Net Worth Report: Start tracking balances on the date of opening transaction (edited)
Comments
-
I'm not sure about the importing history as a solution. It seems the real issue is that Simplifi doesn't honor transaction dates. If I create a manual account in June and enter a single $10,000 deposit dated in the previous January, that balance shows as $0 until June. The is straight up bad, incorrect, misleading accounting. A transaction has a date and that date should be honored, always. You shouldn't need a special history process to make this work. If this works as designed, then it is a bad design that leads to incorrect reporting.
2 -
I just ran another test. An asset account I created in December… I entered a transaction indicating the sale of that asset last month. The transaction date is again being ignored by the net worth report. The sale of the asset is not recognized until the date/month I entered the transaction. (So nothing to do with when the account was created.) This is unusable. There is no way to rely upon the net worth report. This is a deal breaker. I check this every day and when something looks off I investigate to see if there were erroneous or unexpected transactions or a large gain or loss on investments. If this is not fixed soon, I'll switch to one of the other Mint replacements just like everyone else is doing. This rocks my faith in the whole software package because I don't think the developers understand basic accounting principles.
3 -
@UghJustLetMeReadNow I've been waiting for Simplifi to realize how ridiculous their current net worth solution is for months now. I too am about to give up and move on.
It goes without saying that accounting software should use the transaction dates in calculating a dynamic net worth over time. Instead, what they appear to be doing is running a nightly job that calculates today's value and then storing that forever - it will never change.
2 -
How has this issue not gotten more visibility? The Net Worth report is essentially useless unless you can edit a liability to show up before it was actually added to the software. How many people are going to enter all of their loan balances to the platform on the first day they start using it?
4 -
It boggles the mind how anyone at Simplifi signed off on this behavior being an acceptable compromise.
2 -
I used Quicken for over 30 years before starting with Simplify and was able to create Net Worth reports for all previous transactions. It is surprising that Simplifi has not added this feature. This is an important feature for anyone using this type of software and should be added to Simplifi as soon as possible. I am certain that many Simplify users will consider switching to competing products if this issue is not fixed.
1 -
P.S. I also think reports and charts in general should be improved to provide more flexibility, better customization and ability to print.
2 -
This is really frustrating. Even if I import everything into Simplifi right away, I ran into this issue after accidentally overwriting an asset and then recreating it. It would be much more reliable if historical transactions were properly reflected in net worth and market value calculations, rather than just pulling snapshots of the current value after account creation. That said, the 'import history' feature does help.
1 -
PLEASE fix the Net Worth Report to honor actual transaction dates. Recently, I transferred accounts from one bank to another. While waiting for the transfer to occur, the net worth report shows a sudden drop in value for a few days. In another case, I decided to include an account or asset in the reporting that I had previously neglected. In order to show accurate information, I need it to report the asset from when it was acquired, not when I added it to Simplifi. This is a really basic, fundamental, and important feature to add asap.
2 -
I upvoted this as well. It would just apply to my personal property. Of course, I think one can now import historical values as I did for my Zillow account, but it is clumsy and involves guesswork.
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 2009
MS Money (1991-2009) and Dollars & Sense (1987-1991)1 -
The amount of time I have to spend manually fixing my account balances, combined with the amount of time I have to troubleshoot connections to Vanguard, is at this point CLEARLY more time than I would spend manually updating my accounts in a spreadsheet. PLEASE FIX THIS.
2 -
Leaving my 2 cents as well, the report ignores transaction dates and just makes it a fixed point in time, which is no good.
2 -
I rely heavily on the net worth report for my own personal accounting. However, when I accidentally deleted a real estate account I discovered I had no simple way to restore the net worth data that I had lost. This is because the app calculates balances from the day they were entered into the app and NOT on the date of the balance transaction.
As someone who otherwise loves the app, this is a confusing and frustrating product experience. Fortunately, there is a workaround with a csv import:
- Go to whichever account needs to be updated
- Select Import
- Select Import Historical Balance
- Upload your csv file—this will backfill your historical balance data
Quicken team, please prioritize updating the product behavior here to be more intuitive!
1 -
echoing all these comments. I tried linking my house to the Zillow page as Simplifi suggested, and now Simplifi thinks I newly acquired my house now - and thus excludes the value of that asset from all historical net worth reports. Super unhelpful and disappointing as others have explained.
2 -
There is a workaround - create a csv that has date and asset value. Import the CSV and it'll backfill the account.
I was able to fix my rental property (not connected to zillow) that way. It now shows the value when I bought it all the way till when I added it to Simplifi (today) and my net worth is correct.
Follow this approach: https://support.simplifi.quicken.com/en/articles/8912157-how-to-import-account-balance-history1 -
[removed - accuracy]
Simplifi doesn't sum numbers correctly. Let's say that again: This is accounting software that doesn't properly sum values.
It's mystifying that a company as large as Quicken hasn't prioritized fixing this bug.
A workaround is not a fix.0 -
Bumping this yet again in the hope that one day my accounting software will properly sum numbers for this report.
1
