Options trades not downloading correctly from Ameritrade or Fidelity

Unknown

I have switched from Quicken for Windows to Quicken for Mac 2017, and I cannot express how supremely disappointed I am in its ability to handle options trades.  Nothing is working correctly and it is essentially downloading garbage.  For example, it is treating short option sales (i.e., sell to open) as "expired sales".  It is continuing to add "placeholder" transactions to compensate for the contract quantity (i.e., 2) vs. the share equivalent (i.e. 200).  Because Quicken won't download the transactions into a separate window and let me add them into the register manually (like Windows did), nor will it let me edit the bogus transactions to fix them, it looks like all my options trades will now have to be entered in manually.  All of this worked fine in the Windows version.  They need to port all that code over.  That said, if someone from the development team can contact me, I'm happy to illustrate these issues for them.  

Concordman

Before we start what are we talking about here? Are we talking about history imported from QW or  is this a new option trade? 

Unknown

Concordman said:

Before we start what are we talking about here? Are we talking about history imported from QW or  is this a new option trade? 

I am referring to two issues in particular:
1) options trades made on TD Ameritrade and/or Fidelity not downloading properly into Quicken
2) Quicken is adding "phantom" trades to compensate for the "2" that appears in the quantity of the contracts.  Since it represents 200 shares, Quicken is adding 198 shares.

Unknown

Concordman said:

Before we start what are we talking about here? Are we talking about history imported from QW or  is this a new option trade? 

Just to add -- the history that was imported from QW was fine.  The trade I was referring to was a brand new one that was done after the migration from QW --> Quicken for Mac.

Unknown

Just to take a specific example of issue #1.  I shorted two contracts of SPY 210 Put on 1/6/17 on TD Ameritrade.  Here is how the trade downloaded in Quicken ledger:

Date: 06/30/05
Type: Remove Shares
Security: SPY Jan 19 210 Put
Description: -200 shares (to reach -2 on 01/06/17)

I do not have the option of editing this transaction to correct the type etc.  Clicking on the "add cost" link in the description pulls up a window that gives me the choice to "Add Transactions" or "Add Guesstimate".  Neither of these will fix the fact that the transaction type itself is incorrect.

Concordman

Don't have experience with PUTs in QM17 but half sold covered calls. Totally agree that Qm has its issues handling options. I will relate how I handle covered calls & perhaps you can use the info to assist  you in manually modifying your put transaction. 

I  delete the transaction cause its always an issue. If you show the placeholder you can modify it ; in the case of call options I set up the transaction as a sell under type & category . lets say I sold 2 contracts..I set up the transaction as a sell of 200 shares cause thats the way QM likes to see it.  I know what I I got for each contract so the transaction is correct..so the transaction would be sell 200 shares (2 contracts) at say 2.80..this comes to $560.00 which is then added to my cash balance. The cost basis info will not be reflected in the Portfolio view but as long as its accurate I am good to go. 

When the option goes to 0 or I decide that say 90% gain is enough for me.. I buy the call back.. In QM I set this up as a buy to cover transaction under type & category. Then in order for it to show properly in the tax schedule I modify the sell transaction to short sell. Everything closes out & the transaction with short term capital gains works perfect in the tax schedule.

Its been many many moons since I dealt in the world of shorts & put options but perhaps you can figure it out based on what I have discussed above.

If you are going to deal in  large numbers of options I would say QM is not going to be fun for you; Presently QM is very limited in the investment areas..The most glaring IMHO is the inability to sell individual lots..Presently only able to handle FIFO/LIFO lot sales.

Unknown

Concordman said:

Don't have experience with PUTs in QM17 but half sold covered calls. Totally agree that Qm has its issues handling options. I will relate how I handle covered calls & perhaps you can use the info to assist  you in manually modifying your put transaction. 

I  delete the transaction cause its always an issue. If you show the placeholder you can modify it ; in the case of call options I set up the transaction as a sell under type & category . lets say I sold 2 contracts..I set up the transaction as a sell of 200 shares cause thats the way QM likes to see it.  I know what I I got for each contract so the transaction is correct..so the transaction would be sell 200 shares (2 contracts) at say 2.80..this comes to $560.00 which is then added to my cash balance. The cost basis info will not be reflected in the Portfolio view but as long as its accurate I am good to go. 

When the option goes to 0 or I decide that say 90% gain is enough for me.. I buy the call back.. In QM I set this up as a buy to cover transaction under type & category. Then in order for it to show properly in the tax schedule I modify the sell transaction to short sell. Everything closes out & the transaction with short term capital gains works perfect in the tax schedule.

Its been many many moons since I dealt in the world of shorts & put options but perhaps you can figure it out based on what I have discussed above.

If you are going to deal in  large numbers of options I would say QM is not going to be fun for you; Presently QM is very limited in the investment areas..The most glaring IMHO is the inability to sell individual lots..Presently only able to handle FIFO/LIFO lot sales.

Thank you -- so if I understand you correctly:
1) You manually enter in transactions
2) You delete the transactions that are downloaded
3) Instead of using the type "short sell", you simply use "sell"

Unknown

You're right -- this is not going to be fun for me, but neither was trying to install QW and resolving their .NET issues.  It is really unfortunate there isn't a serious competitor to Quicken.  Hey -- i think I just got an idea...

Concordman

Concordman said:

Don't have experience with PUTs in QM17 but half sold covered calls. Totally agree that Qm has its issues handling options. I will relate how I handle covered calls & perhaps you can use the info to assist  you in manually modifying your put transaction. 

I  delete the transaction cause its always an issue. If you show the placeholder you can modify it ; in the case of call options I set up the transaction as a sell under type & category . lets say I sold 2 contracts..I set up the transaction as a sell of 200 shares cause thats the way QM likes to see it.  I know what I I got for each contract so the transaction is correct..so the transaction would be sell 200 shares (2 contracts) at say 2.80..this comes to $560.00 which is then added to my cash balance. The cost basis info will not be reflected in the Portfolio view but as long as its accurate I am good to go. 

When the option goes to 0 or I decide that say 90% gain is enough for me.. I buy the call back.. In QM I set this up as a buy to cover transaction under type & category. Then in order for it to show properly in the tax schedule I modify the sell transaction to short sell. Everything closes out & the transaction with short term capital gains works perfect in the tax schedule.

Its been many many moons since I dealt in the world of shorts & put options but perhaps you can figure it out based on what I have discussed above.

If you are going to deal in  large numbers of options I would say QM is not going to be fun for you; Presently QM is very limited in the investment areas..The most glaring IMHO is the inability to sell individual lots..Presently only able to handle FIFO/LIFO lot sales.

delete the transaction &/or modify the place holder

Concordman

QW as I recall was much better dealing with options; As you mentioned above the ability to modify the transaction b4 accepting it made things easy.

Unknown

Concordman said:

Don't have experience with PUTs in QM17 but half sold covered calls. Totally agree that Qm has its issues handling options. I will relate how I handle covered calls & perhaps you can use the info to assist  you in manually modifying your put transaction. 

I  delete the transaction cause its always an issue. If you show the placeholder you can modify it ; in the case of call options I set up the transaction as a sell under type & category . lets say I sold 2 contracts..I set up the transaction as a sell of 200 shares cause thats the way QM likes to see it.  I know what I I got for each contract so the transaction is correct..so the transaction would be sell 200 shares (2 contracts) at say 2.80..this comes to $560.00 which is then added to my cash balance. The cost basis info will not be reflected in the Portfolio view but as long as its accurate I am good to go. 

When the option goes to 0 or I decide that say 90% gain is enough for me.. I buy the call back.. In QM I set this up as a buy to cover transaction under type & category. Then in order for it to show properly in the tax schedule I modify the sell transaction to short sell. Everything closes out & the transaction with short term capital gains works perfect in the tax schedule.

Its been many many moons since I dealt in the world of shorts & put options but perhaps you can figure it out based on what I have discussed above.

If you are going to deal in  large numbers of options I would say QM is not going to be fun for you; Presently QM is very limited in the investment areas..The most glaring IMHO is the inability to sell individual lots..Presently only able to handle FIFO/LIFO lot sales.

My apologies -- I'm confused what you mean by "transaction" and "placeholder".  Do you delete the downloaded transaction and modify the manually entered placeholder with the accurate information?

Concordman

Concordman said:

Don't have experience with PUTs in QM17 but half sold covered calls. Totally agree that Qm has its issues handling options. I will relate how I handle covered calls & perhaps you can use the info to assist  you in manually modifying your put transaction. 

I  delete the transaction cause its always an issue. If you show the placeholder you can modify it ; in the case of call options I set up the transaction as a sell under type & category . lets say I sold 2 contracts..I set up the transaction as a sell of 200 shares cause thats the way QM likes to see it.  I know what I I got for each contract so the transaction is correct..so the transaction would be sell 200 shares (2 contracts) at say 2.80..this comes to $560.00 which is then added to my cash balance. The cost basis info will not be reflected in the Portfolio view but as long as its accurate I am good to go. 

When the option goes to 0 or I decide that say 90% gain is enough for me.. I buy the call back.. In QM I set this up as a buy to cover transaction under type & category. Then in order for it to show properly in the tax schedule I modify the sell transaction to short sell. Everything closes out & the transaction with short term capital gains works perfect in the tax schedule.

Its been many many moons since I dealt in the world of shorts & put options but perhaps you can figure it out based on what I have discussed above.

If you are going to deal in  large numbers of options I would say QM is not going to be fun for you; Presently QM is very limited in the investment areas..The most glaring IMHO is the inability to sell individual lots..Presently only able to handle FIFO/LIFO lot sales.

Yes modify the placeholder with the correct transaction information then delete the transaction

Unknown

Concordman said:

QW as I recall was much better dealing with options; As you mentioned above the ability to modify the transaction b4 accepting it made things easy.

Not only that, but the options trades downloaded correctly (with the correct type, etc.).  So basically, Quicken (as an organization) has the proper code somewhere to interpret what is sent by the brokerages.  They just haven't incorporated it in the Mac version.

Concordman

Concordman said:

QW as I recall was much better dealing with options; As you mentioned above the ability to modify the transaction b4 accepting it made things easy.

Yes I see your meaning , WRT lot management for stocks the fact that QM allows entering of individual lots leads to a similar conclusion that the transition to managing individual lots should not be that much of a stretch. I am not a software guru ..Just thinking out loud

Unknown

Concordman said:

Before we start what are we talking about here? Are we talking about history imported from QW or  is this a new option trade? 

Same problems on Scottrade - no option trades are downloaded

Concordman

Concordman said:

Before we start what are we talking about here? Are we talking about history imported from QW or  is this a new option trade? 

The options are not going to be correct in the portfolio of View. You will have to manipulate them in the register of you for that to make sense. Are you dealing with calls or pots?

Unknown

Concordman said:

Before we start what are we talking about here? Are we talking about history imported from QW or  is this a new option trade? 

I'm dealing with calls and puts.  Yes -- I just enter them in manually now.  In the end, my point was simply how disappointed I was in this.  It works fine in the Windows version, but not in the Mac version.  This software (and code) have been around for more than a decade and they still can't get it right.

Unknown

this is a well known issue, yet intuit or whoever owns quicken now has failed to address it. you have to assume a fair amount of their users are fidelity clients. see the string 'How does Quicken 2015 for Mac handle option contracts' it's been known for years.