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Default Lot Identification (22 Legacy Votes)

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Comments

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited November 2019

    When a new discussion is created, the poster selects whether the post is a "question", "problem", "idea", or "praise".  Moderators will, on rare occasions, change a discussion from one to another.  It is a status for the whole discussion, not the individual comments.  You can see at the top of this discussion, the discussion is marked as an Idea.  At the top, you can also see (for ideas), the positive voting status.  There are no negative votes.  That Vote-tag becomes a "Me Too" for Problems and Questions.
  • Unknown
    Unknown Member
    edited October 2018
    This reply was created from a merged topic originally titled product improvement suggestion - automatic lot identification method.


    As many posts have said, Quicken does not allow for automatic lot identification method on downloaded transactions.  It shouldn't be hard to be able to specify a default method, ie FIFO, highest tax cost, etc.  It takes far too much time to have to go to each transaction that has more than a single tax lot to pick FIFO.  Please add this option to the product.
  • Unknown
    Unknown Member
    edited November 2019


    Yes but a feature request goes down a "different path", and this makes it easier for them to separate them out.  Note people posting on this forum might just want help doing something in Quicken, and as such just another user can help them, and it isn't the kind of thing you forward to the developers.
  • Unknown
    Unknown Member
    edited November 2019


     I too day trade frequently and to enter all these FIFO trades is a PAIN. It does NOT work right if you just click OK in the dialogue box. All my other transactions are still there and every one of them prompts me again.  (Rant Redacted)
  • NewsOfTheWorld
    NewsOfTheWorld Member ✭✭
    edited December 2018
    I just downloaded my latest batch of transactions (mostly sells) and was chugging through the tedious lot matching procedure in various investment accounts. But in my most active account I was surprised to find that the lots had all been automatically matched on a FIFO basis -- there was a little message to this effect at the bottom of the register.  I'm not sure when or where this got turned on. It did NOT do this for my other accounts, and I cannot find any control for it in the program.

    While auto-matching lots is a holy grail for many of us, I actually use minimum-gain in this taxable account. So while it made data entry easy, it also made it wrong.

    Does anyone know anything about this automatic lot matching feature?
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited November 2019



    FIFO is the default if the user does not specify specific lots.  There is no control on that selection.
  • NewsOfTheWorld
    NewsOfTheWorld Member ✭✭
    edited November 2019


    I understand that FIFO is the default if one clicks OK on the lot selection dialog. My point here is that Quicken did not even present the usual lot selection dialog -- all my transactions in that account were automatically accepted with FIFO applied. Other accounts had the dialog as usual. I have never seen this behavior before.

    UPDATE: Ah, I think it must be because I recently set that account to "automatic entry" ON and forgot about it. The other accounts have "automatic entry" OFF.
  • Neil Kane
    Neil Kane Member
    edited November 2019


    People like me have been complaining about this, literally, for years. I also use Minimum Gain in taxable accounts, and Quicken has no way to set this as a default in a given account. The company has never responded to the many, many, many posts on this forum about this issue. It was deaf to the issue when they were at Intuit and they're still deaf to the issue. 
  • Unknown
    Unknown Member
    edited November 2019


    I had hoped it was fixed in the new version. AGAIN disappointed. Im ready to cancel this non sense that causes more work than its worth. That is not the idea behind these things!  Thankfully my brokerage gives the reports that make sense for my CPA. [removed]
  • Brian King
    Brian King Member
    edited January 2019
    I saw this related to MMFs but it is also true for Mutual Funds. When reviewing investment transactions, I almost always simply use "Accept all". This works for most transactions, but with Mutual Funds like some Fidelity retire accounts, they are constantly selling all of a Fidelity "stock" and buying something else. There are often a lot of these (10 or more). Quicken always makes me go through these one at a time to declare the cost basis method.

    I know you can simply click Accept and then OK and not go into the cost basis screen, but response time is always very slow for this procedure (it always has been and I have been using Quicken since it first came out) and so is a continual waste of time with no benefit. 

    This really two enhancement requests:
    1) Make this process faster (usually takes 5+ seconds for each Accept/OK combination)
    2) Provide a method to support a version of Accept All that allows a default response.

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited January 2019
    Your statement about needing to review Fund sales can be alleviated by selecting "Average Cost Method" for tracking the sales of a mutual fund. (Average Cost isn't allowed for other securities).

    Also, the needing to review only applies if you're selling less that ALL of a position ... and this is true for all securities, not just funds.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Brian King
    Brian King Member
    edited January 2019
    Thank you. It is probably true that less than all of a fund is being sold. My preference, given that I do not have control over these transactions as they are managed by Fidelity, that I should be able to apply a default of Average Cost and have it apply to an accept all request.
  • germ
    germ Member
    Feature Request:

    Please add a Preference setting to automate lot assignment when accepting a sell transaction in an investment account during reconciliation, e.g. allow the user to set this to FIFO or LIFO and this will allow the Accept All to process without any manual user intervention.

    As is now, this manual lot selection adds a great amount of time to reconciling investment accounts.

    Thanks.
  • mrgumdrop
    mrgumdrop Member ✭✭
    I agree we need the feature request

    Please add a Preference setting to automate lot assignment when accepting a sell transaction in an investment account during reconciliation, e.g. allow the user to set this to FIFO or LIFO and this will allow the Accept All to process without any manual user intervention.

    As is now, this manual lot selection adds a great amount of time to reconciling investment accounts.

    Thanks.

  • jmatsumo
    jmatsumo Member ✭✭
    I agree we need this feature 
  • Is there no way around this problem for partial sells?
    Every month my wife has a set amount withdrawn from her IRA (at Fidelity).  This results in small sells proportionally of each of the dozen+ mutual funds in the account.  Each transaction must be separately accepted and Avg Cost must be checked - even though it doesn't really matter since it is in an IRA account!  What a pain to do this every month.  I would think that since the funds are set for Avg Cost that it would apply to any transaction for the fund.  Is there really no way to avoid this?
  • CaroPanthers
    CaroPanthers Member ✭✭
    I am running Quicken 2019 Home Business and Property Rental.

    Has anyone determined the name of QC_button77 for this version?

    Thanks
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    I am quite disappointed that this idea has been tagged as "Not Planned" (as of 3/14/19).  While I can foresee some issues in the implementation of a global standard (a preferred choice among FIFO, LIFO, Min Gain, Max Gain, etc.), cleanup of the current prompt is necessary.  It is cumbersome and inaccurate.    
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    GOOD NEWS that the status of this idea has been upgraded to "Planned" as of 10/3/19.  Thank you.  It will be a significant improvement (I hope). 
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Glad to hear this upgrade is now planned.  Being able to select the appropriate cost basis method(s) for investment accounts will be very helpful.

    Until that upgrade happens, those who use FIFO and do not want to have to manually match each stock sell transaction might want to consider going to the Account Details screen, click on the On-Line Services tab and then click on the "Automatic entry is: Off" link.  This will bring up the Automatic Transaction Entry popup.  Click on "Yes - Automatically add transactions for this account" and then click "OK" to close the popup.  Then going forward all transactions downloaded to this account will be automatically accepted once OSU is completed with all Sell transactions having been matched on a FIFO basis. (This will slow down the OSU close out process some while all the transactions are being accepted and lot matched but it's faster than doing it manually.)

    The only issue I have with this is that I like to be able to review new transactions before accepting them (especially for dividends and new stocks purchased) and this process does not permit that.  But I can do that by reviewing all the newly entered transactions after Quicken accepts them.
    (QW Premier Subscription: R32.12 on Windows 10)
  • DJMc
    DJMc Member ✭✭
    This suggestion has made me very happy.
  • scott66
    scott66 Member
    Me too!!!
    Please add a Preference setting to automate lot assignment when accepting a sell transaction in an investment account during reconciliation, e.g. allow the user to set this to FIFO or LIFO and this will allow the Accept All to process without any manual user intervention.

    As is now, this manual lot selection adds a great amount of time to reconciling investment accounts.
  • System
    System Member ✭✭✭✭
    This discussion was created from comments split from: Downloaded Transactions Improvements.
  • Quicken Sarah
    Quicken Sarah Administrator, Moderator mod
    Hello All,

    We are excited to announce that this long-requested feature is close to completion and should soon be undergoing Beta testing.

    If you are interested in helping to test this new functionality and the ability to select the default lot identification method while accepting multiple sell transactions please join our Beta program at https://quickenbeta.centercode.com/

    Be sure to share all comments/feedback on this new functionality directly at the Beta forum and not within the Quicken Community.

    Thank you!

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    I just noticed that after the Hot Fix R23.21 installation securities sell transactions are now automatically being matched to lots based upon the default cost basis I set up in Quicken!  Thank you!




    (QW Premier Subscription: R32.12 on Windows 10)
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    @Boatnmaniac, are you saying that the First in, Last in etc settings are now "sticky" i.e. Quicken uses your selection on subsequent sales? If that's not how it works, where do you set up the default cost basis?
    QWin Premier subscription
This discussion has been closed.