What dates are used in the Net Worth Report?
Simplifi's Net Worth Report shows values by month, such as Mar 2024 and Apr 2024, but I don't see an actual date anywhere. What day of the month is being used for these values? For a specific example, are the values shown for "Apr 2024" based on April 1st or April 30th? Or is it some kind of mix? (I hope it's not a mix.)
Clarifying this on the page could be a new feature, though it would be a very minor one.
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Hi @Neubadger
I'm responding as a fellow user, but I believe the monthly net worth numbers for previous months are as of the last day of the month, i.e. December 31, January 31, February 28 (29), March 31, April 30 - and the current month, in this case May, as of the current day of the month. I haven't paid attention to this, but I suspect today's net worth will be updated whenever QS is refreshed during the day.
One of the coaches may have a more definitive answer to this.
Danny
Simplifi user since 01/22
”Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer1 -
@Neubadger, ahh I see — thanks for the additional insight!
Since you can't backdate an account balance in the Net Worth Report by backdating a transaction, it sounds like everything is working as expected. If you want to change the value of the account on a specific day, you'll want to either enter the balance adjustment transaction on that day or import Account Balance History to overwrite the data from when the transaction was actually entered.
Here's a related Idea post:
I hope this helps!
-Coach Natalie
-Coach Natalie
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@Neubadger, thanks for posting your inquiry to the Community!
When viewing the Net Worth Report by month, it looks like Danny is correct and the amounts are derived from the last day of the month, or the current day when looking at the current month. I was able to determine this by filtering my Report to a single month so I could see a per-day breakdown. When hovering over the graph for April 30th, the amount for that day matches the totals for that Month —
I think the best way to confirm this for you would be to filter the Net Worth Report to a Date Range that's no more than a single month so you can see the daily breakdown in the graph.
Let us know what you find!
-Coach Natalie
-Coach Natalie
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Thanks for the replies! Good (educated) guess on DannyB's part, and a verification and solid explanation from Coach Natalie. This helped me narrow down the source of my confusion, which is basically a whole separate issue.
I came from Mint, where an estimated value of my condo was included in net worth through Zillow. I know that feature is being worked on at Simplifi. For now, I've been using a manual account for this purpose. I successfully imported an account balance history. On 5/9, I added a transaction for 4/29 to adjust the balance of this manual account, so it would change the value for the April net worth estimate. When the April net worth was unaffected, I posted this question because I thought maybe a date other than 4/30 was being used for net worth.
As seen in the composite image above, the transaction shows up on 4/29, but the condo value doesn't change until 5/9. Is this a known issue that I should be merged with? Should I create a new post? I did find this Bug Report, but I'm not sure whether this is the same issue.
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@Neubadger, I'm glad to hear we were able to help narrow things down for you!
To clarify, was the actual balance of the account in the Accounts List behind on being updated, or is it just the Net Worth Report that was delayed in reporting that change — do you by chance know? You might consider importing Account Balance History for April and May for that account to see if doing so corrects the Net Worth Report. I'd suggest doing this using our template, which is available in Quicken Simplifi while following the steps listed here:
Let us know how it goes!
-Coach Natalie
-Coach Natalie
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I don't think I understand your question. Where in Simplifi other than the Net Worth Report can I see a historical balance of this account? The Dashboard Account list shows today's balance, but I don't know how to see the balance on any other days.
Your suggestion to import account balance history makes sense as a solution for my case, since the balance of this account is something I'm only using for Net Worth estimations. That should work, so long as I delete the "balance adjustment" transaction I created. But why wouldn't a transaction on the account also work?
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@Neubadger, thanks for the reply!
To clarify, the Net Worth Report derives its history from account balances. I'm asking if you know whether the actual balance for the account in the Accounts List was delayed in updating (this would also cause the Net Worth Report to be delayed as expected), or if the delay is just in the Net Worth Report. The only way you'd know the answer to this question is if you monitored the balance in the Accounts List during that time, or if you perhaps confirmed that the account balance was updated right away when you entered the transaction on 4/29.
When it comes to importing Account Balance History, this won't impact your actual account balance at all, just the Net Worth Report as outlined in our support article:
You should be able to do this by using our template, putting a date of 4/29/24 and a value of $374,400, and then importing that into Quicken Simplifi. You can leave all of your transactions as-is, but this should get that increased value moved back to the correct date of 4/29 in the Report.
I hope this helps clarify!
-Coach Natalie
-Coach Natalie
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I see. On 5/9, I created a "balance adjustment" transaction and set the date of that transaction to 4/29. On 5/9, yes, the condo value adjusted right away on the Dashboard Account list, but I obviously never had an opportunity to see this happen on 4/29.
Using the "this month" view as you suggested, I showed above that the Net Worth Report is only accounting for the transaction as if it had occurred on 5/9 rather than on 4/29. Is this expected behavior?
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