Bank of America - Master Relationship Account

I do not fully understand about your account set up, but I have a similar problem with Banc of America Securities. I do NOT use (praise the lord!) Quicken for investment matters, but in the software I do use, I see the same "matching" transactions for buys, sells, dividends, etc. For some reason there are three, or more, plus/minus entries for "one" transaction. I guess that it is BofA's internal bookwork showing up: a dividend declaration, the cash deposited, the cash moved to the MMF and then a purchase of the MMF shares .... and god knows what else. It took me time to figure out which entries to keep (you, after all, need just one!) and ignore the rest, which, luckily, my (intelligently designed) software allows and simply dumps all the "unaccepted" transactions into its black hole.

Maybe, your problem is similar. Try to track the balancing, self cancelling transactions and identify the the ones that matter.

Hope this helps.

jg

Hi JG

Thanks for the replay. I think I have figured everything out - not that I like the answer. With my MRA I have tied my checking with my brokerage. I also had made an election to sweep my funds from checking into my brokerage MMF. Bank of America / Banc of America reports it as follows:

Checking (Bank of America)

No entry for sweep. Available funds include any funds that have not be invested on the brokerage side in the MMF PLUS the value of my sweep MMF. Therefore, to look at it simply - the available funds therefore must be adjusted downward to get to the cash balance in my checking. So if I have $100.00 in checking (non MMF) and $500 in Sweep MMF, Bank of America shows online that I have $600.00 and reports to me that I have $600.00 when I download. Therefore I can't reconcile to their number as reported as so I need to resort to "paper recon" and figure out my balance.

Brokerage (Banc of America)

As far as I am concerned, this is being handled okay. I have a transfer from Checking (a one-sided transfer mind you!!! As they don't show it on the checking side) that is invested in the sweep fund. Same holds true when the sell the MMF and transfer the money back to the checking account. My sweep account balance is reported to me okay. Using the above numbers, I would see 500 shares @ $1.00 in my MMF.

What I am doing...

If I look at these accounts separately, they report that I have $500 more then I ready do - showing up on the Banking side.

I will not see my first statement under the MRA until December. So for right now, I take the transfer in the brokerage account the offset to the checking account. Basically, this means my Checking account should pretty much balance to ZERO if I ignore some timing differences (like the numbers I originally reported).

I can avoid some of this by having them pay interest on my checking verses the MMF sweep I signed up for. I could avoid all of this be delinking my checking account from the MRA. However, one objective was to avoid DIRECT CONNECT fees for downloading into Quicken on the banking side and I don't know if I do the second options if I would negate what I was originally trying to accomplish.

I can live this for now.

Again, thanks for your insight.

Oilcan

-----Orig>I have been working on consolidating my finances and recently completed

I do not fully understand about your account set up, but I have a similar problem with Banc of America Securities. I do NOT use (praise the lord!) Quicken for investment matters, but in the software I do use, I see the same "matching" transactions for buys, sells, dividends, etc. For some reason there are three, or more, plus/minus entries for "one" transaction. I guess that it is BofA's internal bookwork showing up: a dividend declaration, the cash deposited, the cash moved to the MMF and then a purchase of the MMF shares .... and god knows what else. It took me time to figure out which entries to keep (you, after all, need just one!) and ignore the rest, which, luckily, my (intelligently designed) software allows and simply dumps all the "unaccepted" transactions into its black hole.

Maybe, your problem is similar. Try to track the balancing, self cancelling transactions and identify the the ones that matter.

Hope this helps.

jg

Good! I came to the same thing vis a vis reconciliation -- some hand work is required, but it is not onerous and things work. I think that it is the best we can do.

No problem.

jg