Best way to handle GSK after Haleon spinoff?

RCinNJ

Hi, GSK did a reverse split plus a spinoff of shares. It also changed it's name from Glaxo Smith Kline to GSK, keeping the symbol the same. In my account Quicken currently shows the name "GSK PLC SPONSORED ADR NEW WHEN ISSUED" with the symbol GSK.WI (Vanguard just shows GSK). It has also lost my purchase history/cost basis and shows a $0 cost basis. Any suggestions on the best way to fix this to get the correct cost basis for my purchases?

VicM

Hi RC,
I too held GSK and received the Haleon shares. I'm not sure this will help since I'm using a Windows box.
Make sure you enter the following transaction BEFORE you enter the reverse split for GSK.
I entered the transaction as a "Corporate securities spin-off". You have to enter the original GSK security, the spin-off security (Haleon - which can not have been added to your securities before this transaction; if you did, you need to delete it), the number of shares you received per each share of GSK, which in this case is 1, the prices at the end of the spin-off day for GSK and Haleon.
When you save this transaction, two line items will appear on the date you originally purchased GSK (mine was back in 2015), even though you entered the recent date that this occurred from your statement. The two transactions are a Return of capital for GSK and the "purchase" of Haleon. I then entered a "Reminder" transaction on the date the spin-off appeared on my statement pointing to the date where the spin-off transactions appear in Quicken.
If I run a report from the time I originally purchased GSK my purchase price for GSK is still shown.
Hope this helps.
Vic

jacobs

@VicM Unfortunately, Quicken Mac lacks the "corporate securities spin-off" feature of Quicken Windows. That makes these types of transactions difficult in Quicken Mac. There is a longstanding Idea thread (feature request) for this functionality in Quicken Mac which you can view here. 

VicM

Jacobs, I'm surprised that the user interface for Mac is so different from Windows version. I was unaware of this disparity.

jacobs

@VicM I describe Quicken Mac and Quicken Windows as close cousins rather than nearly-identical twins. Many things are identical, many things are similar but slightly different, some things have different interfaces or processes but achieve the same results, and some features of Quicken Windows are completely missing from Quicken Mac. This has always been the case, and it was exacerbated when Quicken Mac had to be rebuilt from scratch in the previous decade in order to work with evolving Mac operating system technologies; little by little, the Quicken Mac development team is narrowing the feature gap, but at their pace of work, it will take many more years to implement all the desired Quicken Windows features in Quicken Mac. This disparity is widely discussed throughout this Community website; it's also somewhat visible, albeit not in every detail and nuance, in Quicken's own comparison chart. 

VicM

Thanks for educating me. I was completely unaware that there were large disparities between the versions. Kinda sad when you think about it. Take care.

SRS_

Many thanks to VicM for this info. I faced the same situation and applied the same fix. Worked fine.