Quicken/macOS Big Sur-Cost Basis

I have just noticed that downloads from Schwab using Direct Connect of my Stock portfolio information do not have the Cost Basic in about 80% of the downloaded information. A CSV file from Schwab has all the correct information including Cost Basis for all stocks.
#1 why is the Q missing so much CB data.
#2 How do I fix this problem, other wise the download is useless w/o CB.
than
#3 If I delete all the Q Data can I replace this data with the CSV file direct from Schwab and will future downloads work correctly or will the new data be overwritten with no good date using Direct Connect?
Thanks for an otherwise great upgrade from Q 2007
Stowell

Best Answer

  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Accepted Answer
    @scwerden  When your connection method is Direct Connect, Quicken is connecting directly to the financial institution's server and pulling in what the financial institution provides. So if there's a discrepancy between what you see in a CSV file and what downloads to Quicken, you'd need to contact the Brokerage, as Quicken has no control over what gets downloads.

    But, as John wrote above, cost basis is something which gets calculated in Quicken; it's not part of data imported from a financial institution. And you should be aware that Quicken's calculated basis for a sale could be different than the financial institution's. The simplest example of this is if you have mutual funds which use Average Cost Basis. Quicken Mac (inexplicably) does not support Average Cost Basis for accounts, so if your financial institution uses ACB and Quicken uses LIFO, they're going to calculate different gains/losses. Because I have most of my money in mutual funds, all of which use ACB, I can only use Quicken's calculated values as an approximation; I must use may broker's calculated cost basis for gains and losses.
    Quicken Mac Subscription • Quicken user since 1993

Answers

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    Hi, Stowell:

    Cost Basis is not something that is downloaded; it is calculated from the transactions within your investment account. That is where some newer users have trouble with Quicken. The program isn't merely reporting basis values as reported by your brokerage. It is actually calculating them based on your actual reported holdings. That's great, until it isn't. 

    If you don't have every and each transaction represented (which is how your basis is actually calculated), then your basis will be off. Brokerage firms only give so much history, and this is likely why your basis is off.

    If you have placeholder transactions representing the amount of historical data, then you can add in the missing basis for those older transactions within the placeholders. 

    I apologize I can't give more details than that, but that should point you in the correct direction.

    I would not delete data. The lack of it is why your basis is off or nonexistent within Quicken. 
  • scwerden
    scwerden Member ✭✭
    I have no idea what “PLACE HOLDER” is or how to use it - the idea of fixing some 68 stocks is daunting. All the missing data is contained in a csv from Schwab.
    I was thinking that csv files can be used in other places in quicken that this would be a quick fix. Thanks for you help I’ll check out the link below
    Stowell
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Accepted Answer
    @scwerden  When your connection method is Direct Connect, Quicken is connecting directly to the financial institution's server and pulling in what the financial institution provides. So if there's a discrepancy between what you see in a CSV file and what downloads to Quicken, you'd need to contact the Brokerage, as Quicken has no control over what gets downloads.

    But, as John wrote above, cost basis is something which gets calculated in Quicken; it's not part of data imported from a financial institution. And you should be aware that Quicken's calculated basis for a sale could be different than the financial institution's. The simplest example of this is if you have mutual funds which use Average Cost Basis. Quicken Mac (inexplicably) does not support Average Cost Basis for accounts, so if your financial institution uses ACB and Quicken uses LIFO, they're going to calculate different gains/losses. Because I have most of my money in mutual funds, all of which use ACB, I can only use Quicken's calculated values as an approximation; I must use may broker's calculated cost basis for gains and losses.
    Quicken Mac Subscription • Quicken user since 1993
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Quicken Mac Subscription • Quicken user since 1993
  • scwerden
    scwerden Member ✭✭
    I want to thank you your complete answer and the links.
    Will this work...? seems easy and fast
    I'm in Brokerage>Trust>Transactions.
    I see all my stocks and ask an Edit button at the bottom left.
    can I just edit each incorrect entry with the full and proper information-will that properly update cost basic.
    seem easy to me - what you think?
    Thanks again
    Stowell
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