How to record exchange of shares

harris48154

E*Trade has done a share exchange. I need to show x.y shares removed from account and identical number of shares of different fund added. This seems as though it should be trivial but I've been trying for hours to get Quicken to do it and cannot. Unless someone can tell me a better solution, I guess it's manually remove shares and manually add shares.
Any suggestion appreciated.

Jim_Harman

Assuming this is not a taxable event, I think you should be able to enter this as a mutual fund conversion. That will Remove all the old shares and Add one tax lot of the new ones for each of your old tax lots, maintaining your original cost basis.

Jim_Harman

Assuming this is not a taxable event, I think you should be able to enter this as a mutual fund conversion. That will Remove all the old shares and Add one tax lot of the new ones for each of your old tax lots, maintaining your original cost basis.

harris48154

Thank you, but this didn't do what I was hoping it would. It went back through history of transactions and changed them all, messing up the totals. I have manually removed the shares then added the replacement shares. ETrade called the transactions "Reorganization". When I imported them, Quicken logged them as "Deposit".

q_lurker

harris48154 said:

Thank you, but this didn't do what I was hoping it would. It went back through history of transactions and changed them all, messing up the totals. ...

Then you did not properly execute the Mutual Fund Conversion.  That process does not go back through history and change transactions.  The process enters a Remove Shares transaction and a series of Add Shares transactions, one for each lot.  All those transactions (Remove and Add Shares) would be dated as of the date you supplied for the Conversion. 

Such a MF Conversion would need to be done without the downloaded transactions from E*Trade being accepted in your data file (or prior to the date of those transactions.  The MF Conversion is instead of the downloaded transactions, not in addition to them. 

Personally, I would restore a backup and try again, but if you have already manually accomplished the Remove and Add transactions, carry on. 

It does not really matter what E*trade called it or how the downloads came into Quicken.  It is common for financial institutions to err on their downloads of these events.     

Jim_Harman

What was the Action in Quicken when the shares were added (not the description)? Deposit is a cash transaction.

The share class conversion with its Remove and Adds should be entered instead of any downloaded transactions.

Be sure to back up your data file first in case the result is not what you wanted.