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Managed Accounts and the handling of selling which LOTS (edit)

PaBear

Quicken does not do a good job of allowing a Investment managed account to accept all transactions into the account. If you could setup a the account as a managed account upfront and then the systems knows that this is managed, it would be easy to accept all the transactions into the account without having to pick the right lot since you dont know the lot that was sold from anyways. It would be a very helpful feature.

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Tom Young

I'm not sure, exactly, what you're referring to as a "managed account."

If it means that someone else, not you, is making trades on your behalf, sales transactions in particular, what do you expect to happen, programmatically, with a Quicken Account designated as "managed?" I don't believe that any method of downloading - Direct Connect or one of the EWC methods - supports sending along "lot" information. If the manager has a default method that's always used, like LIFO, FIFO or something similar, you can tell Quicken to use that method as the default.

Jim_Harman

Another option would be to put the account in "Simple" mode, where Quicken keeps track of your holdings and balances, but not the individual transactions. In this mode, Quicken is not able to track your capital gains and losses or investment performance.

To select this mode, click on the gear at the top right of the report and select Edit account details, then select Simple under Tracking method.

PaBear

it is a managed account and if it let me i could designate FIFO or LIFO and that would be fine. It doesnt seem to let you do it. I was hoping that quicken could add that feature so that those of us that us managed accounts dont have to go through each transaction. Thanks for your suggestions.

UKR

As was earlier hinted by @Tom Young , there is a way to designate FIFO, LIFO, etc. for an investment account.
The process starts here:

PaBear

Thanks

Ps56k2

and just for following along -

have not played with lots -
but would think that the actions of the Brokerage would have to match what you "think" is being used…
and this might change based upon what the Brokerage does with each specific selling lot .

Jim_Harman

With a managed account, the manager might choose to sell the highest cost lots to minimize taxes and/or take advantage of tax loss harvesting. Unfortunately the automatic assignment currently only allows for FIFO and LIFO.