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How do I manually adjust the average cost basis of an open position in Investment holdings?

Due to very poor currency list of usd/cad in quicken canada (namely, forex data is not daily) my cost basis at my broker and after input into quicken canada is quite divergent. Is there a way to adjust the avg cost basis per share in quicken manually for a stock position? The share count is correct, only the cost basis is off. Also the broker uses a fifo method I believe, making the discrepancy even larger. I would like to use the broker avg cost. Can i append quicken somehow or just have to ignore the data?

Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    If all you want is to have the correct number of shares and have all the shares show the same average cost, then a Remove action followed by an Add action using the average cost per share will get that done. But if you have numerous lots of the security you will lose all that detail.  (US tax law doesn't allow "average cost" for stocks.  I don't know about Canadian tax law)
    If you don't have numerous lots of a security then the "best" approach would be to do the Remove action followed by a series of Add actions - one for each lot - with the correct date acquired and the cost cost.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Accepted Answer
    If all you want is to have the correct number of shares and have all the shares show the same average cost, then a Remove action followed by an Add action using the average cost per share will get that done. But if you have numerous lots of the security you will lose all that detail.  (US tax law doesn't allow "average cost" for stocks.  I don't know about Canadian tax law)
    If you don't have numerous lots of a security then the "best" approach would be to do the Remove action followed by a series of Add actions - one for each lot - with the correct date acquired and the cost cost.
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