Possible to change sweep account

Have been using money for years and works great for my investments.  Only 
problem I have is that the sweep accounts for my interest are not correct.

1) How do I change this?
2) Any way to export my current positions (by account) and just start over.  
Not sure if archiving is the way to go.

thanks
0
gb11 (10)
1/9/2005 8:07:02 PM
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In microsoft.public.money, gb1 wrote:

>Have been using money for years and works great for my investments.  Only 
>problem I have is that the sweep accounts for my interest are not correct.

There is more than one good way to handle sweep account
transactions.

I assume you are downloading. Care to name the broker? Does it start
with F?


>
>1) How do I change this?

What is happening, and what is the problem with that?

>2) Any way to export my current positions (by account) and just start over.  
>Not sure if archiving is the way to go.

0
via_newsgroup (13114)
1/9/2005 9:15:54 PM
"Cal Learner-- MVP" wrote:

> In microsoft.public.money, gb1 wrote:
> 
> >Have been using money for years and works great for my investments.  Only 
> >problem I have is that the sweep accounts for my interest are not correct.
> 
> There is more than one good way to handle sweep account
> transactions.
> 
> I assume you are downloading. Care to name the broker? Does it start
> with F?
> 

YES Fidelity

> 
> >
> >1) How do I change this?
> 
> What is happening, and what is the problem with that?

If I sell a security funds go into the cash account in Money.  Fidelity 
however transfers these funds to your "core account"  Fidelity creates just 
one xaction (a sell for the security).  When downloading this to money 
proceeds from the sale go to the cash account.

Even worse when you buy as Fidelity takes the money from the core account.  
Money records this as coming from the Cash account.

Dividends / Interest have the same issues.
Only way around this I know is to manually add transactions into money.

> 
> >2) Any way to export my current positions (by account) and just start over.  
> >Not sure if archiving is the way to go.
> 
> 
0
gb11 (10)
1/10/2005 1:25:03 AM
In microsoft.public.money, gb1 wrote:

>
>If I sell a security funds go into the cash account in Money.  Fidelity 
>however transfers these funds to your "core account"  Fidelity creates just 
>one xaction (a sell for the security).  When downloading this to money 
>proceeds from the sale go to the cash account.
>
>Even worse when you buy as Fidelity takes the money from the core account.  
>Money records this as coming from the Cash account.
>
>Dividends / Interest have the same issues.
>Only way around this I know is to manually add transactions into money.

This is a try on a writeup handling the Money Market sweep accounts
in Fidelity.  Corrections or suggestions are solicited.
   ---------------------------------------------------

Fidelity Investments does a pretty good job on Direct Download of
OFX to Microsoft Money.  The server is quick and reliable.  There
is one potential quirk, however.

When you have free cash in your account it is usual to have it
swept into a money market fund (MMF), called your core account by
Fidelity.  There is more than one proper way for a financial
institution to handle this swept money:

1.  Download Buy, Sell, Dividend/ReinvestDividend transactions into
the OFX transactions.  Then normally the cash balance will indicate
zero in Money, except when some transaction is waiting to clear.
The shares in the MMF will represent available funds.

2.  Do not download the swept MMF transactions.  Let the Cash
Transactions balance reflect the sweep MMF balance also.  Do not
download MMF position data.  This method is described in 13.5.2 of
the OFX specs.  It is not prescribed how the interest/dividend
information should be entered.  A deposit transaction seems best,
although an Interest transaction seems reasonable.

Fidelity does a hybrid in some cases.  They do not download Buy or
Sell transactions, but they may present position data.  Money would
offer to adjust the balance of the MMF holding with an AddShares or
RemoveShares.  If you let that happen, the funds are double-counted:
once as cash, and once as MMF shares.

To deal with this, there is more than one way that seems useful:

1.  Do not let Money do the adjustment.  If you let one slip by,
delete or void that transaction.

2.  Let Money create the adjustment.  Then manually change each
AddShares into a Buy, and change each RemoveShares into a Sell.
That will cause the cash balance to adjust accordingly.

   ----------------------------------------------------------------

Does this describes what you see?

Do the potential ways of dealing with it seem workable?:



0
via_newsgroup (13114)
1/10/2005 1:40:27 AM
Seems like there should be a better way for 
money to handle automatic downloads from Fidelty (or other
brokers that use a sweep money market account).

Simplest, albeit not painfree, alternative is to
1) only do manual downloads, and
2) treat the money cash account as the Fidelity core account

gary


"Cal Learner-- MVP" wrote:

> In microsoft.public.money, gb1 wrote:
> 
> >
> >If I sell a security funds go into the cash account in Money.  Fidelity 
> >however transfers these funds to your "core account"  Fidelity creates just 
> >one xaction (a sell for the security).  When downloading this to money 
> >proceeds from the sale go to the cash account.
> >
> >Even worse when you buy as Fidelity takes the money from the core account.  
> >Money records this as coming from the Cash account.
> >
> >Dividends / Interest have the same issues.
> >Only way around this I know is to manually add transactions into money.
> 
> This is a try on a writeup handling the Money Market sweep accounts
> in Fidelity.  Corrections or suggestions are solicited.
>    ---------------------------------------------------
> 
> Fidelity Investments does a pretty good job on Direct Download of
> OFX to Microsoft Money.  The server is quick and reliable.  There
> is one potential quirk, however.
> 
> When you have free cash in your account it is usual to have it
> swept into a money market fund (MMF), called your core account by
> Fidelity.  There is more than one proper way for a financial
> institution to handle this swept money:
> 
> 1.  Download Buy, Sell, Dividend/ReinvestDividend transactions into
> the OFX transactions.  Then normally the cash balance will indicate
> zero in Money, except when some transaction is waiting to clear.
> The shares in the MMF will represent available funds.
> 
> 2.  Do not download the swept MMF transactions.  Let the Cash
> Transactions balance reflect the sweep MMF balance also.  Do not
> download MMF position data.  This method is described in 13.5.2 of
> the OFX specs.  It is not prescribed how the interest/dividend
> information should be entered.  A deposit transaction seems best,
> although an Interest transaction seems reasonable.
> 
> Fidelity does a hybrid in some cases.  They do not download Buy or
> Sell transactions, but they may present position data.  Money would
> offer to adjust the balance of the MMF holding with an AddShares or
> RemoveShares.  If you let that happen, the funds are double-counted:
> once as cash, and once as MMF shares.
> 
> To deal with this, there is more than one way that seems useful:
> 
> 1.  Do not let Money do the adjustment.  If you let one slip by,
> delete or void that transaction.
> 
> 2.  Let Money create the adjustment.  Then manually change each
> AddShares into a Buy, and change each RemoveShares into a Sell.
> That will cause the cash balance to adjust accordingly.
> 
>    ----------------------------------------------------------------
> 
> Does this describes what you see?
> 
> Do the potential ways of dealing with it seem workable?:
> 
> 
> 
> 
0
gb11 (10)
1/10/2005 2:19:02 AM
I've been doing manual data entry and treating the Money cash account as the 
Fidelity core account for years now. I dare say it has been less painful 
that what people who try to download transaction data experience.

"gb1" <gb1@discussions.microsoft.com> wrote in message 
news:E8ABFCBC-BC40-4AEF-A093-BEDFCC0D872F@microsoft.com...
> Simplest, albeit not painfree, alternative is to
> 1) only do manual downloads, and
> 2) treat the money cash account as the Fidelity core account 


0
1/10/2005 2:36:51 AM
In microsoft.public.money, gb1 wrote:

>Seems like there should be a better way for 
>money to handle automatic downloads from Fidelty (or other
>brokers that use a sweep money market account).

Money does handle sweep accounts from brokers fine. For Fidelity it
works fine if your sweep is not FCASH. Fidelity could solve this for
FCASH users at their end by handling it one of the ways the OFX spec
specifies.

In some cases you can change your sweep option to something other
than FCASH at Fidelity. e.g., in an IRA.


>
>Simplest, albeit not painfree, alternative is to
>1) only do manual downloads, and

Not for me, but some purists think so.

>2) treat the money cash account as the Fidelity core account

That works.

0
via_newsgroup (13114)
1/10/2005 3:09:14 AM
Not a gripe against money but as money users we see the problem as money 
related - not fidelity or broker x.  I would just like to have "internet 
updates"  work and have accurate account balances.

While on the wish list subject I will post a separate question about 
archiving.

How do you change the sweep account btw?

re: 
> In some cases you can change your sweep option to something other
> than FCASH at Fidelity. e.g., in an IRA.


"Cal Learner-- MVP" wrote:

> In microsoft.public.money, gb1 wrote:
> 
> >Seems like there should be a better way for 
> >money to handle automatic downloads from Fidelty (or other
> >brokers that use a sweep money market account).
> 
> Money does handle sweep accounts from brokers fine. For Fidelity it
> works fine if your sweep is not FCASH. Fidelity could solve this for
> FCASH users at their end by handling it one of the ways the OFX spec
> specifies.
> 
> In some cases you can change your sweep option to something other
> than FCASH at Fidelity. e.g., in an IRA.
> 
> 
> >
> >Simplest, albeit not painfree, alternative is to
> >1) only do manual downloads, and
> 
> Not for me, but some purists think so.
> 
> >2) treat the money cash account as the Fidelity core account
> 
> That works.
> 
> 

0
gb11 (10)
1/10/2005 5:13:02 AM
In microsoft.public.money, gb1 wrote:

>Not a gripe against money but as money users we see the problem as money 
>related - not fidelity or broker x.  I would just like to have "internet 
>updates"  work and have accurate account balances.
>
>While on the wish list subject I will post a separate question about 
>archiving.
>
>How do you change the sweep account btw?

I don't know. You may have to call. This search should be of
interest , as it were.... 

http://www.google.com/search?hl=en&lr=&q=fdrxx+%22cash+account%22+OR+%22core+account%22+&btnG=Search
0
via_newsgroup (13114)
1/10/2005 5:32:13 AM
Reply:

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