Since PortfolioCenter 5.5 improved the ability to track client account details, you may have seen the above screen and wondered what to do with it.
The short answer is: do not post it.
You may run into this suggested “update” when posting account detail changes from the Schwab Interface into PortfolioCenter. For brand new accounts PortfolioCenter pulls the default cash account from the Schwab file into the “Default Account” field.
But the next day the “Default Account” is blank. PortfolioCenter interprets the blank as a change and produces an “update” to change the Default Account to CASH.
On the third day you may see an “update” to change the Default Account from CASH back to the actual default.
How to Handle it
The best practice is to ignore the update. You may do this by not posting the entire update message. Or by unchecking the update box next to CASH and posting the rest of the updates.
You’ll receive a warning message like the screen below the next day. You can click ignore this and click “Yes” to proceed.
What if it’s too late
So what if you’ve been posting these updates?
You may have accounts with cash balances under several different symbols in PortfolioCenter. As long as the total cash balance reconciles with Schwab, you will may never notice a problem — until you run reports. Then multiple positive and negative cash balances will appear on your Holdings reports and may confuse your clients.
To check find the affected accounts, run the global Money balances report. Then either change the cash symbols on the affected transactions, or use a money transfer to consolidate account balances.[button link=”http://www.krisan.com/get-started/” window=”yes”]Need help?[/button]