How can I change the cost basis of my money market account?

prabbit176
prabbit176 Quicken Windows Other Member ✭✭
in Investing (Windows)
The accounts balances are all correct except cost bases and gain. When I try to correct the cost basis the balances are in error. I have Quicken Premier 2019 on Windows 10.

Answers

  • prabbit176
    prabbit176 Quicken Windows Other Member ✭✭
    How can I change the cost basis of my money market accounts? The accounts balances are all correct except cost bases and gain. When I try to correct the cost basis the balances are in error. I have Quicken Premier 2019 on Windows 10.
  • Sherlock
    Sherlock Quicken Windows Subscription Member ✭✭✭✭
    edited March 2019
    I suggest you replace the placeholder transactions with appropriate Added (or Bought ) action transactions. 
  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    In a money market fund, the share price should always be $1.00 so the cost basis should always equal the current value of the fund and the gain or loss should be zero. 

    If this is not the case, display the account's transaction list (register) and click on Holdings. Change the As of date at the top right to go back in time till the gain/loss is zero, then go forward to find when it is first non-zero. Correct any transactions on that date so that the share price is $1.00. and repeat. 

    You may also need to check the price history for the fund and delete any entries that are not $1.00.
    QWin Premier subscription
  • prabbit176
    prabbit176 Quicken Windows Other Member ✭✭
    This should have worked, but the calculations must be wrong somehow!
  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Perhaps you have Placeholders that are affecting the numbers. Go to Edit > Preferences > Investing Transactions and make sure Show hidden transactions is checked.
    QWin Premier subscription
  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited March 2019
    Another way to track down cost basis problems for your money market fund would be:
    -- Go to Investing > Portfolio and select the Value view or another that shows the Quote/Price column.
    -- Group by Accounts.
    -- For the problem account and fund, click the little Plus sign next to the fund name. This will show all the tax lots for the fund. For a money market fund, there should be a 1 in the Quote/Price column for each lot. Correct any transactions where this is not the case.
    -- If you have Placeholders, you will see a * next to the cost basis and in the Gain/Loss column.


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