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ACATS stock transfer between accounts

Doug

I did a transfer of holdings from one investment company account to another. The transactions all show up correctly in the "transferred to" account online. When I do a download of transactions using One Step Update, will those holdings be included in Quicken in the correct account?

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Accepted answers

Frankx

Hi @Doug,

Assuming that you've already setup and also "connected" (i.e. - enabled download capability) for the receiving brokerage/investment account in Quicken, you should be good to go. This also assumes that the account the securities were transferred from was also a connected account.

Let me know if you have any followup questions.

Frankx

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Frankx

Doug

Thanks!

Doug

Frank, I do have a long time "receiving account" enabled for Quicken downloads. All works fine. The "sending" account was a temporary account that I did not set up in Quicken. However, shouldn't the transferred stocks/ETF's, etc. show up in my "receiving account" as transactions? Or ... do I have to do time travel and go back to connect the temporary "sending account"!

Frankx

Hi again @Doug,

You still should be okay.

I believe that you are saying that the account that you refer to as the "receiving account" (and that is already setup for "Quicken downloads) is the account that the the securities will be transferred into. If so, once those securities hit the account at the financial institution - they should be downloaded into your Quicken datafile. So no "time travel" will be required.

That said, there may be a problem with the "basis" (also referred to as the "cost basis") of those securities, which will not be part of the downloading process. I am not sure if these are regular investments or perhaps part of a employee stock purchase plan, or something similar. The bottom line, however is that you will likely have to manually record the cost basis yourself, because I doubt that that data will be downloaded from the receiving financial institution.

Hope this makes sense, but let me know if you have any other followups.

Frankx

Doug

Yes, Frank. The account that was transferred into is set up in Quicken ... has been for years. When I went online to the brokerage website (receiving broker), the transfers show up as transactions, one for each individual stock, ETF, and for cash. I've done OneStep updates a few times, and so far those transactions have not downloaded to Quicken. I may be premature, and they may need overnight processing to download. As for the lot/basis info ... ACATS typically transfers that information later. I'm told two to three weeks before that lot info will come over to the receiving account. Not a big issue either way with basis as I have all on paper and can manipulate manually if I need to.

Frankx

Hi again Doug,

Okay, it sounds like you've got things covered. either way. And I suspect that the download will appear tomorrow. If they don't, then repost here and we'll see if we can figure out why they didn't.

Frankx

Doug

Frankx: FYI, I just did a One Step Update and all of the transferred holdings, including cash, downloaded into Quicken as they should. I was simply being impatient! Thanks for the help. I'll come back in a few weeks to see how the Lot #'s and cost bases come through.

Chris_QPW

Doug said:

I'll come back in a few weeks to see how the Lot #'s and cost bases come through.

They aren't going to "come through".

There isn't any system that Quicken will update the cost basis or lot information when the receiving financial institution finally knows it.

To have "lot information" correct you have to have the correct buys, which would also get you the correct cost basis.  EDIT: You can also have one add shares for each lot with the correct cost basis entered to have both the lot information and cost basis.

To have the right "average cost basis" correct one would have one "add shares transaction" with the cost basis filled in per security (no lot information).

I haven't done this kind of transfer in years, but if I remember correctly it results in just an add shares transaction per security in the download. If the "average cost basis" is good enough for your purposes then you need to add the cost basis to these transactions manually when you get it.  TESTED and below is correct, Quicken does a remove shares/add shares for each lot.

If you need the lot information and cost basis correct then the proper way to do this would have been to use the "Shares Transferred Between Accounts" transaction action in the old account, which will do remove shares in the old account and add shares with the right cost basis for each lot. And then you delete the initial downloads from the new financial institution.  EDIT: If there is a download from the first financial institution you would have remove that down too to make sure you don't "sell/remove" the shares twice.