"Lot Identification" vs. "Average Cost" Question

How do I get the sold investment transactions to default to "Lot Identification"?
Quicken asks the question on every sold transaction download.
It's annoying.
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Comments

  • jr7107
    jr7107 SuperUser ✭✭✭✭
    edited August 2019
    There should be a checkbox in the Security Detail view to "uncheck" of Use Average Cost.


    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Margie
    Margie Member ✭✭
    Thank you for your response.
    Unfortunately that toggle box does not appear for my securities.
    I am using the latest Quicken Premier Release R 21.16, and have been using Quicken since 1993.
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    I misread the original post. For my tax purposes I use FIFO, and when I download purchases into Quicken (if there are multiple in a day) I am careful to make sure they go in chronologically. If there is only one per day then no issue.

    On the sale (if a partial sale), then Quicken will prompt me to Identify Lots from which the sale is coming from, which I think is default behavior to ensure the Capital Gains/Loss report is correct.

    That Average Cost toggle was for a CAD security, I noted that option is not available for USD securities.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    In the US, the Use Average Cost option is only available for mutual funds.

    Whenever there is a partial sale of a security where you hold more than one tax lot, Quicken needs to know which lot or lots to sell.

    Unfortunately there is no way in Quicken to specify a default rule for which lot(s) to sell and thus you must specify this for each affected sale. Many users have complained about this and there is a product idea here
    https://community.quicken.com/discussion/7296012/default-lot-identification-21-legacy-votes

    that you can vote on to request this improvement. Go to the top of page 1 of the discussion and click on the little up arrow in the blue box to vote.
    QWin Premier subscription
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