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downloaded BoughtX and SoldX transactions accepted as Bought and Sold

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
Quicken for Windows 2015. Transactions are downloaded correctly as BoughtX. When I accept them, they are accepted as Bought. I must then change them back to BoughtX and put in the Xfer account. The same is true for SoldX.

What must I do to get them to be accepted correctly?

Comments

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    Are you automatically adding the transactions to the investment account transaction list (an Edit -- Preferences setting)?  If so, I suspect that is the underlying issue.  When the transaction gets sent by the brokerage they do not know the Xfer account, and Quicken will not assume the Xfer account, so instead that part gets dropped making is a non-transfer transaction.  

    If you do not have the auto entry set to apply, then when you process the transaction (review and accept), you will have the chance to identify the Xfer account.  

    If you do not currently have that auto-entry set to on, then something else may be in play.  I would want to know how you know these are sent as Xfer transactions and how they are first appearing as non-xfer transactions.
  • Unknown
    Unknown Member
    edited May 2018
    I'm not adding automatically.

    The transactions show with the X down in the "downloaded transactions" queue. If I select the transaction to accept it, it still shows up correctly in the register with the X. But as soon as I accept it, it changes to without the X in the transaction that is recorded in the register.

    The Xfer Account is back to the same Quicken account, but apparently, Quicken doesn't know or assume that. So I think if I just fill in the Xfer Account and say "Accept", it should work. I can't test it yet because at the moment I do not have any transactions to accept in the queue.

    I'm betting this will work Thank you.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited December 2016

    I'm not adding automatically.

    The transactions show with the X down in the "downloaded transactions" queue. If I select the transaction to accept it, it still shows up correctly in the register with the X. But as soon as I accept it, it changes to without the X in the transaction that is recorded in the register.

    The Xfer Account is back to the same Quicken account, but apparently, Quicken doesn't know or assume that. So I think if I just fill in the Xfer Account and say "Accept", it should work. I can't test it yet because at the moment I do not have any transactions to accept in the queue.

    I'm betting this will work Thank you.

    The Xfer Account is back to the same Quicken account, ... 
    Then how is that a transfer?  If the proceeds from the sale or resources for the purchase are involving the same account, then there should be no 'X'.  It should be a Bought or a Sold.  

    If you force it to be a transfer back to the same account, then that is a specialized circumstance where the cash balance in the account will NOT be affected in Quicken.  Cash will not be used for a purchase nor will cash be increased by the sale proceeds.  That is rarely (I'd say never but someone will identify the exception) the right application.  It is the sort of transaction Quicken creates and uses for original Opening balance transactions where effectively the cash materializes out of thin air.  

    IMO from what you have said, you should be accepting that these are correctly Bought and Sold transactions and not BoughtX and SoldX.  I am not sure why the brokerage is sending them as transfers.  I do not always trust such choice made by the brokerage.  
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    By any chance do you have a "Linked Checking Account" associated with the brokerage account in question?  That is, are cash transactions in the bkr account shown in the bkr account ... or in the "Linked Checking Account"?
    IF you do indeed have an LCA (as I do) then the cash txn ARE properly Bought/Sold-X type transactions ... as the cash is coming from the LCA, not the Brokerage account (which doesn't hold cash).
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited August 2016

    I'm not adding automatically.

    The transactions show with the X down in the "downloaded transactions" queue. If I select the transaction to accept it, it still shows up correctly in the register with the X. But as soon as I accept it, it changes to without the X in the transaction that is recorded in the register.

    The Xfer Account is back to the same Quicken account, but apparently, Quicken doesn't know or assume that. So I think if I just fill in the Xfer Account and say "Accept", it should work. I can't test it yet because at the moment I do not have any transactions to accept in the queue.

    I'm betting this will work Thank you.

    You're right! I need to go fix a lot of transactions. Thanks for the very fine explanation!
  • Unknown
    Unknown Member
    edited May 2018
    It is a 401k account that holds mutual funds and cash. Periodically, a very few shares are sold to pay expenses. Then, the custodian re-credits the same amount exactly to reimburse the expenses and buys back exactly the same number of shares. So the net effect is zero, which is why my doing it improperly all along has exactly the same effect. Net zero.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited December 2016

    It is a 401k account that holds mutual funds and cash. Periodically, a very few shares are sold to pay expenses. Then, the custodian re-credits the same amount exactly to reimburse the expenses and buys back exactly the same number of shares. So the net effect is zero, which is why my doing it improperly all along has exactly the same effect. Net zero.

    In that sort of case, net zero, I'd give serious consideration to just deleting all those extraneous transactions.  That could theoretically throw off some performance figures (you vs them) but I can't imagine it making a real-world difference, and in a 401k, they may not be considering the specific lots involved anyway.    
  • Unknown
    Unknown Member
    edited August 2016

    It is a 401k account that holds mutual funds and cash. Periodically, a very few shares are sold to pay expenses. Then, the custodian re-credits the same amount exactly to reimburse the expenses and buys back exactly the same number of shares. So the net effect is zero, which is why my doing it improperly all along has exactly the same effect. Net zero.

    I fixed them. It was only about 50 transactions. Easy enough. Oh, and everything balances. Zero cash balance, and the right number of mutual fund shares as of 7/31/2016.
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