Tracking the same symbol in multiple Quicken accounts using different unique security names
I have been using Quicken since its inception and I might have done something wrong from the onset. I had inherited stock from multiple parties and had all the fund statements showing the trading activity, dividend payments, etc.
What I chose to do was create Quicken Accounts bearing the name of the person I inherited the stock from. As a result the same stock appears in multiple accounts. To compound matters, to differentiate each position I held in the same stock, I created uniquely named stocks - all having the same trading symbol. The literal names begin with the listed name and ended with the Quicken account in which it belonged. Over time I added in details from all the statements resulting in the correct number of shares and cost basis, etc.
Using this scenario I would display the Portfolio (Investment Tab) window grouped by 'security'. For each instance of the same security I could see the cost basis, amount invested, etc. Also using this organization, I was able to click on the columns to order the securities by Return, Cost basis, etc. As far as I see, there is no other way to do this, using the other groupings; by account, etc.
As I sold a security, I could chose the instance with the greatest cost basis and 'sell' it from the corresponding Quicken account. Then I could easily generate short and long term reports to include with my tax returns. Remember, this was before there was the notion of 'covered' shares - making these reports very necessary.
For instance, in the portfolio view I show two instances of Apple. Each line shows the cost basis, etc., for the instance in a specific account. I can't remember out of hand - but there are a few Investment reports that are only enumerated by account; in those the total performance of the account is shown. I don't find that very helpful. I'd rather weed out the weak performers across all my accounts.
Out of curiosity, I created two positions in the same security, each in a different account, but this time using the same security name - as I assume was intended. The problem being if you group the portfolio screen by security you see a single row with the total shares, cost basis, etc., for that security. For some that might be exactly what you are looking for. I realize if you group by Account, then you see each instance of the security - but then you cannot take advantage of ordering the entire list by clicking on a column header.
Is there something I should have done differently that would have given me the flexibility I am achieving using this scenario or it it totally acceptable? It is interesting to note, there is no restriction (referential integrity) on the Security List windows; you can create multiple security names linked to the same symbol. With that in mind - I didn't think I was running afoul of any Quicken 'best practices'.
Thank you for your suggestions,
Fred J.
