How to re-setup an account with transaction import

Arpit

So I have several accounts (Interactive Brokers) that I have to manually update monthly by importing a .QFX file. i've noticed lately that a lot of my assets in these accounts are messed up. I'd like to reset these accounts and start clean, but I am not sure what that will do to my data, or how I would populate it again.

I've had these in quicken since 2017, and I cant download .QFX files going back till then (only back 365 days). So wondering; if i reset the account who would I be able to repopulate it? Would i just need to go in and manually add each asset back in with the current amount and values? I assume I'd lose all the transaction history, but it may not be a problem for tax records.

Frankx

Hi @Arpit,

I'll try to answer your questions and then make a suggestion.

If you "reset these accounts and start clean" you will lose all your history and as you said, you can download a limited amount of data, but not data back to 2017.  So if you do this "reset" and you want to "repopulate" the history, you'd have to try to use whatever data you may have (paper or pdf statements, trade confirmations, and whatever other data you might have kept over the last 4 years) to make manual entries in the new accounts.  As far as "tax records" are concerned, the broker will provide basis information on your 1099-Div, so you are probably right that you'll have that for tax return preparation, however as far as decision making goes, you may not have that relevant historical data available when you are considering executing a transaction (such as to sell a security), which most folks like to have.

As a suggestion, rather than deleting these accounts as part of the "reset" you might consider keeping them in your Quicken datafile for now, but changing them to "separate accounts".  The account history would be maintained in Quicken but would not be included in your new worth.  The accounts could then be referenced in the future to get some idea of account history and what your tax basis might be.  And if you ever decide to rebuild the account history, you'll still have that in these separate accounts.  If you decide to do this, all you need to do is to "Edit account details" for each account > click on the "Display Options" tab > then click on the first option "Keep this account separate..."

Let me know if you have any followups.

Frankx

Frankx

Hi @Arpit,

I'll try to answer your questions and then make a suggestion.

If you "reset these accounts and start clean" you will lose all your history and as you said, you can download a limited amount of data, but not data back to 2017.  So if you do this "reset" and you want to "repopulate" the history, you'd have to try to use whatever data you may have (paper or pdf statements, trade confirmations, and whatever other data you might have kept over the last 4 years) to make manual entries in the new accounts.  As far as "tax records" are concerned, the broker will provide basis information on your 1099-Div, so you are probably right that you'll have that for tax return preparation, however as far as decision making goes, you may not have that relevant historical data available when you are considering executing a transaction (such as to sell a security), which most folks like to have.

As a suggestion, rather than deleting these accounts as part of the "reset" you might consider keeping them in your Quicken datafile for now, but changing them to "separate accounts".  The account history would be maintained in Quicken but would not be included in your new worth.  The accounts could then be referenced in the future to get some idea of account history and what your tax basis might be.  And if you ever decide to rebuild the account history, you'll still have that in these separate accounts.  If you decide to do this, all you need to do is to "Edit account details" for each account > click on the "Display Options" tab > then click on the first option "Keep this account separate..."

Let me know if you have any followups.

Frankx

Arpit

Thank you @Frankx! still will be a PITA to update each and every transaction but great recommendation to backup my current accounts