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2 tips for using Quicken with Wealthscape downloads

Michael Farley

Encountered two issues with the transactions downloaded from Wealthscape covered calls into Quicken. Documenting my solutions below:

1. The initial covered calls transfer over fine as Shtsell, with a corresponding negative amount of shares. However, when the call is Assigned in Wealthscape, the transaction comes over as a Sold, resulting in a 2X negative share balance. Editing the incorrect transaction to Cvrshrt in Quicken resolved the problem.

2. Occasionally, initial covered call transactions come over as Unidentified Security. Don't accept the transaction into Quicken and wait a day or so and do another One Step Update, it will automatically correct. If you accept it, then you have to do some manual editing as some other posts have documented.

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Comments

K.O. (Win-Premier)

Thanks Michael. I've noticed when I download Schwab expired short options that sometimes Quicken interprets the correctly (i.e. CvrdShort) and sometimes it enters a Sold (as you identified in #1). I looked at the OFX file and it appears Scwhab is sending through the correct EXPIRED transaction. Seems like this may not be isolated to just Schwab but w/o looking at your OFXLog file it's hard to confirm.

Michael Farley

My Unidentified Security issue became consistent with all new securities, and the waiting tactic stopped working. I am currently working through my broker with NFS technical support on defining and isolating the problem. When I downloaded my accounts from scratch into a new Quicken file, all of the transactions came over as Unidentified Security. I will post with any updates. For now, the Quicken download from Wealthscape Investor is broken for me.

Michael Farley

Update: NFS and Quicken worked to resolve the Unidentified Security with Wealthscape Investor a couple of months ago. It worked fine on my initial download, however, the transactions only go back 3 months. I am having a couple of issues with covered calls, but am not quite ready to document resolutions.