Transfer shares from Vanguard to Fidelity

Gary R

I'm not sure if Quicken handled this correctly.  Quicken shows shares removed from Vanguard and then shares Added to Fidelity for the same dates.
Shares transferred between accounts was not downloaded from Quicken.
What is the correct way to handle the transfers.

Rocket J Squirrel

Shares Removed & Shares Added is correct. But check the Shares Added transactions to make sure they contain the proper cost bases for each lot of each security.

If the cost bases are missing, as they probably are, I'd recommend deleting the downloaded Removed & Added transactions and replacing them manually with the result of Quicken's Shares transferred between accounts. Back up your data file first.

Gary R

I decided to try and example and entered a transaction in Vanguard ----Shares transferred between accounts to Fidelity.  It removed the shares from Vanguard and then added the shares to Fidelity.
Thanks for your reply and feedback

Jim_Harman

The Removed and Added transactions that are downloaded when you transfer a holding from one account to another are often not correct, because they often do not include the cost basis on the receiving end.

You should delete any downloaded transactions related to the move and use a manually entered Shares transferred between accounts instead. For each security moved, this will put one Removed transaction in the old account and one Added transaction for each tax lot of the security in the new account, preserving the cost basis and acquisition date of each lot.

Gary R

Yesterday turned out to be a complete disaster.  Let me explain.
Back in January 2021 I went with a private management company for my portfolio and they only work with Fidelity.  They transferred all my Vanguard accounts to Fidelity in the beginning of January 2021.
Yesterday I was looking over the closed Vanguard accounts and all the transfers were shown as "Removed".  The Fidelity accounts showed the transfers as "Added".  I remember checking the cost basis last year and all looked good.  I should have left well enough alone but I just wanted to refresh my memory and do a transaction showing "shares transferred between accounts" to see how it was recorded.  Big Mistake and almost cost me a heart attack!
I must have checked off the wrong box for shares transferred between accounts.  Twelve years of transactions were moved to the wrong account and I was in deep ****.  It took about fifteen minutes for Quicken to complete this transaction, and I had no clue what was happening.  In the end, I realized that my two accounts were completely "F" up.  I was now in Panic mode and feeling sick.
I never did a restore before, but I gave it a try and I think I'm ok.  I did have a couple problems this morning with the one step update and had to reset some bank log on information.
This will go down as the dumbest Quicken thing I've done.

q_lurker

For the record, the footprints left by Quicken’s Shares Transferred between Accounts are:

• Remove Shares in the sending account, 1 per security, with I believe a memo field that identifies the receiving account, and 
• Add Shares in the receiving account, 1 per lot of each security. Each Add identifies the lot’s cost basis and acquisition date. I believe the memo field also indicates the sending account. 

There is no other indication of having used the Shares Transferred action. An Add Shares downloaded from the receiving institution will commonly be 1 transaction per security with no inclusion of cost basis or acquisition date. 

Jim_Harman

Confirming @q_lurker's post, the Memo fields in the Removed and Added transactions generated by a Shares transferred between accounts have "Xfr To:" and "Xfr From:"  with the names of the old and new accounts respectively.

Gary R

You are both correct about the memo field---All my transactions were done correctly in January 2021 but I just couldn't leave well enough alone.