Selling securities

Question

I have two accounts in ML where I am unable to "trade", however, they have set up two accounts that I can trade in, commission free.

So, in order to make a trade of say 100 shares of XOM, I have to move the shares from one account to the trading account, then sell them and move the cash back after the sale has cleared.

As Quicken keeps up with Capital Gains, the issue is this.

When I move the security out of the first account, I use Remove Shares.  Then I go to the trading account and say "Add Shares".

The question becomes this.  I bought XOM for $50, then Removed Shares at $50, then Added Shares at $50, then sold shares at $60 for instance.

Does this allow Quicken to accurately record the $10/share as a capital gain and how does it distinguish between a Short Term and Long Term gain?

Complicated enough?

[edited for readability]

JayDC · Answer

Ignore my previous post.  I just noted that it doesn't make sense in regard to expenses.   They are actually entered as negative values.  That does confirm the issue of whether I am crazy......

JayDC · Answer

More about this!  I set up and Investment:Fees (expense acct) and a Taxes:Foreign (expense acct).  Then I went to my brokerage transactions and selected Payment/Deposit, then Investment: Fees and entered a positive amount.  I would assume that because it is an expense account, it would create a deduction.  However, when I go back to my Account the transaction shows up as a positive amount and does not deduct it from my running balance.  Yet...when I go to an Income Statement and select Investment:Fees, the amount shows up as a positive amount.   If I enter a negative in the original transaction, the Account Register is correct, but the Expense Account is incorrect.  Try this and let me know if I am crazy or not.

JayDC · Answer

The issue that I have is probably rare. Merrill Lynch is funny about this.  In order to do my own trading, I had to set up an Edge Acct, which is an IRA trading account.  For taxable accounts, I also had to set up a separate trading account.  It is cumbersome, as I have to move the security from the parent account to the trading account before I sell it.  So, the question I posed had to do with how Q20 keeps up with Capital Gains if the account in which the security was purchased, is not the account in which it was sold.   That is why I figured that when it is transferred from one account to another, the purchase price should be entered when the shares are moved, so that original prices moves with the security.  Then, when it is sold, it should record the proper Capital Gains.  Not sure that this is the case, as it may not be able to figure out whether it is a Short Term or Long Term CG.  Anyone else in the Quicken world have this issue?