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Problem with entering HON Spin-off of ASX

David Bruns
David Bruns Member ✭✭
edited July 2018 in Investing (Windows)
Using Q2016, Windows 10. 

In updating a Fidelity account, Quicken entered the spinoff of ASX as "Shares Added" with no cost and then automatically set up AdvanSix in the Security List, linked with same security in Fidelity.

When I tried to edit the "Shares Added" transaction to a "Corporate Securities Spin-Off" transaction by entering HON as the top company and ASX in the new company slot, I got a flag that said "This security is already in use, try another name".

At this point I have added the cost basis to ASX added transaction, including the cash in lieu of fractional share transaction and a subsequent sale of ASX,

To handle the reduction of HON cost, I need to know how to manipulate the "Corporate Securities Spin-Off" to obviate the problem mentioned above, or be able to manually reduce it without effecting any share or cash balances  of HON.

I would appreciate any thoughts or recommendations.

Comments

  • Reed Welch
    Reed Welch Member ✭✭✭
    edited February 2017
    I have had a similar problem in the past, with a different brokerage, Schwab.
    What I recall doing;
    Remove the any transactions for new security and then delete it from the "Security List"
    With it gone, I think you will find that you will be able to use the Corporate Securities Spin-Off" feature.
    For fractional shares not received, I usually enter a sell with the fractional amount and the total cost/proceeds amount equal to the cash received. Not sure this is technically correct, but it seems to work.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    In updating a Fidelity account, Quicken entered the spinoff of ASX as "Shares Added" with no cost and then automatically set up AdvanSix in the Security List, linked with same security in Fidelity. 
    An OK start.
    When I tried to edit the "Shares Added" transaction to a "Corporate Securities Spin-Off" transaction by entering HON as the top company and ASX in the new company slot, I got a flag that said "This security is already in use, try another name".
    When Quicken executes a Spinoff action, it expects that the new company is a new company.  But more to the point, there is no need to convert the Shares Added to anything else.   
    At this point I have added the cost basis to ASX added transaction, including the cash in lieu of fractional share transaction and a subsequent sale of ASX, 
    More steps in the right direction.
    To handle the reduction of HON cost, I need to know how to manipulate the "Corporate Securities Spin-Off" to obviate the problem mentioned above, or be able to manually reduce it without effecting any share or cash balances  of HON.

    To handle the reduction in HON cost basis, I suggest you enter a Remove Shares removing the HON shares, followed by an Add Shares adding the HON shares back in and specifying their original acquisition date and their reduced cost basis.  

    Further discussion on this spinoff is in this conversation.
This discussion has been closed.