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New brokerage account won't download correct cost basis or lot identification

Unknown
Unknown Member
edited June 2019 in Investing (Windows)

I recently upgraded from Quicken Deluxe 2011 to 2014. All of my accounts and data downloaded correctly. I switched my brokerage account from UBS to Morgan Stanley and added Morgan Stanley as a new account in Quicken. All of my securities, shares owned and current values showed up but not the correct cost basis or lot identification. Quicken has used the date I opened the new account as the date I bought the securities so now I can't track anything in that account. Is this a Quicken problem or Morgan Stanley?

Comments

  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    edited March 2017

    Sounds like a Morgan Stanley issue to me. Quicken can only use the data that Morgan Stanley provides. What do you see if you log on to your account with them online?
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018

    "Is this a Quicken problem or Morgan Stanley?"


    I would say neither. Quicken can only work with the data provided by you or through the brokerage. MS may not have the lot details or costs or they may not be prepared to include that information in the download process. It would not normally be included in that process.


    Your most effective path is likely to be through Quicken's Shares Transferred between Accounts function. Back up your data file first.
  • Howard Roark
    Howard Roark Member ✭✭✭✭
    edited May 2018

    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]
  • Unknown
    Unknown Member
    edited July 2016
    bmciance said:


    Sounds like a Morgan Stanley issue to me. Quicken can only use the data that Morgan Stanley provides. What do you see if you log on to your account with them online?

    When I log on to my Morgan Stanley account all of the correct cost basis and lots are there.
  • Unknown
    Unknown Member
    edited July 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    I didn't know about that.  I just added the account and all of the securities were added.  I see what you mean though.  I'm just now sure how to do that.  Do I delete the new account and start over?
  • Unknown
    Unknown Member
    edited July 2016
    q.lurker said:


    "Is this a Quicken problem or Morgan Stanley?"


    I would say neither. Quicken can only work with the data provided by you or through the brokerage. MS may not have the lot details or costs or they may not be prepared to include that information in the download process. It would not normally be included in that process.


    Your most effective path is likely to be through Quicken's Shares Transferred between Accounts function. Back up your data file first.

    Thank you.  I didn't know about the Transferring Between Accounts.  I will try that.
  • Unknown
    Unknown Member
    edited July 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    Or should I go back to the file before I added MS?
  • Howard Roark
    Howard Roark Member ✭✭✭✭
    edited August 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    You don't have to use "Shares transferred ...".
    It uses "Remove shares" to remove your holdings from the old account. You can do that manually. It uses "Shares Added" to add the holdings to the new account. I assume your new broker downloaded Shares Added transactions. You can modify those downloaded transactions to have the correct cost and date acquired.

    If your holdings consist of many lots making manual modification too much work: you can revert to a backup from before the download, or you could delete all the downloaded Shares Added transactions from the new account - then use "Shares transferred ...".
  • Unknown
    Unknown Member
    edited July 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    Yes the old account downloaded "shares removed" and asked me to accept (haven't accepted yet).  The new account did not ask me to accept the "shares added" transactions--it just put them in the register. Yes there are too many holdings and lots to do it manually.  I will try to delete the transactions and then use the "shares transferred" method.  Thank you.
  • Howard Roark
    Howard Roark Member ✭✭✭✭
    edited August 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    You can use the Banking > Transactions report to delete multiple investment account transactions with one click.
    Customize the report to exclude as many transactions as possible while still including the ones you want to delete.
    Select the transactions to delete as you would select multiple files in Windows Explorer.
    Click the Edit button in the report (not in the Quicken menu). Select "Delete transaction(s)".
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited December 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    As I stated before, backup first.

    You should be able to delete any Removed Shares transactions in the old account bringing that account's holding back into the position immediately before the change.  
    Then you can execute the Shares Transferred function.  Note that the function will not transfer cash or short positions.  
    You can use either the existing MS account in Quicken or a new account - your call.  
    If using the existing account, after the transfer has executed, you can delete the redundant transactions (the Add shares from the MS download), check the results, and move forward.
    If using a new MS account and the info looks good, delete the old account, set up the download data, and make the new connection.  Delete any redundant Shares Added transactions that come forth from MS.  

    Reverting to a backup and starting from scratch is equally valid.
  • Unknown
    Unknown Member
    edited July 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    Thank you all so much. I deleted the shares added in the new account then transferred the shares from the old account. In the old account the shares removed became matches and I accepted the matches. Then I transferred the cash. All looks good now. I have another Quicken question. Do I need to start a new post or can I ask it here?
  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    edited December 2016


    Your new broker either does not have the cost basis for your transferred securities, or they did not download it.


    But you should have used Quicken's "Shares transferred between accounts" to transfer your holdings from the old Quicken account to the new Quicken account. Quicken will transfer the correct cost basis for each lot you hold. Then when you download from the new broker, you just "Match" the downloaded transactions to the ones already in your new Quicken account.


    [And the transactions for your transfer of holdings should be dated on the date the transfer occurred. To take care of the date the holdings were "acquired", Quicken's "Shares Added" transaction (the one used in "Shares transferred between accounts) has a separate field for "Date acquired".]

    If it is on a different subject please create a new post.
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