QM is HORRIBLE Tracking Options (puts & Calls)

Donald MooreDonald Moore Member
edited January 26 in Investing (Mac)
Using QM with Fidelity...

QM doesn't download options (Calls & Puts) in a way that is helpful.  QM does download the number of shares & costs in terms of shares vs contracts.  Not that big of a deal if that was the only problem.  

The major problem is that when an option is BTC or STC it adds the number of "shares".  Here is an example:


The STC entry shows as an "expired put"  It then adds 500 shares to the total and Subtracts the transaction from the balance.  It should zero out the shares and add the transaction to my balance.  

Opening up the transaction to edit the payee also shows that it is categorized as a "Buy to Cover".  There is no way to edit the transaction to correct the problem.  

It should be noted that it appears to do the math correctly when you start with a put or call STO and later BTC.  (See the top and bottom entries.  The middle is a separate BTO)



This is an UNACCEPTABLE product for options trading but I'm trapped for now.  

Comments

  • Donald MooreDonald Moore Member
    edited January 10
    ALSO...I'm trying to manually enter a STC and it defaults to a BUY!  I can't find a way to create a sale.  
  • David SuttonDavid Sutton Member
    edited January 26
    Q Mac is HORRIBLE for investment tracking in general. I just need an INVESTMENT PERFORMANCE REPORT and I will be happy ... like the one in Q Windows. Intuit is totally DEAF to its customers' priorities and concerns.
  • Kevin PeytonKevin Peyton Member
    edited January 16

    Q Mac is HORRIBLE for investment tracking in general. I just need an INVESTMENT PERFORMANCE REPORT and I will be happy ... like the one in Q Windows. Intuit is totally DEAF to its customers' priorities and concerns.

    I have been a QWindows user for many years and recently migrated to Q Mac. I feel like I have gone back in time to 1995, Q Mac is a sad excuse for a quicken version and I'll bet it only has 5% of the functionality offered by Q Win. Not happy at all...
  • splashersplasher SuperUser ✭✭✭✭
    edited January 26

    Q Mac is HORRIBLE for investment tracking in general. I just need an INVESTMENT PERFORMANCE REPORT and I will be happy ... like the one in Q Windows. Intuit is totally DEAF to its customers' priorities and concerns.

    @David Sutton

    Evidently you missed the news that Intuit sold Quicken in Spring 2016, so you are correct, "Intuit is totally DEAF" to anything Quicken, in fact, they couldn't care less about Quicken.
    -splasher  using Q since 1996 -  QW2016, 2017 & Subscription  -  Win7/Win10
    -Questions? Check out the  Quicken Windows FAQ list

  • David SuttonDavid Sutton Member
    edited January 26

    Q Mac is HORRIBLE for investment tracking in general. I just need an INVESTMENT PERFORMANCE REPORT and I will be happy ... like the one in Q Windows. Intuit is totally DEAF to its customers' priorities and concerns.

    Indeed I missed that news ... thank you for educating me. I just watched a video with Eric Dunn which was quite encouraging. Unfortunately I have already just put myself through the pain of migrating BACK to the PC so I am not sure go BACK AGAIN to the Mac will make sense for me. I am still asking myself the broader question (Quicken aside) of why did I ever decide to migrate from PC to Mac; but that's another discussion. But thanks agin for the input.
  • Donald MooreDonald Moore Member
    edited January 23
    I really don't understand how Quicken folks find anything good about how it deals with options.  Now, perhaps this is a Fidelity with QM works.  I am in the process of setting up Etrades for various reasons but I haven't a clue yet how that will work.  Never the less...





    How in the heck does it turn a STC into a Buy to Cover?  In the top photo you can see 4 STC operations were categorized as Buy to Cover.  The second photo of a specific transaction clearly shows in remarks Sold.  It also shows "expired Call..." which is not even close to reality.  

    That doesn't even include that fact that all 8 transactions must be fixed to reflect a proper Security name correct the transaction type and to show it as a standard options contract instead of 100 shares.  It is a multi step process that is tedious and error prone when correcting several transactions on the same day.  

    If anyone has better experience with Trade or any other platform please comment here.
  • Donald MooreDonald Moore Member
    edited January 26
    This reply was created from a merged topic originally titled Response to "Happy New Years" Letter..


    Eric,

    Regarding Quicken Deluxe for Mac

    Not sure if this get to you but what the heck....

    Are there any investment savvy folks on your QM product development staff?  It doesn’t appear so.

    Last year I needed to make the conversion from QW Deluxe to QM and for the most part it was an OK experience.  It wasn’t great because I lost some important features of QWD but it was what it was.  

    How it handles investments of stocks and ETFs is adequate but not spectacular.  That being said...

    When it comes to options trading IT FAILS MISERABLY

    Here are a couple examples.
     


    In the above example you can clearly see: 
    1.  All 8 transactions are given “Expired...” comments.  
    2.  Not a single one of them is “expired” but straight forward buy and sell transactions.
    3.  The top 4 transactions are NOT “Buy to Cover” but simply BUY.  
    4.  The remarks for all 8 transactions are correct but the transaction type seems to ignore that for sold transactions and assigns Buy to Call for them.  
    5.  QM does not recognize these at options and assigns them a number of shares.  However, I suspect that it is a reasonable debate on shares vs contract.  However, if I edit the security, it automatically reverts to number of contracts.  There is some inconsistencies in this.




    The above is one example of conflicting information regarding sell and buy.  


    This creates a lot of work to correct the confusing entries that QM creates from the download.  It is extremely tedious and can easily introduce errors if not done correctly.  Since I often make 10 or more trades in a day, I spend 15-30 minutes a day fixing things.  


    I hope you are planning to correct this aspect of QM or else loose a customer.  



  • David SuttonDavid Sutton Member
    edited January 26
    I have converted BACK to Q-Windows and it is so much better. All I wanted was the investment reports; their absence in Q-Mac is a crime. The interface of Q-Windows is a bit clunky but it gives me the data I need. The Quicken owners should warn customers about moving from Q-Windows to Q-Mac. The warning should be "DON'T DO IT!". That could have saved me a whole load of trouble and grief.
  • Donald MooreDonald Moore Member
    edited January 26
    David, do you trade options?  If so, what platform and does QW do it well?
  • David SuttonDavid Sutton Member
    edited January 26
    Donald,   do not trade options. I would expect QW to do it better but I do not know that for sure
  • David SuttonDavid Sutton Member
    edited January 26
    Correction ... I do not do options
  • I use both QWin and QMac and find QMac horrible when it comes to accounting for options.  QWin is much better until you get to the income tax effects and it too fails miserably in this regard.  Even responses from Super users missed the point as they were too simplistic in their responses, e.g., none had read or understood the regs regarding properly accounting for option gain and losses.

    If Quicken wants to compete with the brokerage houses (most are in the process of building similar functionality that Quicken offers), they will need to up their game significantly, especially in the area of option accounting.
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