Re: Another One Step Update Error - TD Ameritrade (Schwab)

On Tuesday, September 5, 2023 at 12:42:04 PM UTC-5, John Pollard wrote:
> On Tuesday, September 5, 2023 at 10:37:01 AM UTC-5, Ken Blake wrote: 
> 
> > Here I am again, asking for help again. I'm not getting it to work. 
> > 
> > All four of my TD Ameritrade accounts now exist on the Schwab web 
> > site, with correct information on their contents. I have all their new 
> > Schwab account numbers and I have the correct user IDs and password. 
> > Three of the accounts are sort of lumped together and I can access all 
> > three of them when I log into one. The fourth account is my wife's 
> > IRA and I have to log into that separately with her user ID and 
> > password. 
> > 
> > So all seems fine on the Schwab web site. But I can't get it to work 
> > correctly in Quicken. This is what I've done: 
> > 
> > I went to Quicken Accounts, and clicked Add Account. It asked for an 
> > institution and I select Schwab. It has me sign into Schwab and 
> > authorize it to let Quicken access my accounts. I did. 
> > 
> > ** It then says "Your accounts have been authorized successfully!" and 
> > brought me back to Quicken where it shows me all three of my accounts. 
> > One of them looks fine, but under "Nickname in Quicken" the other two 
> > have the names of unrelated accounts at other institutions (I don't 
> > think the nickname issue is related to my problem, but I thought I 
> > would mention it just in case).

> Good thing you mentioned it because that is definitely related to your problem. 
> 
> You can NOT rely on Quicken to correctly match the accounts found in the 
> Add Account process. 
> 
> When you see an incorrect "Nickname" for a downloaded account, that's a 
> sure sign that Quicken matched the downloaded account to the wrong 
> existing Quicken account. 
> 
> One way or the other, you need to get back to the place you were when you 
> initiated the first Add Account process for Schwab. 
> 
> The simplest way would be to restore a backup from just before that event. 
> Alternatively, you'd probably have to deactivate, at least the incorrectly 
> linked Schwab accounts ... and perhaps all the Schwab accounts. 
> 
> Then initiate the Add Account process again and check each "Link" that 
> Quicken offers to insure the link is to the correct existing Quicken account.

I forgot to mention:
I think it best to refrain from activating new accounts that are transfers from 
another brokerage until "Transferring" the Quicken holdings from the old 
Brokerage to the new Brokerage - using the "Shares transferred between accounts" 
pseudo-transaction.

Then when you activate the new Brokerage accounts, plan to ignore/delete any 
transactions downloaded by the new Broker that attempt to establish your new 
holdings: those transactions will almost certainly NOT contain the correct cost 
basis for your holdings - while the "Shares transferred between accounts" transaction 
will preserve each lot from the old brokerage in the new brokerage ... with the correct
cost basis.