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Incomplete 'deposit' transactions generated for mergers in Schwab

Hcs

Merger transactions downloaded from Schwab appear as 'empty' deposit transactions with comment references to the companies involved.

Quicken subsequently warns of balance mismatches but deposit transactions cannot be modified.

Do I need to enter these transactions, including 'cash in lieu of' transactions manually?

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Tom Young

It would be most helpful if you would specify the names of the companies involved in this merger. There's many ways mergers occur, legally, and some of these require "hands on" efforts on the part of the user as downloads from financial institutions just aren't always correct, from an accounting standpoint.

Generally speaking, in situations where the merger transaction creates a fractional share you need to have the GROSS number of shares (including fraction) with a proper cost basis established in your Transaction List, then use the CIL as the "proceeds" of the sale of the fractional share, creating gain or loss. I don't think I've ever seen any financial institution's downloads handle this situation properly.

q_lurker

Do I need to enter these transactions, including 'cash in lieu of' transactions manually?

My general perspective is that if the financial institution does not send the correct workable transactions 'the first time', the user should manually enter the correct (as defined by the user) transactions. Waiting for or expecting the financial institution to make the correct corrections is not productive, in my opinion.