Xfrshrs

LeaningTower

I tried transferring shares (xfrshrs) to a new account. In the transaction entry window, I selected "All" for transfer method (as opposed to specifying the number of shares and selecting FIFO or Lot identification.)

in the original account, the transfer shows as one "removed" transaction for each security. However, in the destination account, the transfer shows as dozens of "added" transactions of fractional shares, perhaps matching the original purchases of those shares. I tried this with two securities. Both times Quicken seemed to freeze after clicking OK. Both times I stopped Q with Task Manager.

After looking more closely at the results of my attempts, I see that the # of shares in the destination file is less than in the original file. Because of the shortage and the fact that I forced Q to end when I thought it had frozen, I suspect it was still processing the transfer. Fortunately I backed up the file before starting.

My questions are:
When utilizing the xfrshrs function, does it normally result in matching Removed and Added transactions as opposed to "xfrshrs"? Or did something go wrong in my file?

Should the destination file contain a single entry for this transfer (matching the single entry in the original account)? Or is it normal for Quicken to replicate the original (fractional shares) purchases of the funds (as I had)?

Is it normal for it to take 5, 10, 15 or more minutes to for Quicken to complete a xfershrs? (My system is neither, blazingly fast, top of the line, nor is it old and slow. I'm running Q Premier R32.10 on Intel i7 1.9ghz with 16 gigs of memory.)

Thanks.

q_lurker

LeaningTower said:

Is there a reason why Quicken creates just one transaction in the source account, but creates dozens in the destination account? Why doesn't it just post one transaction into the destination account?

Because the most demanding user is going to want each lot fully identified for basis and acquisition date thereby being most able to optimize tax consequences.  All shares can come out of the source in one transaction but they need to go into the destination account by lot for completeness. 

Rocket J Squirrel

It is normal to get a Shares Added transaction in the destination file for each tax lot of the security.

Quicken can be slow when processing investment accounts.

Restore your backup and re-do the Shares Transferred and be patient with Quicken this time.

If you end up with cash in lieu of fractional shares, Quicken won't know about that and you'll have to clean those up manually.

LeaningTower

Is there a reason why Quicken creates just one transaction in the source account, but creates dozens in the destination account? Why doesn't it just post one transaction into the destination account?

q_lurker

LeaningTower said:

Is there a reason why Quicken creates just one transaction in the source account, but creates dozens in the destination account? Why doesn't it just post one transaction into the destination account?

Because the most demanding user is going to want each lot fully identified for basis and acquisition date thereby being most able to optimize tax consequences.  All shares can come out of the source in one transaction but they need to go into the destination account by lot for completeness.