GE - Fidelity Accounts Reverse Stock Split

jimshu1

I own GE in several Fidelity accounts. GE did a 1 for 8 reverse stock split this week. Partial shares were converted to cash. I understand what happened.

The download from Fidelity to Quicken, also made sense. It showed the split, the cash surpluses, the new shares bought, etc. It looked like it accurately reflected the entire reverse split transaction.

But, once I accepted all of these, the shares I have holding in each account are way off. Maybe by a factor of two.

Luckily, I saved the database before accepting the new download updates, but am wondering what I should do? I'm a Quicken user for a couple of decades.

Thanks for any replies!

jimshu1

Thanks. Doing this manually, and deleting the Fidelity downloads, worked! New Fidelity download now matches Quicken.

q_lurker

Delete the improper buys and sells. Enter a 1:8 StkSplit transaction. 

jimshu1

Thanks. Doing this manually, and deleting the Fidelity downloads, worked! New Fidelity download now matches Quicken.

Michael Manna

Wells Fargo download had sell/buy new. The number of shares did 't change. I deleted them and entered the reverse stock split but the number of shares still stayed the same as it was the before the split. The only thing I can think of next is to delete the stock entirely and just add the new amounts. But then I lose history.

jimshu1

Deleting the stock would be the last thing I'd do. Are you sure you're entering the stock split correctly?

q_lurker

Michael Manna said:

Wells Fargo download had sell/buy new. The number of shares did 't change. I deleted them and entered the reverse stock split but the number of shares still stayed the same as it was the before the split. The only thing I can think of next is to delete the stock entirely and just add the new amounts. But then I lose history.

Be sure you are selecting the correct GE security for the split. Because of the download, you may now have two GE securities - your original and the ‘new’. Check your security list. 

jimshu1

> @q_lurker said:
> Be sure you are selecting the correct GE security for the split. Because of the download, you may now have two GE securities - your original and the ‘new’. Check your security list. 

Good point! I may have used a previous database to correct this problem. It would not have contained the "new" GE position. If you have a new position, I'd delete it and try again.

Dyon Klempner

I am having a similar problem. I own GE shares in both Fidelity and Wells Fargo brokerages and the stock had a reverse split 1/8. When I accepted the downloaded information from each brokerage, I got an error saying the information in Quicken didn't match the information on the web page. I am seeing by the comments above that it might be best to delete the downloaded entries and configure this transaction manually. But I cannot find instructions on how to do that.

I am running Quicken for Windows.

The Fidelity download gave me 1 entry to declare the stock had split, a second for shares SOLD of the original GE stock, a third for shares bought of the "NEW" GE stock.

The Wells Fargo download gave me 1 entry to declare the stock had split, a second for shares REMOVED of the original GE stock, and a third for shares bought of the "NEW" GE stock. There was also a GE entry labeled "dividend" which I suspect may actually be a cash payment for partial shares sold.

I am totally confused. Should shares of the old stock be "sold" or "removed"? Why does the Wells Fargo entry show a negative inventory amount? When I look under the Holdings tab, why does the old investment show a negative shares amount instead of 0 shares?

Help!

jimshu1

Copy your Quicken database file to a safe location in case you want to go back. Do the following at your own risk, but you have a backup, so no risk...

1) Delete the downloaded transactions for the split. The split and any associated buy/sells.
2) Check your holdings in the accounts and delete any "new" GE holdings. If you have a new holding, you'll see two for GE. One might be labeled GE new. Delete it.
3) Manually enter the stock split per the ,jpg I posted above in this thread.
4) It should now show your new GE shares at 1 for 8 rate.
5) There will probably be fractional shares that your brokerage sold for cash, as they will only show whole shares. Sell those fractional shares at whatever price equals the cash you got added to your account due to reverse split.
6) Manually check that your GE holdings now match your brokerage accounts.
7) Run auto update again and see if it doesn't prompt you for split entries. If it does, don't accept them, just delete them.

Worked for me.

Dyon Klempner

Thank you! I almost have this working, except for the last step #7. When I ran auto update again, I got the message that the shares in Quicken didn't match what was in the brokerage database. The problem is that the GE security did indeed get renamed to GE NEW. I am not sure how to rename the stock in Quicken. I made placeholder entries until I figure that out.

Thanks again! I am close to fixing this.

jimshu1

Copy your Quicken database to a safe place.

1) Know the actual brokerage account number of shares. It should be an even number.
2) Delete the security GE in your Quicken accounts.
3) Run auto update and accept the GE shares it says are missing.
4) Make sure it matches your brokerage accounts.

I'm just guessing at the above instructions, as I didn't have your problem for whatever reason.

Dyon Klempner

I think I got it working now. The shares still have the old name but the amounts are correct.

jimshu1

They should have the old name.