Merck Spin-off of Organon & Co did not create an account - Why

Woody800
Woody800 Member ✭✭
edited November 3 in Investing (Windows)
I waited until Merck had published the Form 8937? before proceeding entering spin-off transaction. Afterwards I realized it had created a ghost account (Organon) listing the transaction but without being able to enter transactions such as dividends. It can only be found in my Broker account. It is not listed in "All Accounts" nor "Account List." ALERT: I create an account for each stock I hold. This permits me to find errors and correct them easier. Prior to entering the transaction above I had placed Organon in my Security List.
I really wasn't sure what would happen once the transaction was finished.

How do I correct this issue without deleting and re-entering the whole transaction

Process please.

Answers

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    ALERT: I create an account for each stock I hold. This permits me to find errors and correct them easier. 
    An odd choice, in my opinion, but so be it.  But it is then up to you to create that Organon ACCOUNT in addition to creating the Organon security which you said you did.

    The corporate spinoff action will create the spinoff (Organon) in the same account that holds the original security (Merck).  If you did the spinoff correctly, that is where you should be looking for the relevant transaction.  In that originating account, you should find Add Shares transaction(s) for the Organon security.  To correct the issue to your way of operation, you would simply MOVE (Rt-click, select Move) those Add Shares transactions to your newly created ORGANON Account.  

    BACK UP your data file before making such changes - just in case.


  • Woody800
    Woody800 Member ✭✭
    Thank you for your response. I tried to find the correct process using the HELP feature for spin-offs only given definition and no real process with step by step or photos to follow the step by step- real shortcoming of the feature. I guess you work for Quicken with a greater understanding how the application works and getting the results as expected. Keep in mind many of us have done differ processes to work-a-round different iterations since DOS. Without a manual to reason through the steps and pictures we now have to depend on and incomplete HELP function. Again a shortcoming. The Community is okay if you have umpteen hours to sort through the not so organized answers. It is like the purverable needle-in-a-haystack to find a meaningful answer.

    Again thanks for your help.
    Woody800
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    No, I do not work for Quicken (those folks are identified as employees or moderators).  But I have managed to spend hours on this community and its predecessors.  But even with that, what I offered above is more about my 30+ years of experience using the program for myself -- from DOS days as well.

    This community can be inefficient to get around, but asking questions with as complete information as possible (like you did), can be really helpful in getting realistic responses.  Most of the users and the superusers in particular try to be as helpful as possible.  We've all been through lots of trials and some errors with this program ourselves.  And we've seen people use the program in lots of different ways.   

    A specific account for each security can work for a small portfolio, but after all these years, I have over 1000 securities I've used or followed.  Your approach would be a nightmare for me.  One of the basic mantras preached around here is to have Quicken accounts model or follow the real world account structure.  But again as noted, people find approaches that work for them.    

    I take it you then got your issue worked out to your satisfaction,