Moving money from one investment account to another investment account

Katherine Jones

Using QW 2016, but started using Quicken in 1993. I have a long history of investment transactions and accounts. I'm trying to figure out the 'right' way to record a particular type of transaction (I suspect I've been doing it wrong for years)

I have non-retirement investments at T Rowe Price (TRP). Assume the following:
Account GNMA and Security GNMA.  
Bought Lot of 100 shares in 2012 for $10/share ($1000 transaction).
Bought Lot of 40 shares in 2013 for $11/share ($440 transaction).
Bought Lot of 50 shares in 2014 for $12/share ($60 transaction).

Today I decide to expand my horizons and open up a new TRP Account where the source of $ is from the GNMA Account. This results in Account Growth and Security Growth.  I want to open this new Account with $1,200.  

Today the share price of GNMA is $10.10 and the share price of Growth is $14.00.  

On the TRP website, I do what they call an Exchange. I exchange $1,200 worth of stock from the GNMA Account to the Growth Account. There is no cash involved....  In effect, I reduce (some might say Sell) my shares of GNMA by 118.812 shares (@ $10.10 per share I have to sell 118.812 shares to equal $1,200) and I effectively add (some might say Buy) a lot of 85.714 shares of Growth ($1,200 = 85.714 * $14).

I need to be able to track share Lots so that I can calculate basis of stocks and report capital gains/losses accurately on my tax return. 

In QW, Is there a way to move money around like this (quite common as people either have a need to do as I've described or periodically re-balance their portfolios) and still maintain the share Lot details?  I have contemplated creating a manual transaction using Shares Transferred Between Accounts but that does not seem to apply to my situation. I have started to do a Sell transaction and then a Buy transaction, but I'm never sure how to complete the Record Proceeds To: field.

Thank you for your time.

NotACPA

You "exchange" is ACTUALLY, a sell and a buy of the new security. 

It's not apparent why you need to set up a new account for this.  When you do TOOLS, Account List, and click Edit across from the GNMA account, what does it show for "Account Type"?  The preferred type would be "Brokerage" which can hold many different types of securities.

THEN, with that setup, you just sell one fund for cash and buy the other with cash.

Katherine Jones

Thank you for your response!

For whatever reason, I have set up Accounts in QW to mimic what I have at TRP. I have perhaps 12 unique accounts at TRP (each with a unique identifying number). Each account at TRP contains a number of shares of a SINGLE Fund they offer (GNMA Fund Growth Stock Fund, etc).  

Because of what I have set up at TRP, I actually have the following accounts in QW:
TRP GNMA - Non Retirement
TRP GNMA - Roth IRA
TRP GNMA - 401k Rollover

To answer your question, the accounts are set up as follows:

• Account type = Brokerage
• Tax deferred = correct value for the Account at TRP
• Show cash = No
• Single Mutual Fund Account=Yes

I mentioned that I felt I was not doing these transactions correctly over the years, but based on your response I think I am. I have a 'dummy' account in QW that I use as a temporary holding spot for portions of transactions that that go in and go out but I couldn't figure out how to do the financial transaction with just one transaction in QW.  For the scenario noted (as well as re-balancing evens) I've been doing a Sell and a Buy investment transaction and using this dummy account as the Record Proceeds To: field value for both.

q_lurker

For others, this current discussion is apparently an followup from this this discussion.

You are certainly free to go the one fund per account path if you choose to and it can work adequately if TRP supports it, but I would not choose that path.  As NotACPA, a brokerage account with multiple securities per account is easier to use, more flexible, and better models the real world in my opinion.  Especially as you further diversify, the Single Mutual Fund (SMF) approach seems to get more unwieldy.  That change would entail removing the Single Mutual Fund (SMF) settings and somehow re-coordinating with TRP so that all applicable funds got downloaded as is to one applicable account.  I would certainly encourage you to engage TRP in a discussion of that as a possible change.

Be that as it may, working with only SMF accounts, the way you are operating with a dummy intermediate account is likely the most workable path.

Katherine Jones

q.lurker said:

For others, this current discussion is apparently an followup from this this discussion.

You are certainly free to go the one fund per account path if you choose to and it can work adequately if TRP supports it, but I would not choose that path.  As NotACPA, a brokerage account with multiple securities per account is easier to use, more flexible, and better models the real world in my opinion.  Especially as you further diversify, the Single Mutual Fund (SMF) approach seems to get more unwieldy.  That change would entail removing the Single Mutual Fund (SMF) settings and somehow re-coordinating with TRP so that all applicable funds got downloaded as is to one applicable account.  I would certainly encourage you to engage TRP in a discussion of that as a possible change.

Be that as it may, working with only SMF accounts, the way you are operating with a dummy intermediate account is likely the most workable path.

Thank you q.lurker.  You are correct about my question being an extension of one I submitted several days prior. In in attempt to save time, I have spent in excess of 15 hours trying to make some changes to QW so that I can leverage the One Step Update (Direct Connect) functionality. :-)    I will continue using my 'dummy' account method when moving money around between TRP my accounts.

My concern about making a change as you noted is that not only does TRP not really support me with regard to QW (which is really annoying because I have a LOT of money with them) but I have so many years of transactions and Lot info in QW that I hate to make any changes now.

Is there a way to mark my question as 'Answered' at this site?

q_lurker

q.lurker said:

For others, this current discussion is apparently an followup from this this discussion.

You are certainly free to go the one fund per account path if you choose to and it can work adequately if TRP supports it, but I would not choose that path.  As NotACPA, a brokerage account with multiple securities per account is easier to use, more flexible, and better models the real world in my opinion.  Especially as you further diversify, the Single Mutual Fund (SMF) approach seems to get more unwieldy.  That change would entail removing the Single Mutual Fund (SMF) settings and somehow re-coordinating with TRP so that all applicable funds got downloaded as is to one applicable account.  I would certainly encourage you to engage TRP in a discussion of that as a possible change.

Be that as it may, working with only SMF accounts, the way you are operating with a dummy intermediate account is likely the most workable path.

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