Entering Yearly Fee using Sell-Shares sold, commission dosn't show up on any reports

Millardj
Millardj Member ✭✭
edited September 2018 in Investing (Windows)
Using Quicken for Windows 2017 Premier Version R-4  Entering Yearly Fee using Sell-Shares sold Drop down menu. Entered following information Left side Transaction date, 2/3/2017 Account : Security Name, Memo: 2017 Fee, Record Proceeds? To this account's cash balance: Blank, To: Security name same name as above Right side Security name: AF PRESERVATION PORTFOLIO - A (45) Share all shares in account: Blank Number of Shares: 1.01 Price received: 11.000000 Per share Commission: 10.00 Total Sale: 10.00 After entered Commission fee doesn't appear on any report. Or when 1 check Category list , under usage; Commission has 0 entries.

Comments

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited May 2018
    First, let's make information readable (bolding emphasis added)

    Using Quicken for Windows 2017 Premier Version R-4 
    Entering Yearly Fee using Sell-Shares sold Drop down menu.
    Entered following information

    Left side
    Transaction date, 2/3/2017
    Account : Security Name,
    Memo: 2017 Fee,
    Record Proceeds?
    To this account's cash balance: Blank,
    To: Security name same name as above

    Right side
    Security name: AF PRESERVATION PORTFOLIO - A (45)
    Share all shares in account: Blank
    Number of Shares: 1.01
    Price received: 11.000000 Per share
    Commission: 10.00
    Total Sale: 10.00

    After entered Commission fee doesn't appear on any report. Or when I check Category list , under usage; Commission has 0 entries

    a) An Account is not the same as a security.  They are different Quicken items.  If you are naming the accounts the same as a security, that is a path to confusion (IMO).  Some people do it because the account only holds one specific security.  Still a poor practice (IMO).  What should appear next to "Account" is an account name, the one applicable for this transaction, and that field is usually not something that can be changed. 

    b)  Directing the proceeds to go into the same account into which you are recording the transaction is a way to make the cash disappear otherwise unaccounted.  The normal practice would be to either let the proceeds go into the cash of the account, or direct the proceeds into another account, like a checking account.

    c)  If you sold 1.01 shares for $11/share, that is a transaction for $11.11.  If you paid a $10 commission on that sale, you would have netted $1.11 and the total sale would have been for $1.11, not $10.00.  What was wrong?

    Commission fees will appear on an Investment transaction report.  What reports were you looking at?

    d)  If I paid an annual fee of $10 that come out of a particular security, I would sell xx shares (1.01?) for a total cost of $10 (letting Quicken calculate the price per share) and leaving the commission blank with the proceeds going into the account.  I would then record a second transaction, Write Check or Withdrawal, the made the payment of $10 against whatever category I wanted that shown as.  Other variations of that same approach are also possible.  I would NOT be expecting some Commission expense to show up as some fees paid.   
  • Millardj
    Millardj Member ✭✭
    edited September 2018
    Hello,
     I have tried your suggestion and still commission is showing up on any report. When I run Tax summary report fee doesn't appear. For some reason when I enter transaction commission isn't linked to reports. When I check Category list under Commission total entries remain at 0.
    Thank you
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited February 2017
    Millardj said:

    Hello,
     I have tried your suggestion and still commission is showing up on any report. When I run Tax summary report fee doesn't appear. For some reason when I enter transaction commission isn't linked to reports. When I check Category list under Commission total entries remain at 0.
    Thank you

    I have tried your suggestion and still commission is (not) showing up on any report. 
    No, you have not tried my suggestion.  My suggestion was to not use commission for an annual maintenance or account fee.  "and leaving the commission blank".  Commissions are not expenses such that they accumulate in a category.  Commissions are counted against the basis as capital gains are determined.  

    Further my suggestion (what I would do) was to enter a transaction as an expense (MiscExp, Withdrawal, or similar) of the $10.  You can, if you choose to, assign that expense to the Commission category you seem to have established, but again, I would categorize it to an Investment Expense category I have.  It is not a Commission.   
  • Millardj
    Millardj Member ✭✭
    edited February 2017
    Millardj said:

    Hello,
     I have tried your suggestion and still commission is showing up on any report. When I run Tax summary report fee doesn't appear. For some reason when I enter transaction commission isn't linked to reports. When I check Category list under Commission total entries remain at 0.
    Thank you

    Hello,

     Your suggestion
    worked.  Still having  trouble understanding why, when using
    transaction Sell- Share sold commission doesn't link to revenue or expense  accounts. I use
    same  transaction monthly to sell shares and
    deposit in checking account.  Everything
    works perfectly. Commission appears to be only entry that doesn't link to
    income or expense account . Thank you again

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited February 2017
    Millardj said:

    Hello,
     I have tried your suggestion and still commission is showing up on any report. When I run Tax summary report fee doesn't appear. For some reason when I enter transaction commission isn't linked to reports. When I check Category list under Commission total entries remain at 0.
    Thank you

    Still having  trouble understanding why, when using transaction Sell- Share sold commission doesn't link to revenue or expense  accounts.
    Accounts are not categories; categories are not accounts -- in Quicken.  (Some accounting packages would consider them equivalent items, but not Quicken.)  Therefore,  "... does not link to revenue or expense categories."

    You buy one share for $10/share and pay a $1 commission.  Your cost basis becomes $11/share, not $10/share.

    You then sell the share for $15/share now paying commission of $1.50 and netting you $13.50 in cash to your brokerage account or to your checking account.  Your proceeds were $13.50; your basis was $11.00; your capital gain was $2.50 (not $5.00).  

    The commissions are effectively deducted from your gains and thus not taxable (and thus Quicken does not tabulate them under a defined expense category).  The commissions are managed as internal to the basis and gain/loss calculations.    
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited February 2017
    q.lurker said:

    First, let's make information readable (bolding emphasis added)

    Using Quicken for Windows 2017 Premier Version R-4 
    Entering Yearly Fee using Sell-Shares sold Drop down menu.
    Entered following information

    Left side
    Transaction date, 2/3/2017
    Account : Security Name,
    Memo: 2017 Fee,
    Record Proceeds?
    To this account's cash balance: Blank,
    To: Security name same name as above

    Right side
    Security name: AF PRESERVATION PORTFOLIO - A (45)
    Share all shares in account: Blank
    Number of Shares: 1.01
    Price received: 11.000000 Per share
    Commission: 10.00
    Total Sale: 10.00

    After entered Commission fee doesn't appear on any report. Or when I check Category list , under usage; Commission has 0 entries

    a) An Account is not the same as a security.  They are different Quicken items.  If you are naming the accounts the same as a security, that is a path to confusion (IMO).  Some people do it because the account only holds one specific security.  Still a poor practice (IMO).  What should appear next to "Account" is an account name, the one applicable for this transaction, and that field is usually not something that can be changed. 

    b)  Directing the proceeds to go into the same account into which you are recording the transaction is a way to make the cash disappear otherwise unaccounted.  The normal practice would be to either let the proceeds go into the cash of the account, or direct the proceeds into another account, like a checking account.

    c)  If you sold 1.01 shares for $11/share, that is a transaction for $11.11.  If you paid a $10 commission on that sale, you would have netted $1.11 and the total sale would have been for $1.11, not $10.00.  What was wrong?

    Commission fees will appear on an Investment transaction report.  What reports were you looking at?

    d)  If I paid an annual fee of $10 that come out of a particular security, I would sell xx shares (1.01?) for a total cost of $10 (letting Quicken calculate the price per share) and leaving the commission blank with the proceeds going into the account.  I would then record a second transaction, Write Check or Withdrawal, the made the payment of $10 against whatever category I wanted that shown as.  Other variations of that same approach are also possible.  I would NOT be expecting some Commission expense to show up as some fees paid.   

    Appreciate the restatement of the issue in a readable format.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
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