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Adjusting Cost Basis

Hi Folks,

Ok, all set up in QMac20! :)

Regarding the cost basis for investments, is there a way to adjust them? When I linked QMac with my brokerage firm, none of the cost basis information displays correctly in QMac (the info is correct on my brokerage firm portal).

I seem to have discovered that because there are no "buy" orders for these investments (purchased thru a different brokerage firm, then transferred to current brokerage), QMac doesn't set the cost basis; even though it correctly displays on the brokerage firm's portal.

I'm not sure if I should simply enter the original "buy" transactions for each security/mutual fund in the portfolio transaction register..... don't want to corrupt the file by doing something silly.

I hope this make sense...???

Thanks in Advance!

Richard

Best Answer

  • BikerBear
    BikerBear Member ✭✭
    Accepted Answer
    Me again.... I have everything fixed now.... it was the "Add Shares" transactions that didn't have any total cost figures on the transaction. As soon as I entered that information, all reported correctly!

    Thanks again for your assistance!

Answers

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    edited January 2020
    Howdy, Richard:

    No, there is no "Adjust Cost Basis" command-it will be calculated off all of your investment transactions. And if you are missing a cost for a single one (lot), it won't calculate the total. This, I think you have figured out. 

    Yes, you can enter in all the previous transactions. That is what I did for my investment accounts, but I might have more OCD that other people do.

    Alternatively, depending on whether you have Add transactions or Placeholders (more likely the latter-these are the light gray transactions at the beginning of the register), you can edit those transactions and they have a spot to enter the cost.

    You might have to pull out a calculator to find out the difference to make the final cost match, but it is doable. The only thing is that you won't see the individual lots from those older transactions. That might not matter to you. It probably doesn't for most people.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    It's also worth noting that Quicken Mac does NOT support average cost basis -- only LIFO or FIFO -- even though I'm pretty sure more people use average cost for their brokerage accounts. I find this a significant shortcoming, as what Quicken shows to be my basis will never agree with the correct values shown by Vanguard because my accounts use average cost basis. If your brokerage accounts are all set up to use LIFO or FIFO, you can get Quicken to match; if not, you need to use the clauses provided by your brokerage account. 
    Quicken Mac Subscription • Quicken user since 1993
  • BikerBear
    BikerBear Member ✭✭
    Hey Guys.... Thanks so much for your feedback! I use FIFO versus average cost, but still need to check out how it is set up at my brokerage firm.

    How would I go about fixing this, knowing that I use LIFO? I'm with you John, quite OCD about this sort of thing; I like to see that my borkerage firm & QMac20 match. I use the reports to give to my accountant at tax time, etc.

    Thanks again!
  • BikerBear
    BikerBear Member ✭✭
    Accepted Answer
    Me again.... I have everything fixed now.... it was the "Add Shares" transactions that didn't have any total cost figures on the transaction. As soon as I entered that information, all reported correctly!

    Thanks again for your assistance!
  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    Good. That is what I meant about pulling out the calculator to add the amount needed to either the Add Shares or Placeholder transaction.

    If you do decide to add in older transactions to sate your OCD needs, you still can. You likely will have to adjust hat cost basis amount if you do so. But, at least you know what is going on and can figure it out.
  • Somewhat related question... my cost basis is also not matching what my brokerage website says, as of the past couple of weeks when I was charged a fee. When my transactions downloaded into Quicken, there was a "Remove Shares" transaction in the amount of the deducted fees. Ever since then, the cost basis has been off roughly that amount, and if I delete the Remove Shares transaction, the cost basis is correct again. It was my understanding that Remove Shares transactions don't affect cash balance, which is what I though the cost basis was pulling from. Am I way off in my thinking?
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