How do I fix a spin-off transaction in Quicken for Mac?

hedrichm
hedrichm Member ✭✭
edited January 7 in Investing (Mac)
This is a Schwab account and a new transaction was imported as "Payment/Deposit" for F&G Annuities & Life Inc. On my Schwab account the Action is "Spin-off" and it is 9 shares. How do I fix the imported transaction to show the 9 shares without indicating they were purchased? I tried changing it to "Add Shares" and putting in the #of shares and share price, but somehow it doesn't look right to me.

Comments

  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    Answer ✓
    There is no 'spin-off' transaction type in QMac, unfortunately.   You need to do two things ... and can only do them once you have gotten the cost basis statement from the original company showing the spin-off ratio and the cost basis of the spun-off shares.   There are some threads here with the process:

    Enter a Return of Capital transaction for the company from which F&G was spun off with an amount equal to the cost basis amount of your shares (the stated % of your given cost basis) that will be assigned to the spun-off shares.  That reduces your original company's cost basis in Quicken.

    Then, do the Add shares as you were doing ... and show the 9 shares ... if it is exact.. or the 9+fractional shares if the spinoff ratio did not exactly produce 9 shares... and with the cost equal to the exact amount you had used in the Return of Capital transaction.  Note the share price has nothing to do with market pricing... it is the cost basis of the spun-off shares as allocated from the original security's cost basis.

    Finally, if you DID have fractional shares due to the spin-off, enter a SALE of just that fraction for the new company.  Since you've entered the cost basis correctly, that will give you the cash you received for cash-in-lieu-of-fractional-shares ... and report it as a LT or ST gain/loss properly....leaving you with just the 9 shares.

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