Settlement date instead of trade date on purchases/sales?

joannsmith
joannsmith Member
edited January 7 in Investing (Windows)
Prior to the change - purchase and sale transactions from Chase had always used the settlement date as the date when the transactions were downloading from Chase. Now, it is the trade date which doesn't work for me. The client I work on is cash basis and the trade date at the end of the month can really mess things up. Is there a setting in Quicken I can modify to tell it which date to pick up?

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited December 2022
    There's no Quicken setting for this.  You'd need to call Official Quicken Support and ask them to change the script (program) that they're using to get this data.  As I understand it (EWC is pretty much a black box to outsiders) Quicken tells the Financial Institution what information they need and the FI tells them where in their system this information resides.  Of course this is "programmer" people talking to "programmer" people so the distinction between trade date and settlement date might pretty much be lost.
    I think most FIs do send "trade date" information since it does allow you to make sure that cash is available or to know when cash is available.
    Frankly I doubt Quicken will respond to this request, (that's just a guess), if settlement date is really more important to your client than trade date you might have to introduce some workarounds on your end for adjustments to downloaded information.
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    I also think "trade date" is downloaded for legitimate tax reporting/planning purposes.  The sale date is what the IRS needs to see and what is reported in Form 1099-B and Schedule D reports, not the settlement date.  The IRS does not care one iota about when the settlements actually occur.
    Of course, this does cause some issues for people who play the hand-to-mouth cash game with their investment transactions.  I'm not sure what the best way would be to work around that.  Maybe when new trades are downloaded, manually change the transaction date to approximate what the settlement date will be?  Not ideal but it should get one closer to what one wants to see.  But that would mess up the accuracy of the tax reporting in Quicken.  So, six of one and half a dozen of the other.
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Note that Chase is now on Express Web Connect +, the plus meaning that Intuit is using the FDX protocol to get the data from Chase, and that means there will be a field for each piece of data, Intuit (or Quicken Inc) will have no control over the transactions/dates sent, it is entirely up to Chase.  So, to get this changed would require Chase changing it.

    In this way FDX/Express Web Connect + is like Direct Connect/OFX where what is sent is entirely up to the financial institution.  In the case of Express Web Connect, different methods of retrieving the data are used depending on the financial institution and as such there is a slight possibility that Intuit could change where they get the data, but even their it is highly unlikely they could get it differently.
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