How can I correct an erronius Basis on the investments page?

RalphieBoy
RalphieBoy Member
edited December 2020 in Investing (Windows)
I made a purchase of 200 sh of XYZ at 19.35/sh for a total of $3870.00. On my "Investing" screen, the cost basis for xyz is showing $4155.86, which is clearly wrong! Is there any way to correct this entry?

Best Answer

  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    Accepted Answer
    @RalphieBoy

    Your cost basis issue could stem from your earlier holdings of the security. That is to say that an earlier error in tracking cost basis will carry forward - independent of the holding account.

    You can check for this possibility by running the report;
    Reports > Investing > Portfolio Value & Cost Basis.
    Include All Accounts and All Securities.
    For the Date Range - set the End Date to the day before your recent buy.

    This report will include your current holdings plus  any security with zero holdings that have a residual (non-zero) cost basis.
    Check to see if your security is included in the report.
    If so, this points you to a problem with the earlier holding period.
    If it does not appear in this report, then your problem lies with the recent repurchase.

    For background. this report on my file shows a number of securities no longer held but with small residual cost basis (pos or neg) - usually just a few pennies. I haven't bothered to track down and correct the errors. Your case of a few hundred dollars definitely needs to be resolved.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Is the Bought the only transaction for that security? 

    No dividend or capital gain reinvestments for example?
    QWin Premier subscription
  • Essentially , yes. I owned the stock earlier but sold out several weeks ago. Decided to get back in this week. This new purchase is the only "xyz" in all my portfolio.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    You might try opening the Account in which XYZ resides and doing a {Ctrl}-Z key press to force a recalculation of the Account's holdings.  If you've had XYZ in other Accounts at some time you might also use that key press combo in those Accounts too. 
  • I did have "xyz" in that brokerage account but sold it all last December 2019. The sale I mentioned earlier was at a different brokerage. I have only had the new purchase of xyz for a few days, so there are no dividends or anything else.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    You could try deleting and re-entering the Bought transaction.
    QWin Premier subscription
  • I tried the CTRL Z recalculation and the error got worst. The "Basis" is now $4309.75 which is in error by $439.75.
    If I delete the transaction, won't the cash in the account jump up by the erroneous Basis?
  • Also tried CTRL Z in one other brokerage account that held xyz at one time. No help. Erroneous basis still at $4309.75.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Try deleting the transaction and then re-entering the buy and see what happens.  I expect you're going to need to validate the file ultimately but try this first.
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    Accepted Answer
    @RalphieBoy

    Your cost basis issue could stem from your earlier holdings of the security. That is to say that an earlier error in tracking cost basis will carry forward - independent of the holding account.

    You can check for this possibility by running the report;
    Reports > Investing > Portfolio Value & Cost Basis.
    Include All Accounts and All Securities.
    For the Date Range - set the End Date to the day before your recent buy.

    This report will include your current holdings plus  any security with zero holdings that have a residual (non-zero) cost basis.
    Check to see if your security is included in the report.
    If so, this points you to a problem with the earlier holding period.
    If it does not appear in this report, then your problem lies with the recent repurchase.

    For background. this report on my file shows a number of securities no longer held but with small residual cost basis (pos or neg) - usually just a few pennies. I haven't bothered to track down and correct the errors. Your case of a few hundred dollars definitely needs to be resolved.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • Hello J_Mike,

    I want to thank you for you help,... especially the step-by-step instructions. Your suggestion proved to be spot on. I found a residual cost basis of $439.75.

    I was able to locate the residual basis to entries made in 2013. "XYZ" spun off another company and I did not know how to handle that properly. I devised a work-around which became the root of the current problem. I was able to delete the improper entries and properly re-enter the spin-off stock. Now everything appears to be correct.

    Quicken is an amazing program. I am always amazed at how much is there and how little I know about it.

    Thanks again,

    Ralph Knight
    P.S. I have one more "Basis" problem which has to do with merging of two account at TDA. Will explain later.
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    @RalphieBoy

    Thanks for the feedback - glad it worked for you.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

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