Strong recommendation for improving processing of downloaded "sold" investment transactions
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Member
Processing sold shares in the 2018 Quicken Windows Premier downloaded Transactions window is a royal pain and takes forever! (Not new, same in previous versions).
Current process: For every Sold transaction I need to specify the Cost Basis Method, which defaults to Lot Identification for new securities. Changing this to Average Cost requires another click, gives a warning, and is a very slow process. After this one would think that one is finally done, but the transaction now only shows status "Match" and I have to accept it a second time! Finally, some of the time the cursor does not return to the processed transaction to I have to scroll down the list to find the next one.
I decided a long time ago to simplify life by using the average cost method for everything (I realize this is not for everyone), but Quicken still makes it very painful.
SOLUTION: Here is what you need to do: in the account settings, have a check box where one can (if desired) enable "Use Average Cost Method for all transactions in this account". Then in the downloaded transaction register, clicking "Accept All" should accept all shares with NO FUSS or dialogs or warnings or lengthy recalculations!
...One more thing: in the investment acct downloaded transaction registers, there needs to be an option to hide accepted transactions, same as in credit card, bank accts.Thanks, Adriaan
Current process: For every Sold transaction I need to specify the Cost Basis Method, which defaults to Lot Identification for new securities. Changing this to Average Cost requires another click, gives a warning, and is a very slow process. After this one would think that one is finally done, but the transaction now only shows status "Match" and I have to accept it a second time! Finally, some of the time the cursor does not return to the processed transaction to I have to scroll down the list to find the next one.
I decided a long time ago to simplify life by using the average cost method for everything (I realize this is not for everyone), but Quicken still makes it very painful.
SOLUTION: Here is what you need to do: in the account settings, have a check box where one can (if desired) enable "Use Average Cost Method for all transactions in this account". Then in the downloaded transaction register, clicking "Accept All" should accept all shares with NO FUSS or dialogs or warnings or lengthy recalculations!
...One more thing: in the investment acct downloaded transaction registers, there needs to be an option to hide accepted transactions, same as in credit card, bank accts.Thanks, Adriaan
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Comments
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If you want to use Average price
Go to the Security List and EDIT the Mutual Funds that you want to change , Edit Security Details, and then select Use average Cost (see pic) You should NOT be switching back and forth.
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Also, as I understand IRS rules, "Average Cost" can only be used for mutual funds ... not for "all transactions" if any of those transactions pertain to non-MF securities.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0
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