Cost Basis (Adjusted Cost Basis) ACB (9 Legacy Votes)

JFOR

Quicken Deluxe for Mac needs to have the option added to calculate stocks and mutual fund cost basis using adjusted cost basis(ACB) method. All of Canada uses the ACB method.  When a portion of a fund or stock is sold then the cost basis is out since it calculates on either LILO or FIFO.  Please include ACB as an option.  Also as others have stated , in the portfolio view we need to have the cost basis per unit added.

mshiggins

Thanks for the suggestion.

ijryder

As a long time Canadian user, I find it odd that Quicken still does not accommodate the Canadian tax method for adjusted cost base(ACB), ie cost of sales are based on average cost in Canada not FIFO as in the US. When will this feature be released? It would save a lot of manual recalculating of ACB.

ijryder

Is there any plan to add the Canadian method of calculating adjusted cost base based on average cost? This was available with previous versions of Quicken.

smayer97

Is there any plan to add the Canadian method of calculating adjusted cost base based on average cost? This was available with previous versions of Quicken.

Not likely that you will get an answer to this as Quicken rarely pre-announces what features whey are working on. Meanwhile, simply click to add your VOTE to the top of this page to help influence the priorities by the developers. Your VOTES Matter!

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ijryder

Is there any plan to add the Canadian method of calculating adjusted cost base based on average cost? This was available with previous versions of Quicken.

Long overdue.

smayer97

Is there any plan to add the Canadian method of calculating adjusted cost base based on average cost? This was available with previous versions of Quicken.

Ok but you still need to click VOTE at the top if you want your voice to be counted.  ;-)

Unknown

At least now I know why my Cost Base is wrong. Didn't know US was different method from CA. Thanks Jfor for posting.

deanesfield

At least now I know why my Cost Base is wrong. Didn't know US was different method from CA. Thanks Jfor for posting.

The latest Windows version of Quicken for Canada is still performing adjusted
cost basis calculations in conformance with CRA's requirements. Quicken for MAC still has a ways to go for the residents of Canada.

John Prewitt

I have created a Quicken for Mac file which shows that Quicken does not handle average cost sells correctly.  The Security is set up as having Average Cost. It has 3 buys before a sell.  The 3 buys are:
2448.529 shares for $35,000, 3797.678 shares for $54,000 and 1047.236 shares for $15,000.  The total is 7293.443 shares for $104,000 with an average cost per share of $14.26.
Now the sell of 589.868 shares at $14.41/shares should reduce the total cost basis by $8,411.52. Subtracting $8,411.52 from $104,000 gives a net cost basis of $95,588.48. The total cost basis that Quicken shows on the portfolio page is $95,568.25.  If you subtract this value from $104,000 you get the cost basis that Quicken reduced the cost basis by, i.e., $8,431.75.  If you divide this value by the number of shares sold (589.868) you get the average per share cost basis that Quicken used, i.e., $14.29.  Quicken should be using $14.26.  See the following image.

Super User q.lurker entered these numbers on Windows platform and got the correct values.  See the following image.  There is a problem with the Mac version.

John Prewitt

I am convinced that this is issue with Quicken's Mac software itself. The same transactions give the correct results on the Windows platform while it give different results on the Mac version.
How do I get this issue to the Mac team at Quicken?

Stephen Fisher

I'm wondering whether it could have something to do with rounding of large fractions. Have you tried to do this with round numbers in QM?

JFOR

John the Mac ver has not been programmed by quicken to calculate investments using the Canadian method of ACB (average cost basis). It gives you the option to use LILO or FIFO so this is why as a Canadian user when u sell stocks or mutual funds as per your example it will always give incorrect data and screws up your portfolio/investment value because now the cost basis is incorrect.  I use ROC (return on capital) to reset the cost basis of the transaction  then make a cash transaction to zero out the ROC cash value.  I have posted this problem before on this site but so far quicken has not made any updates to add ACB as an additional option for investment accounts 

jacobs

I'm surprised this thread has only received comments from Canadian users; many of us in the US handle our securities on an average cost basis. It's the default for many large financial institutions like Vanguard, where I have a large part of my investments. As a result, I can never use Quicken for calculating my cost basis or gains, and must rely on the values provided by Vanguard.

Scott Rose

This is a very important & must-needed feature!

John Prewitt

To fix this issue the process that the Windows version uses to handle Average Cost Basis needs to be ported to the Mac version.

smayer97

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Quicken_Tyka

Hello all,

The Community Support team regularly reviews long-standing posts and Ideas for relevancy and current interest. This Idea seems to have stalled and we would like to gauge the current interest in this request. 

If you would like to see this idea implemented, please add your vote and a comment explaining how this idea would be beneficial for you. More information, including steps to vote and how to submit your own Ideas for future product features/improvements, is also available here.

Thank you,

Quicken Community Support Team

jacobs

This is very simple: anyone who holds a mutual fund which uses Average Cost Basis -- which many large brokerages like Vanguard use by default -- cannot get accurate gain information from Quicken. It's a fundamental failing of Quicken Mac's investment capabilities. This is not some esoteric investment tool used by only a tiny percentage of investors; average cost basis is mainstream in the US and required for all Canadians.

I cannot use Quicken's Tax Report or other reports about my capital gains because Quicken Mac doesn't support this basic, fundamental tool for investment tracking. After tracking by individual lots was added many years back, I was sure this would follow shortly thereafter, but it's never been implemented. It's a simple calculation (divide total dollars invested by the number of shares owned), so it would be easy for the developers to implement.

I'm not sure what more users can post here to expand on why this functionality is needed; anyone who has investments using average cost basis needs this to get accurate gain and tax reporting out of Quicken.

Anyone who has mutual funds (or other investments) which use average cost basis, please click here to jump to the top of this thread and add your vote by clicking the arrow in the yellow box.

FraFa

In the Mac version, when buying a security, the price calculation is correct. But when you make a partial sale, it is not the rule of the average price that is applied but FIFO or LIFO.... And this makes the average price wrong. That is a big problem. And that makes Quicken unusable for people who trade in Canada.
Could an update of the product make it possible to choose a method per account [by ACB (average cost basis) or FIFO...], it would facilitate and allow to use Quicken for the stock exchange transactions, purchase, partial sale, redemption and partial resale of a security.

BrianGee

Quicken for Mac needs to offer the ability to calculate the cost of transactions sold as the average cost of the investments, not FIFO or LIFO, the only two options currently available. When only a portion of the holdings of a security is sold, the cost (and hence the calculated capital gain) should be equal to the total cost of the holding (before the sale) times the number of units sold divided by the number of units held before the sale. There is no need, in Canada, to track individual lots., When buying or otherwise adding securities, the total cost and the number of units simply add to the running totals. When securities are sold, or otherwise disposed of, the average cost of those that remain does not change.

sckor

The simple lack of doing a basic ACB for capital gains make Quicken for Mac in Canada essentially useless for me. The Windows version has been doing this since forever.

Honestly, how hard can it be to add a "Average" option to the LIFO/FIFO drop down, and then just take an average of the cost of the securities to calculate the gains/losses?

It is mind blowing to me that this hasn't been fixed yet.

jacobs

And as I've posted above in this thread, it's not just Canadian users. In the US, the default method for many mutual funds is average cost basis. All my funds at Vanguard use ACB. So Quicken can't correctly calculate my cost basis and gains/losses. I agree that it seems it would be an easy option to add. Although I often counsel users to have patience because the developers have such a large list of feature requests, I don't understand why this hasn't gotten attention after all this time. Here's hoping for 2022... (sigh)