Average Cost Basis Selected - But It Still Asks Every Time

I've selected average cost basis for a money market fund, since the price is always 1.

I write checks on that fund, so sell transactions download all the time, and Quicken (QW Deluxe 2017) still asks for lot identification on every one.

Is there a way to get it to stop asking and always use average cost?

(This fund is not eligible to be designated as the account's core or sweep fund, although it works that way on the sell side.)

Answers

  • q_lurkerq_lurker SuperUser ✭✭✭✭✭
    No, not with QW2017.

    QW-Subscription has made advances that way, but I am not sure about the impact with respect to Average Cost securities.  
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    edited February 14
    Nope, this is still a problem in QWin Subscription. 

    There is a new option to specify a default lot selection method, so one possibility would be to de-select Use average cost for your money market fund and set the default to First in, because the lots do not matter for MMFs. However this is an account-level option, so it would apply to all the securities in that account.
    -- Jim QWin Premier subscription
  • q_lurkerq_lurker SuperUser ✭✭✭✭✭
    Nope, this is still a problem in QWin Subscription. 

    There is a new option to specify a default lot selection method, so one possibility would be to de-select Use average cost for your money market fund and set the default to First in, because the lots do not matter for MMFs. However this is an account-level option, so it would apply to all the securities in that account.
    Any chance it applies to all non-average-cost securities, and the average cost securities would skip through based on their setting?  Not sure what permutations have been tested. 
  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    I could try that, but because it is an account level option, I would have to be careful that it does not make undesirable selections for other sales. I would not think it should override the average cost selection. 
    -- Jim QWin Premier subscription
  • q_lurkerq_lurker SuperUser ✭✭✭✭✭
    @Toolworker. Please forgive the tangent. 

    My observation with QW2017 and responses to the problematic pop up— if the security was average cost and you selected lot specification, the program changed the state for that security to not use average cost. Vice versa also; a security would get changed to use average cost. Those changes would be retroactive across all accounts. I don’t recall if the warning popped up about the risks of such a change. Regardless IMO, those were really poor programming decisions. 

    I (was hoping) (am hoping) (would hope) that with the improvements to the process, those mistakes would be avoided.  The logic should be — For non-average-cost securities in this account, use FIFO or LIFO. Not  — For all securities...
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