GE did a reverse 8-1 split after close of business 7/30. Typical "Quicken" split problems arise.

amlanshah

Thank you everyone for some very useful pointers. However I struggle with accounting at the best of times, and this GE reverse split downloaded from Schwab has been a nightmare. I accepted the prompt to match new GE security to existing one. I also downloaded a buy and sell transaction. And then it all went horribly wrong. Stocks quantity was mismatched. I have now restored a previous backup. Could a kindred soul please set down step by step process to deal with this, from the time data is downloaded. Thanks so much

q_lurker

amlanshah said:

Thank you everyone for some very useful pointers. However I struggle with accounting at the best of times, and this GE reverse split downloaded from Schwab has been a nightmare. I accepted the prompt to match new GE security to existing one. I also downloaded a buy and sell transaction. And then it all went horribly wrong. Stocks quantity was mismatched. I have now restored a previous backup. Could a kindred soul please set down step by step process to deal with this, from the time data is downloaded. Thanks so much

I’ll try but I am away from my PC so I might miss a step and I may not be explicit enough. 
1) before the download Enter transactions button; Stock Split, 1 for 8 share ratio on 8/2/21
2) I would NOT have investment transactions automatically entered - an Edit / Preferences setting,
3) Download Transactions via One-Step Update or other sequence,
4) in the downloaded transactions area, Edit and delete any transactions (buy, sell, add, remove, etc.) related to the split. A matching stock split would be OK to accept. 

5) if along the way Quicken asks you about a ‘new’ GE security, match it to the existing GE security. 

With any luck, that should do it. 

Boatnmaniac

I agree with @q_lurker with a couple of added suggestions:

1. After you complete the stock split process, be sure to verify that the new post-split share quantity matches what is shown in your online investment account.  If what is downloaded by Schwab are a Sell and a Buy transaction then I think the shares held in Quicken will match what Schwab shows.  But if they are a Delete and a Add transaction your post-split share quantity might be off a little because of a fractional shares issue.  If this has occurred  Schwab might have given you Cash In Lieu Of Shares that you will want to adjust for in your account in Quicken.  You could do this by manually entering a Sell transaction where the share quantity is the difference between the shares shown in Quicken and the shares shown in Schwab and the total cash value of the transaction is the difference between the Cash held in Quicken and the Cash held in Schwab.
   
2. Check your GE share prices for 7/26-7/30.  The prices that were downloaded on those days were as if the split had already occurred (8X the actual price) even though it had not.  If you find that the prices in your file for those days are wrong, you can delete them and then download just the prices for GE.  What gets downloaded should now be correct.
   

Ps56k2

As another tidbit - a day after any changes in shares owned - buy/sell/split - and you have performed a One Step Update - you can have Quicken "Reconcile" the Shares in the Quicken account vs what the brokerage is showing.

Open the Account register - click on the gear/setting in the upper right corner - and click RECONCILE SHARES.

amlanshah

Thank you everyone. Each of these instructions/suggestions were very helpful, and I am all entered and reconciled. Had to manually delete the "Removed" and "Added" entries, and leave just the "StkSplit" entry from the downloaded transactions. Everything fell into place.