Adding a new account to a years old data file....

The saga continues ( sorta :-)

AN EARLY P.S.    I looked at the previous questions but none of the ones I saw touched on my question. 

Long story but …. I have a stable “years old Quicken Mac data file”.  It has about a dozen Banking/Savings/Credit Card/Investing/ accounts.  BUT…. It doesn’t have my IRA account.  (Long Story there…).

What “I think” I would like to do is 

  • ·      Add a new empty Investment/IRA Account to my current data file.
  • ·      Take my last IRA statement and add its information into that new IRA investment account and go from there.

I don’t think I have to have the IRA’s history.  I am retired and I can think of no connection between any other Quicken account. no tax implications, no new deposits etc.

It sounds almost too easy and every time I think something is going to be “TOO EASY” I find it isn’t …  just the opposite.

Any thought or suggestions would be greatly appreciated.

Thanks in advance!

Best Answer

  • PutterFlutters
    PutterFlutters Member ✭✭✭
    Accepted Answer
    Thank you both.....Again :=)
     Going to try and hit it a lick today.  Will keep you informed.

Answers

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    I don't think it will be that hard for you, but your milage may vary. You won't have lot tracking or (possibly) cost basis info for performance, but it doesn't sound like that is a concern for you.

    What you need to do (after backing up your data file), is add the IRA account. If you don't want to/can't take this account online, choose Options during account setup and use the Manual option. (If you can connect online, then that should be all you have to do to get going and skip below.)

    Then, enter Add Shares transactions for the various securities. (If they aren't publicly listed, then you will have to enter them in the Securities window along with the price history) This should build your holdings. You can enter an adjustment transaction if you have a cash balance.

    Note: If the financial institution provides you with cost basis data for each security, then you can enter that in during the Add Shares transactions. 

    You will likely still have transaction activity to account for (dividends, distributions, etc.) that you will have to manually enter.

    If all that is too much for you, I do know people who simply setup an asset account and enter an adjustment once or twice a month for the present value. They don't even bother with the holdings/minutia. They simply want to have their Net Worth be more accurate.
  • Quicken Diana
    Quicken Diana Moderator, Employee mod

    [email protected]PutterFlutters

    Thank you for posting in the Community today. It may sound too good to be true, but it really is that easy! I have helped numerous customers add their investment accounts to their Quicken data file, importing only the most recent information without any issues.

    The things to consider are what you already mentioned. Do you need the history for tax or reporting purposes? Do you need the history for reference? If the answer is “no” then starting with the most recent statement will work just fine!

    Thank you

    - Quicken Diana


  • PutterFlutters
    PutterFlutters Member ✭✭✭
    Accepted Answer
    Thank you both.....Again :=)
     Going to try and hit it a lick today.  Will keep you informed.
  • PutterFlutters
    PutterFlutters Member ✭✭✭
    IT CAN'T THIS SIMPLE!!!!  ...   BOY I hope it is.
    After numerious (as I was setting up) incremental backups I deleted the old IRA account, added the new IRA account.  I was asked if I wanted to update and I said yes.
    I updated and BINGO!!!!  There it was. 

    The only real work is going to be "add cost" thing a few dozen times and I think I am off an running.  THANK YOU BOTH VERY VERY MUCH.

    P.S. John I am not sure if you remember but a few months ago we worked on my/this problem from a different angles.  Thank you for sticking it out.

    Diana... :-)

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