Updating the Value of an Asset

LH13

I created a manual account to track the value of my home. However, when I try to update it, all the transactions seem inverted. For example:

• Added account in November at a value of $450
• When I add a balance adjustment transaction in December of $100, the current value of the asset is still $450, but it lowers the historical value of the asset before this transaction down to $350.

How can I add a transaction that changes the CURRENT value of the asset?

• 

UrsulaA

There is a bug going on with manual accounts. Maybe your issue is related to it. I suggest you contact support.

https://community.simplifimoney.com/discussion/6507/bug-report-manual-account-balance-not-changing

Coach Natalie

Hey everyone, it sounds like this thread is discussing the same issue that's been reported here where manual account balances aren't updating with transaction changes:

https://community.simplifimoney.com/discussion/6507/bug-report-manual-account-balance-not-changing

If so, we are working on deploying a fix for this issue. 😀

-Coach Natalie

Coach Natalie

Hey everyone, the known issue regarding manual account balances not updating to reflect transactional changes now has an Alert that can be followed for updates:

https://community.simplifimoney.com/discussion/6646/new-12-20-23-manual-account-balances-not-updating-to-reflect-transactional-changes

Thanks!

-Coach Natalie

UrsulaA

I used Balance Adjustment for the first transaction/balance record instead of Opening Balance for a manual 401k I track. Then, I added subsequent balance adjustment transactions and the current balance adjusted. Hope this works for you.

Only one balance, the current one.

LH13

Even when I do that, the current

balance is unchanged, and matches the opening balance.

Any other ideas?

[edited image to reduce size]

UrsulaA

I failed to clarify that my opening balance was zero for my manual 401k and that I used balance adjustments after.

Per the support article, if one enters an opening balance that is not zero, one has to edit the opening balance for the value to change. Or, one starts with a zero opening balance and then update balance adjustment as needed (what I did).

Updating the Value of an Asset

Since Asset Accounts are tracked manually in Quicken Simplifi, you'll need to update the value of the asset manually as well. You can do so by entering a new transaction in the account that accommodates the difference in value, or you can edit the "Opening Balance" transaction to change the total of that transaction to the current value.

Please be sure to check out our Support Article here for more details on adding and editing transactions in Simplifi.

https://help.simplifimoney.com/en/articles/3469358-asset-tracking-in-quicken-simplifi

minx

I used Balance Adjustment to manually add in value for real estate from 0 to some starting balance. I am trying to show the change in value by putting in a Balance Adjustment for the difference but the value doesn't change from the first transaction that I entered. I didn't use the Opening Balance category for the first transaction. Please advise. Thanks.

PS. I tried to add an Opening Balance category of 0 a day before my first Balance Adjustment, and nothing happens. When I delete my first Balance Adjustment and then add it afterwards, my asset balance stays at 0 and doesn't adjust either. When I delete the Opening Balance transaction which was 0, it will show the balance of the first Balance Adjustment transaction, but again, it doesn't adjust when I add a monthly Balance Adjustment, but it does do what LH13 noted and decreases my prior balance by the second Balance Adjustment I put in to get it back to my projected of the original transaction.

PPS. Oh I see, when we manually add account, we should put value as 0. I don't know what support article you are referring to but the one I see, shows a video where someone puts in an actual starting value of $100,000 and it says that you can add transactions afterwards to adjust the value as one of the options. It doesn't say that the starting value when adding a manual account has to be zero for that to work.

https://help.simplifimoney.com/en/articles/3469358-asset-tracking-in-quicken-simplifi

UrsulaA

Again - if you use the opening balance to update, you must edit the opening balance transaction each time for the value to update. So when entering with an opening balance, update such for the value to change.

Or, start with a zero opening balance and then use balance adjustment transactions to change the value.

I prefer to start with a zero opening balance and use balance adjustment transactions to track the changes on the asset. Changing the opening balance does not preserve any history, just changes the balance on the date the transaction is changed.

I am referring to the support article you linked, the relevant section is below

Updating the Value of an Asset

Since Asset Accounts are tracked manually in Quicken Simplifi, you'll need to update the value of the asset manually as well. You can do so by entering a new transaction in the account that accommodates the difference in value, or you can edit the "Opening Balance" transaction to change the total of that transaction to the current value.

Please be sure to check out our Support Article here for more details on adding and editing transactions in Simplifi.

budgetj75

This is not working for me either. If I start with a 0 opening balance, and add another Balance Adjustment of +$25000 the graph still shows the value of the asset as 0, and then previous 0 balance becomes -25000.

budgetj75

It doesn't seem to matter what category I use, or whether the adjustment is + or -, the value of the asset is not being updated, and the graph retroactively calculated the start balance to be the initial transaction value.

budgetj75

The value of the asset and the graph at the current time, T(now), always shows the initial balance, B(i).

If I add a balance adjustment B(1), B(2) etc., the value now will still show B(i), but the graph will show:

T(now) : B(i)

T(now-1) : B(i) - B(2)

T(now-2) : (Bi) - B(2) - B(1)

LH13

@budgetj75, thank you for clarifying. This is the exact issue I was having and trying to ask about. Sounds like it is a bug we need to escalate.

UrsulaA

I would delete the manual account, set it up again, and start with a zero opening balance. Then, enter the balance adjustments and see what happens.

Refer to this article https://help.simplifimoney.com/en/articles/3469358-asset-tracking-in-quicken-simplifi

Also, check the bug post I linked above.

UrsulaA

@Coach Natalie - you are correct

In the meantime, entering the balance adjustment dated as of yesterday 12/18/23 seems to adjust the balance values as a workaround. I just did this with adjusting the value of my car.

DannyB

@LH13 Looking at the graph it looks like your asset value did go up by 100k. The question I have is why the original opening balance shows up (apparently) in the 350k range since your Opening Balance is 450k range?

I seem to remember I had to use "Balance Adjustment in both the Payee and Category fields when I first started adding and updating assets.

@minx I started with the value of the asset at the time I created the asset account. I have since entered a few Balance Adjustments. As you can see below the current asset value reflects these adjustments. I wonder if you deleted your current asset account completely and started over if that would help.

@budgetj75 That is strange behavior. I wonder the same for you. It might be best to delete this asset account and recreate it to see if that makes a difference.

When I saw this thread, I went to my Home asset account to test this out.

As you can see, when I added this asset almost 2 years ago, I did set my opening balance at the value current at the time. I have since made 3 Balance adjustments and find that my total current balance (upper right corner) reflects these changes.

For this manual real-estate value asset account, I don't bother with the Projected Cash Flow chart at all. Where this information becomes pertinent to me is in my overall Net Worth.

budgetj75

So this is interesting …

I created a new asset without a value (left setting at $0), which created no starting transactions (as opposed to entering an initial value during creation which adds an "Opening Balance" transaction).

I then started adding transactions, and it was getting updated correctly, including the graph. I even renamed the transactions I was adding to Opening Balance (including setting the category), and it was still working.

So this seems to have fixed to the issue: make sure you create the NEW asset with $0 value and then manually add the first valuation.

NOTE: It wasn't enough that I removed all transaction of an already created asset that originally had a starting value. It HAD to be a new asset.

jdme

I'm in my first few hours of this paid for app and this is the second issue I have found. Frustrated already.

budgetj75

Ok, well, apparently it's back to being broken. It's back to the previous behavior, which is that any balance adjustment is retroactively applied, so the asset value stays at what the value was at the first transaction. @Coach Natalie any thoughts on this issue?

If the "Balance Adjustment" transaction is in the future, the graph correctly shows that the asset value will be in increased (assuming it's positive). However, once the transaction date arrives/passes, the graph shows the original (initial) value of the asset, and historical values show the original minus the balance adjustments.

the_scottster

The trick of backdating the transaction didn't work for me; still shows original unchanged balance.

CORRECTION: it doesn't work right away. You might have to hit the update button on the left - it updated after about 10 minutes.

Coach Natalie

Hey everyone, I personally saw an issue yesterday with the balance not updating even when the transactions had a prior date; this is due to the known issue, and I believe it is also impacting connected accounts when 'pending' transactions are entered.

https://community.simplifimoney.com/discussion/6646/ongoing-12-20-23-manual-account-balances-not-updating-to-reflect-transactional-changes

Refreshing the web page, or signing out and back in, seemed to fix things right up for me and I saw the balance change reflected immediately after doing so. Please give this a try!

-Coach Natalie

budgetj75

One of the accounts I created (primary residence) "fixed" itself, but two others (vehicles) did not. So I recreated them (0 balance, add initial transaction, then updates), and they're working again. I just tried to add a fourth asset as a test, and that was exhibiting this behavior, but if I closed my browser tab and revisited the app landing page it seems to have fixed.

hwu

Wow, as a recent convert from Mint, this is a frustrating issue considering that the value of one's home constitutes a very large portion of net worth for many people. Still trying to get the suggestions above to work …