Allowing Negative Dividend Entries
Unlike Quicken 2007, Quicken Premier Mac 2019 only allows positive Dividend entries. While this is normally the case, there are times when it is useful to allow negative dividend entries.
An example, is an investment that pays monthly dividends, but at the end of the year you receive a 1099 tax reporting form or other notification that some of the monthly distributions that were initially classified as Dividends are actually non-dividend distributions (Return of Capital) or Capital Gain Distributions, etc.
I normally adjust my Quicken entries (in Quicken 2007) to tie to the 1099 tax reports so my financial records in Quicken are consistent with my income tax filings. Rather than go into each of the 12 monthly transactions and reduce each of the dividend amounts and create a new transaction for the the Return of Capital, etc., I would simply make a single negative Dividend entry on 12/31 (labeled “to tie to 1099”) with a single Return of Capital transaction (or whatever the correct classification of the dollars are transaction is) to offset the dividend so that cash balance is unchanged.
Perhaps you can allow negative Dividends with a pop up alert asking “Are you sure you want a negative dividend entry?”
Finally, the same applies to any other investment actions that might not now allow negative entries.
I'm presently wrestling with this situation. The actual events are triggered by the need to reclassify (prior year) dividends once the issuer has reported the proportion that was Return Of Capital [ROC]. In QMac 2007, in order to balance account cash, once the ROC transaction is recorded an offsetting negative dividend amount transaction is required. This has been a long established and recommended approach for QMac 2007 users on this forum. The companion transactions should rightfully be recorded in the tax year of reporting but many issuers don't report the allocations (breakdown) until Q1. It does help to accurately distinguish dividends received from ROC for beneficial tax treatment. What approach would be appropriate for users of QMac 2020?
Stephen Fisher said:
@jacobs I went to do that and saw that I had already done it a few years ago. But for me it only showed 3 votes total - not 8.