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How do I close an investment account ( I have the most recent version for quicken Mac)

I had an account set up as a Traditional IRA without direct downloads I just loaded the balance when I set up. . I closed and moved to another broker. I set up the other brokerage account which reflects the transferred amount in the Quicken balance. I now need to eliminate the balance in the old account. I don't want to delete the account as I want to maintain the investment history. Does anyone know How to best 1. recored the investment gains in the account. and then 2) zero out the balance?

I tried the transfer feature however after doing so it still showed the balance in the old account.

Any help would be appreciated. Thank you.

Best Answer

Answers

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    @James Young  You should create actions in Quicken which mirror what happened in the real world. Did you sell your investments in the original account, move the cash proceeds to the new account, and invest in securities in the new account? (This entails using Sell transactions to zero out your securities and generate cash, transferring the cash to the new account, and using Buy transactions to establish your new holdings.) Or did you have your security holdings transferred to the new brokerage account? (This might be as simple as changing the name of the old account to the new brokerage company, without moving shares or cash, or might require using Remove Shares and Add Shares,)
    Quicken Mac Subscription • Quicken user since 1993
  • James Young
    James Young Member ✭✭
    Thanks Tyka, but when I go to the transactions screen in the brokerage account I do not have the option to close account seen in your screen shot. I've attached the screen shot.

    If it helps I am running version 5.16.1 MacOS 10.13.6. Ideas?
  • James Young
    James Young Member ✭✭
    Jacobs, thanks for the response. What you are saying makes sense, however I think it would be complicated. The shares, and small relative cash balance were transferred into the other brokerage account which was already existed with other investments. Eventually the shares were sold and reinvested. As I mentioned I tried the transfer option but it still maintained the balance in the old brokerage account so the funds were double counted.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    @James Young  The action and image in Tyka's response are based on you using the latest release, 5.17.1. The close account function is one of the new features in the 5.17 release. (That doesn't resolve your underlying issue; I just wanted to explain it.)
    Quicken Mac Subscription • Quicken user since 1993
  • James Young
    James Young Member ✭✭
    Thanks Jacobs, I updated and utilized the new close account feature. for now it seems to meet my needs although I will have to see how it plays out in the reports with the adjustment. Thanks for the assistance.
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