Shares Transferred Between Accounts Creating Unrealized Gains

meach7
meach7 Member
Our financial advisors moved three professionally managed accounts to Fidelity from a previous RIA. I completed all the transfers per Quicken's support article. When I ran our Income/Expense report for the month, it is showing a huge (incorrect) amount in Unrealized Gains. I dug into the transactions and it seems Quicken transfers "out" the unrealized gain from the original account (market less basis), but then records the entire market value of those same shares as a gain ("Shares Added") but doesn't account for the cost basis. Help!!
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Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited July 2021
    I don't know exactly what you're referring to here by "Quicken's support article" so it's unclear exactly what went wrong.
    The "Shares Transferred Between Accounts" action with "All securities" selected should should generate one Remove action for each security in the "From" Account and a series of Add actions - one for each lot of each security in the "from" Account - in the "To" Account, and that's it.   The unrealized gain in the old Account should exactly equal the unrealized gain in the new Account.  All cost bases and holding periods for all lots should be correct in the new Account.
    Assuming you made a backup before recording the transfers I'd suggest re-opening that backup and trying this again.  How you got a second series of Adds in the new Account, Adds without basis, is something of a mystery.
    If you don't have a backup then deleting all those basis-free Adds should straight things out.
  • meach7
    meach7 Member
    RESOLVED: Tom, thanks for trying, but the "All securities" selection was easy but doesn't work -- or didn't work for me. I resolved this issue through a painful process of (1) deleting each of the "Removed" transactions from the old account, (2) deleting each of the "Added" transactions from the new account, and then (3) INDIVIDUALLY entering a Shares Transferred Between Accounts transaction for EACH security. That involved multiple steps which I repeated more than 200 times (!): For anyone needing to walk through this painful process here were the steps for the individual transactions:
    (a) copy your new account name (the transfer account) to the clipboard
    (b) In the old account click "Enter Transactions"
    (c) Select "Shares Transferred Between Accounts" from the dropdown or hit "S" on your keyboard 5 times
    (d) change transaction date if needed
    (e) PASTE the new account name in the Transfer account field
    (f) For each security, enter the first few letters in the Security name field and select
    (g) click the "All" radio button in the transfer method field
    (h) click the Enter/Done button and repeat the process for each security.

    Painstaking but it worked.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    What version and what build are you using here?  I've used the Shares Transferred Between Accounts (All Securities) many times over the years - none within the last few years though - and it's always worked perfectly.