolio Value and Holdings displayed in the Investments Portfolio section in Quicken Simplifi match what's on the bank's website (if you have multiple investment accounts, you may need to filter the page to just this individual account)?
Also, here are some articles on how Investments and Investment Transactions work in Quicken Simplifi:
Please let us know so we can best assist!
-Coach Natalie
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Hi @Coach Natalie - Here the issue which I see is when compared to Mint, the categories we have for invesment is limited, In mint we have invesement, deposit, dividend and many other categories which breaj the financial transaction under investment account. To an extend by manually adding the categories manually. This would be huge help even for the networth and other reports if the underlying data is categorized correctly .
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Hi @Coach Natalie , thanks for your reply. Let me expand for you.
0/ I have 1x Checking Account, 8x Saving Accounts and 5x Individual Taxable Accounts with Betterment
1/ Each ITA is a separate account in Betterment. Each SA is a separate account in Betterment.
The (missing in Simplifi) dividends transactions belongs to the ITA accounts. When I first connected to Betterment, Simplifi was able to retrieve the interest income transactions from Betterment (I need to wait a bit if this was a one off / migration; or if this is really working in a production situation; probably till 1/1/2024 to get additional interest income transactions from SA).
2/
a/ Checking account balance matches
b/ SA account balance matches
c/ ITA account balance almost matches; difference from 0.1% to 0.3%, this could be because Simplifi connects every (6?) hours to Betterment and the market fluctuates. Now the market is closed.
3/
This matches 100%… weird. BTW, Simplifi is writing that the 'quotes updated 12/11/2023 6:30pm', so after market close
Also note that in Betterment there are 2 views (well more, but to simplify) Account and Holdings, and the balance matches 100%; it's not a Betterment bug.
Please note that in Mint, the account view shows this same small discrepancy (0.1% to 0.3%), so it seems it's a Betterment API bug or both Mint and Simplify have the same Betterment ITA account balance implementation bug.
I do confirm that the ITA transactions values are correctly imported in Mint (I just compared in Betterment, they 100% matches). So Simplifi is 'skipping' those.
OOOOPPPsss.
My bad, I'd just read the first support, link. I have never been to Investments / Transactions. The ITA transactions are here but 'hidden'
I'd just set-up a rule and changed the category for 'Dividend Income'; and now they show up in the Spending Plan as Income.
I'm pretty sure they will show in Report as well.
You can close this Ticket / Request.
I apologize for not spending enough time trying to learn the tool.
Now for me to be 100% satisfied with Simplify, you just need to implement the Daily Progress Bar in the Spending Plan, as described here
Regards,
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