I upgraded to PortfolioCenter 5.5 and found a bug on my second day using it. I’m slipping. I found a bug on my first day using 5.4. Fortunately, this problem is easy to workaround until there is a fix.
One of the daily time-saving improvements in PortfolioCenter 5.5 is the enhanced name and address file which streamlines updates for client account information.
The enhanced Schwab Name and Address file includes new client contact fields such as account type, phone, and e-mail, for newly created portfolios. The file also improves the update process for your existing portfolios by comparing the current file with the previous day’s, providing details on what was changed, and letting you select which updates to post.
Among the 5.5 client field improvements: PortfolioCenter fills in the Account Type field for new accounts — except it doesn’t. Unfortunately, PortfolioCenter is grabbing the wrong field. So instead of “IRA Rollover”, the Account Type displays “RO”. Once fixed, this will be a great feature, removing the necessity to find this information when creating new accounts. In the meantime, it’s simple to type over the field with the correct information.
The friendly folks in Raleigh are aware of this problem and a fix should be coming soon. Here are the codes I have seen so far:
- ATBE – Ten by Entirety
- CO = IRA Contrib
- CP = Common Property
- IN = Individual
- JT = Joint Ten
- RH – Roth Contrib
- RO = IRA Rollover
- RV = Roth Conversion
PS. Performance Technologies is also aware that the client contact fields are ALL CAPS. That problem will also be fixed soon.
PortfolioCenter® by Schwab Performance Technologies is a Windows®-based data management and reporting software application.