CLOSE AN INVESTMENT ACCOUNT
Windows 10, Quicken Deluxe Version R52.28, Build 27.1.52.28
This account was in TD Ameritrade which was merged by Charles Schwab. The new Schwab account downloaded and opened flawlessly in Quicken. The problem is that I was left with the old TD Ameritrade account because nothing transferred in Quicken. Now I am stuck with duplicate accounts. The problem in closing the old account is that it wants me to get rid of all of the holdings, which are many. Is there an easy way to do this to zero the account out? I want to save the historical record.
Answers
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Make a backup. After confirming that all your positions in TD Ameritrade were correctly stated as of the date of transfer, delete those Add. Over in the TD Ameritrade Account, using the correct date, transfer the securities and cash to the new Schwab Account. That should leave the TD Ameritrade Account "empty" and have the correct opening balances in the new Schwab Account. Now you should be able to close the old Account.
Take it step by step, checking for accuracy along the way.
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Tom, thanks for your quick response. I probably didn't state clearly at all in my original post that when the new Schwab account was opened in Quicken, Schwab had already done a transfer of everything from the TD Ameritrade account. Therefore, when I opened the new Schwab account in Quicken, it downloaded everything it had already transferred over from TD Ameritrade. The result is, as of that date, I had (have) two identical accounts. I am slowly trying to remove each of these holdings, but it doesn't seem to be working.
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No, I understood entirely. That was why I told to to delete those initial entries in the new Schwab Account that established your "opening positions" in the new Account. Having done that, your file would be properly stated, overall, but the securities and any cash would still be in the TD Ameritrade Account. Now, in the TD Ameritrade Account you would do a "Shares Transferred Between Accounts" action for all the securities. That should result in a "Remove" in the TDA Account for each security, and a bunch of "Adds" in the new Account, one for each lot of each security. Then do a "Cash Transferred out of the Account" in the TDA Account for any cash.
At that point the security positions and cash that used to be in the old TDA Account would be gone, (the transactions themselves are left behind for historical purposes) and everything should be properly logged into the new Schwab Accounts .
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Click on Tools/Manage Hidden Acounts…… Click on the blue Question Mark next to "Hidding Options".
Could that help ya???
Windows 11 (2 separate computers)..... Quicken Premier.. HAVE USED QUICKEN CONTINUOUSLY SINCE 1985.
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Note that a closed account cannot be re-opened. For that reason I do not close my old accounts. I record the transfers to other accounts, disconnect online services, and hide the accounts. If I ever need to change something in an old account I can still do it.
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Even though I don't close accounts either because it can't be reversed, it isn't true that you can't make changes to a closed account. What you can't do is set it up for downloading transactions and you can't turn of the "Hide in transaction entry lists" setting, but everything else is possible.
In a Quicken Mac thread they were saying that a closed account should become read-only, but that hasn't happened in Quicken Mac or Quicken Windows. Then again on Quicken Mac they can reopen a closed account. It is ridiculous you can't reopen a closed account in Quicken Windows.
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@Tom Young Now I get your drift. I also didn't mention above that this is an advisor managed account and I just don't feel comfortable at this point "messing with" the Quicken entries that have already been downloaded from Schwab. TD Ameritrade ended its control of these accounts on August 31, 2023 and Schwab got them on September 1, 2023. This is a retirement account that contains a mix of income generating bonds and stocks. From my experience with Quicken, for some reason, it has never been able to maintain an exact, accurate accounting of bonds, and for that reason alone I would not want to attempt to wipe out what Quicken had already downloaded from Schwab. Perhaps it has only been with TD Ameritrade that it has had problems. So now, I think the best solution from my perspective is to try to simply remove all of the holdings. I finally found the simplest way to do this was to "Adjust Shares" to zero (0) for each holding. It was a little painstaking because there was a large number, but I finally got through it. This way, I now have a zeroed out, closed account that I can still access if need be for historical reasons.
Also, thanks to @retird and @Chris_QPW for their suggestions.
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