Did your Schwab accounts reconcile on yesterday, but now the money market on almost every account fails to reconcile?
This “problem” happens when the last day of the month falls on the weekend or a holiday.
Here’s what happens: Schwab pays money market dividends with a trade date of the last day of the month (e.g. 12/31/2016 which was Saturday). However, their position file includes the dollar amount of these dividends as of the last business day (e.g. 12/30/2016, which was Friday).
To resolve this “problem”, before running the 12/30/2016 Share reconciliation report, change the AS OF date on the report settings to 12/31/2016.
