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Securities in two accounts

edddddddd

I have a stock that is issued and controlled by Wells Fargo. That is my account in Wells Fargo lists all of the holdings that I have of a certain stock. These can include shares that I hold certificates for, shares that are held electronically by Wells Fargo, and shares that I have held in a TD Ameritrade (formerly Scottrade). I have Quicken accounts for Wells Fargo and TD Ameritrade. When looking at total holdings and portfolio balance the shares that are in TD Ameritrade get counted twice since the same shares show up in TD Ameritrade and Wells Fargo accounts. Is there any way to prevent this double counting or do I need to remove the TD Ameritrade account from Quicken?

Thanks

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Accepted answers

Jim_Harman

It sounds like you have told Wells Fargo about your "outside" holdings of certificates and shares held at TD Ameritrade, so these holdings show up as part of your portfolio at Wells Fargo. I would guess that these outside holdings do not download to Quicken from Wells Fargo, and that you have a separate account and get separate statements from TD Ameritrade.

If that is the case I would set up the Wells Fargo account in Quicken so it includes only the shares that are actually held by Wells Fargo and keep separate Quicken accounts for the certificates and TD Ameritrade. If the shares are now duplicated in Quicken, the easiest way to fix things going forward would be to enter a Remove transaction in the Wells Fargo account to get rid of the duplicates in Quicken.

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Jim_Harman

edddddddd

Thank you for the reply. I'll look into setting up a Wells Fargo account that does not include the TD Ameritrade holdings. If that isn't possible I will probably remove the TD Ameritrade account from Quicken. I think a part of Wells Fargo is the official keeper of who owns all of the stock shares.

UKR

If you held securities in a TD Ameritrade account that were transferred to a Wells Fargo account, you should have performed a "Shares transferred between accounts" transaction in Quicken.

It's probably a little too late to do that now, without causing a mess in both your accounts.
IMHO, the best way is to simply record a "Shares removed" transaction in the TD account to fix the double counting issue.

I'm assuming that the TD account was closed and should show 0 securities and $0.00 cash balance. So, don't remove (aka delete) the account in Quicken together with all its transactions. Just set its balance to zero and mark it "closed"