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Cost Basis

I've just created new Schwab investment accounts (in Quicken) as a result of the USAA account transfer. I'm wondering if I acted to quickly - cost basis won't be added until later in June. Since I've already downloaded all the holdings does that mean I won't ever get cost basis and will have to start over when Schwab has that data loaded?
Thanks

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    Tom Young said:
    Instead of creating new Schwab Accounts in Quicken, another approach would be to simply disconnect the USAA Accounts from downloading, change the Financial Institution's name and then reconnect the Accounts to Schwab.
    But if you decide to create new Quicken Schwab Accounts you certainly will not lose your cost basis information, done right.  Simply do a "Shares Transferred Between Accounts" action for all the securities in the old USAA Accounts, directed to the new Schwab Accounts.  That will do one Remove action for each security in the old Account(s) and multiple Add actions in the new Account(s), one for each lot of the security.  That retains the cost basis information in the new Accounts.

    But you have to remember to do that in the correct order or you'll create an even bigger mess ... once you've added new accounts and downloaded data you can't do this any more.
    1. Create new, empty Schwab accounts that are NOT connected to the brokerage for downloading
    2. Do the Shares transferred between accounts from the USAA account register to the new Schwab register.
    3. At Schwab, when the transferred shares show up on their website, connect the accounts for downloading.
    4. Download transactions and holdings
    5. Compare results. Check for Placeholder transactions, review and fix.
    6. After all the dust has settled and you're able to reconcile your new registers with the brokerage statements mark the old USAA investment registers closed in Quicken

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited June 2020
    Instead of creating new Schwab Accounts in Quicken, another approach would be to simply disconnect the USAA Accounts from downloading, change the Financial Institution's name and then reconnect the Accounts to Schwab.
    But if you decide to create new Quicken Schwab Accounts you certainly will not lose your cost basis information, done right.  Simply do a "Shares Transferred Between Accounts" action for all the securities in the old USAA Accounts, directed to the new Schwab Accounts.  That will do one Remove action for each security in the old Account(s) and multiple Add actions in the new Account(s), one for each lot of the security.  That retains the cost basis information in the new Accounts.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    Tom Young said:
    Instead of creating new Schwab Accounts in Quicken, another approach would be to simply disconnect the USAA Accounts from downloading, change the Financial Institution's name and then reconnect the Accounts to Schwab.
    But if you decide to create new Quicken Schwab Accounts you certainly will not lose your cost basis information, done right.  Simply do a "Shares Transferred Between Accounts" action for all the securities in the old USAA Accounts, directed to the new Schwab Accounts.  That will do one Remove action for each security in the old Account(s) and multiple Add actions in the new Account(s), one for each lot of the security.  That retains the cost basis information in the new Accounts.

    But you have to remember to do that in the correct order or you'll create an even bigger mess ... once you've added new accounts and downloaded data you can't do this any more.
    1. Create new, empty Schwab accounts that are NOT connected to the brokerage for downloading
    2. Do the Shares transferred between accounts from the USAA account register to the new Schwab register.
    3. At Schwab, when the transferred shares show up on their website, connect the accounts for downloading.
    4. Download transactions and holdings
    5. Compare results. Check for Placeholder transactions, review and fix.
    6. After all the dust has settled and you're able to reconcile your new registers with the brokerage statements mark the old USAA investment registers closed in Quicken

  • Pat Marshall
    Pat Marshall Member ✭✭
    LOSS OF HISTORY WITH USAA TO SCHWAB TRANSFER

    The Community describes 2 options for transferring the history in the Quicken USAA account to your new Schwab account. I chose the option that involves renaming your prior Quicken USAA Brokerage account.

    I have been disappointed in both Schwab and USAA for not considering and helping USAA members who have been loyal USAA customers for years only to find that converting to Schwab ignored all those years of transactions not the least of which was the cost basis. Schwab now shows the cost basis online for the investments that have been transferred, but neither that information or all of the other history did not transfer.

    Here is a step by step guide for including all of that history including cost basis in your new Schwab account.

    1. MAKE A COPY OF QUICKEN QDF FILE
    Make a copy of your Quicken account and work on that first. I store my Quicken QDF file in DOCUMENTS, but you may store yours elsewhere. Work on that copy of the file first rather than doing this with your original file just to be sure all goes well.

    2. DELETE SCHWAB BROKERAGE ACCOUNT
    a. Right click on the Schwab Brokerage account on the main Quicken screen that you are currently using in the left hand Transaction menu under Investing and check Delete Account at the bottom left of the General tab.
    b. Do the same for the Schwab checking account if you have one attached to the Schwab Brokerage account.

    3. RESTORE USAA BROKERAGE ACCOUNT (if previously hidden)
    a. Select Tools Tab at the top left of the Quicken screen and Select Account List.
    b. Check the box labeled “Show hidden accounts” on the bottom left of that screen. When you originally transferred your information from the new Schwab, likely you hid all your USAA account history. Now you need to unhide it.
    c. Click “Done” on the Account List box.
    d. Your old USAA information should again appear in your transaction list.

    4. CHANGE NAME OF USAA BROKERAGE ACCOUNT
    a. Right click on USAA Brokerage Account in the Transaction list under Investments on the main Quicken menu page.
    b. Under the General tab, change the “Account name” to Schwab Brokerage or whatever you want to call you Schwab account.
    c. Also, on the General tab, change the Account and your Customer ID (login) to whatever it is when you access your Schwab account online.

    In summary, you have deleted the Schwab account that was created originally without any history that was stored in the old USAA account including the Cost Basis that did not transfer. Then you Renamed the USAA account to Schwab and changed the login information in the old USAA account to the new Schwab account.

    Once all of this is done, there will be some cash transactions that are duplicated. Also, the original Schwab account has a transfer list of every stock in that account that occurred on the day when USAA made the transfer to Schwab. I needed to delete those in the current Schwab because it was redundant and essentially doubled my stock position. However, this took less than an hour and now I have all of my USAA history in my new Schwab account.

    I am disappointed that someone at either Schwab or USAA was not helpful.
  • ronwalter
    ronwalter Member ✭✭
    Thanks everyone for your assistance.
This discussion has been closed.