Downloaded investment transactions not properly characterized (interest vs dividend)

Zipidy

When I "One-Step Update" my investment transactions, the income reinvested transactions are characterized as "Interest" instead of "Dividend" as classified by the financial institution. How do I get Quicken for Windows to change the interest transactions to dividend without editing every individual transaction? When I edit these transactions manually, the price-per-share value is often slightly different after the edit. This happens with transactions downloaded from several financial institutions, so it is more likely a Quicken issue than a financial institution issue.

Chris_QPW

Actually it is the financial institution's problem, not a Quicken problem.  They are the ones sending the "action" that is an classified as interest not a dividend.  And there isn't anything in Quicken that will change this automatically.

BTW what financial institutions is this?

EDIT:
The per share price problem is because there isn't any standard on how to round the prices.  And when you are entering a transaction Quicken is going to calculate to 6 decimal digits what it gets from the other numbers like the number of shares, commission, and total cost.

Tom Young

You might try looking into the OFX log to see how those Reinv actions are being sent to you, i.e., the income type associated with that action.  It does seem odd that the problem is apparently across multiple financial institutions. 

Jim_Harman

I have had that problem for years with T Rowe Price. It is a 401(k) so it doesn't matter tax wise and I just accept the ReinvInt transactions. 

BK

Me too, and I verified that the problem is the financial institution sending bogus data and nothing Quicken can do about it.

This one may take the cake:  I have two identical Schwab broker accounts where both send Interest as a Deposit, BUT one sends Div reinvested as a Deposit + buy yet the other account sends it as one single ReinvDiv transaction (even for the same security) - talk about inconsistency!  Further, the online transaction histories between the two accounts are consistent and correct.  Meaning they are only generating the download files differently between the two accounts - leading me to think perhaps two different sets of spaghetti programming codes are being used.  I manually correct them all although I don't use Quicken for tax purposes.

This has been occurring as long as I remember.  I even contacted them asking them to review the inconsistency in their download files (without any mention of Quicken) and they agreed but nothing ever changed.  Our mileage does and will vary.

Chris_QPW

Another common thing I run into is with my wife's 401K that is at Merrill Lynch they send both the dividends and the reinvest dividends as dividends.  So each month I have to go in and change the ones that are suppose to be reinvested otherwise the cash amount is wrong.

BTW this is what a reinvest dividend transactions looks like in the OFX log (yours might not be nicely formatted).

                    <REINVEST>

                        <INVTRAN>

                            <FITID>65580922

                            <DTTRADE>20210901160000.000[-5:EST]

                            <DTSETTLE>20210901160000.000[-5:EST]

                            <MEMO>DIVIDEND REINVESTMENTDIVIDEND REINVESTMENT

                        </INVTRAN>

                        <SECID>

                            <UNIQUEID>72201B101

                            <UNIQUEIDTYPE>CUSIP

                        </SECID>

                        <INCOMETYPE>DIV

                        <TOTAL>-328.71

                        <SUBACCTSEC>CASH

                        <UNITS>15.939

                        <UNITPRICE>20.6236

                    </REINVEST>

When they are regular dividends you would see <INCOME> instead of <REINVEST>.  This is from a Vanguard dividend (reinvestment) entry.