Wealthfront cash acc "categories" aren't imported

joshpfosi

Hi folks,

I use Wealthfront's HYSA to park cash for big expenses (e.g. estimated taxes) with a relatively short time horizon. In order to prevent over spending, I'm leveraging Wealthfront's "categories" feature: https://support.wealthfront.com/hc/en-us/articles/360059000652-Categories.

As these do not create a new bank account, Simplifi (expectedly) doesn't see them. However, it does sync a dummy transaction which throws off the cash account balance. To solve this I tried creating a manual account corresponding to the category, and delete the dummy transaction, instead creating a "Transfer" transaction to that account. Strangely, the manual account balance is accurate (matches the amount I transferred), but the Cash account retains the original balance. It is as if Simplifi is adding a hidden "Balance Adjustment" to keep the value of the sync'd account consistent. Is this a bug? I guess I could add an explicit Balance Adjustment transaction? Is that the right approach?

Coach Jon

Hello @joshpfosi,

Thank you for reaching out to the community! To get a better picture of what you are trying to do in Quicken Simplifi, could you let us know how your account and this "categories" feature are set up on your bank's website? As well as what end goal you have for Quicken Simplifi regarding this account? Maybe attach a screenshot for better clarification.

For Quicken Simplifi, connected account balances are designed to always stay in line with the balance provided by the bank. This is most likely the "hidden balance adjustment" you're referring to. Therefore, entering a manual balance adjustment, or a manual transaction of any kind, would not impact the balance either. The only exception would be if the manual transaction is "pending" in Quicken Simplifi and you have the 'Balance With Pending' setting enabled for the account. Our article here has more details on how balances work in Quicken Simplifi: https://help.simplifimoney.com/en/articles/4202003-how-to-resolve-balance-discrepancies

Thanks,

Coach Jon

joshpfosi

Hi, I've included a link to Wealthfront's categories feature in my OP which explains it better than I could. Basically, I have X dollars saved for estimated taxes paid over 2024, as well as a personal loan I pay back in 5 installments throughout 2024. I want to ensure I don't spend that money, so I use the categories on Wealthfront side to "bucket" the total X into A dollars for "Taxes", B dollars for "loan" and C dollars for "Wedding" and D dollars for "emergency fund", etc. I want these buckets to be reflected on Simplifi side.

Coach Jon

Hello @joshpfosi,

Thanks for the reply! Unfortunately, we do not currently support "buckets" as they are not actual accounts. However, we do have a great Idea Post related to what you want in Quicken Simplifi here that you can vote for!

https://community.simplifimoney.com/discussion/1187/mirror-savings-buckets-that-are-enabled-at-the-bank-level-in-simplifi-edited

Thanks,

Coach Jon

joshpfosi

Ahh, I see I can just use "Savings Goals" for this. Great!