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Expired Options vs downloaded transactions - Help

MishawakaKirk

How to handle Expired options, that have expired worthless?
I saw the answers from 'Rocket Squirrel' and while that's close, doesn't help me.
I use One Step, or Investing >> Update.
When an Option has expired and been removed from my account, it is downloaded as "0BR....CK00125000" or something similar. So Quicken downloads these transactions as a new "Remove Shares" process, without affecting the Cash Balance.
This is wrong for two reasons --
1. It leaves the original Option as a line entry in my holdings, i.e. "BR Sept 18 140 Call", with a value of Zero (worthless)
2. It adds a Transaction of the Share removal, of the "0BR....CK00125000"

So the only way I've found to correct all, is to manually Delete the downloaded "0BR....CK00125000" transaction... and then go delete the Original Option purchase/sell trade... clearly wrong as then my Cash Balance is mis-quoted by the value of the original option trade.

Should I be deleting the downloaded "0BR....CK00125000" transactions; Then follow Rocket Squirrel's idea to modified the original trade??
Lost!

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Rocket J Squirrel

My ears are burning. What post of mine are you referring to?

In this case, this is clearly the brokerage's fault for sending incorrect transactions. An expired option should always be closed out using the "inverse" of the transaction that opened the position.

You can leave the original transaction that opened the position. But you have to delete the erroneous Remove Shares sent by the brokerage. Close a Buy with a Sell and close a Short Sale with a Cover Short. Is there something about this that doesn't work for you?

All comments

Rocket J Squirrel

My ears are burning. What post of mine are you referring to?

In this case, this is clearly the brokerage's fault for sending incorrect transactions. An expired option should always be closed out using the "inverse" of the transaction that opened the position.

MishawakaKirk

Rocket J,

your post from June 27th...
https://community.quicken.com/discussion/7877414/how-to-enter-expired-options.

I agree with your process and the fact that my brokerage is sending faulty info on the 'close side'. I'll contact them (Ameritrade) and see what they say. I'll post an update, if I get an answer that makes sense.

MishawakaKirk

Here is the email I sent, I'll post a reply once received. :/

I have an issue with options and the Download to Quicken for Windows.

Using the most current version of Quicken, downloading my account update:
There is no issue with the download of the Buy or Sell option; or any 'actual' transaction.
However, if and when an Option Expires worthless, that's when Quicken receives incorrect information from Ameritrade, during a download.
i.e. An option Buy or Sell is recorded and appears correctly:
CME Sep 18 2020 210.0 Call

Once the same option expires worthless, instead of Ameritrade sending an Inverse trade to clear the original transaction, you choose to send an obscure new code, that Quicken thinks is an entirely new buy/sell transaction. Thereby creating two errors needing correction.
i.e. REMOVAL OF OPTION DUE TO EXPIRATION (0CME....II00210000).

Then I need to clear (delete) the Share removal 0CME....II00210000, and 'reverse' the original option buy/sell trade.

I've reached out to Quicken Support and they clearly think the error resides with "what the Brokerage", in this case, Ameritrade is sending to Quicken, after the worthless expiration.

q_lurker

I've reached out to Quicken Support and they clearly think the error resides with "what the Brokerage", in this case, Ameritrade is sending to Quicken, after the worthless expiration.

Just to be clear, the information you have gotten from this site in this discussion is from fellow users, not from Quicken Support. @Rocket J Squirrel and others are not Quicken employees, unless they are identified as moderators or similar.

MishawakaKirk

Yep, fully aware this is a public forum of other users, like myself. Just wanted / needed to add a bit of Oomph to my email. q_lurker... appreciate you keeping me 'honest'.
I've researched this issue before, and only after Rocket J Squirrel confirmed my thinking, it gave me the incentive to go an extra step. As I feel how TDA handles it, is wrong -- for downloading purposes.

Catherine Shenoy

I also have the same issue with TDA. It must be a programming issue on their part. Probably some leftover legacy thing. I don't accept the new ticker, I associate it with the option I already have and use cover short for sell options.