Stock Sale not Including Fee in Ledger (Q Mac)

shall8237

Just sold some stock and I entered the fee in the transaction. However, the fee is not deducted from the amount added to the cash balance. How can I get this corrected without having to add another transaction?

[Edited for Readability]

jacobs

The default for a Sale transaction is for you to enter the Total amount you received, the number of shares, and the commission/fee. Quicken then calculates the sale price by deducting the commission from the sale price, and dividing the remainder by the number of shares. For instance:

Here I've entered $100 as the proceeds from the sale, 10 as the number of shares, and $15 as the fee. So Quicken calculated that the share price had to be $11.50 so that 10 x $11.50 = $115, so the $15 fee can be deducted to achieve the total amount of $100.

But it sounds like you'd like to report that the gross sales amount was $100, meaning you sold 10 shares at $10 = $100, and then have the $15 deducted from that total for a net amount of $85.

You can do this by clicking the pencil icon next to Price Per Share, which allows you to enter the number of shares, price per share and commission, and have Quicken calculate the total sale amount. Like this:

Here, I entered my sale of 10 shares at $10 = $100, minus the $15 commission/fee, for a calculated net sales amount of $85. It sounds like this is what you want to do to reflect your sale transaction.

shall8237

I ended up calling support, and what you are saying is how Quicken/Mac is working. However, It doesn't follow how I expect it or how it worked on the Microsoft version. How I expect to see it recored with your example is that I sold 10 shares of stock for $10.00 and had a $15.00 Commission/Fee. What I expect is that I received $100.00 for the sale and had to pay a $15.00 commission/fee. Neither of the methods of your reporting match what happened. Maybe change the titles to show net take-home as being $85.00 in your second example, but then it still makes your 1st example wrong.

Suggestion, add another field to represent the net take home because in your 1st example, you're reporting the price/share wrong and the 2nd you're reprint the Total Sale wrong.

jacobs

@shall8237 You say: "What I expect is that I received $100.00 for the sale and had to pay a $15.00 commission/fee." If you want to see that you sold the shares for $100 and had the $15 fee deducted from your proceeds, then that's exactly how it works as shown in my second example above.

The first example wasn't wrong; it was to show you how a Sell entry works by default, where you enter total cost, shares and commission, and it calculates the per-share price. The second example shows that by clicking the pencil, you can enter shares, per-share price and commission, and it calculates the total transaction amount. The first method works correctly as well, as long as you enter the price of $85 rather than $100. 

In the second example, the total sale is not wrong; $85 is the net amount of cash you received. It's important to note that for tax purposes, $85 is your proceeds, not $100. That is, if you had purchased these 10 shares for $8, or $80, and you sold for $100 less $15 commission, your taxable gain is $5, not $20. You seem to want to see the $100 sale, and thus a $20 gain in this example. Quicken is doing it correctly for tax purposes by deducting the commission from your proceeds. 

Keep in mind I'm a fellow Quicken user, not a programmer on the Quicken Mac team, so I'm not in the suggestion department. I was just trying to show you alternatives on how to make it work the way you'd like it to.