Closing an Investment Account

LostCanuck

I'm trying to close some old investment accounts. However, when I try to close them I get an error "This account has securities balances, please clear the securities before you close the account"

When I look at the account holdings, the balances are $0.00 and zero holdings.

I have tried a "Validate and Repair" and a "Super Validate and Repair"

Thanks in advance

Cheers,

Randy

volvogirl

Try doing a SELL for ALL shares. Maybe a fraction of shares are hiding in there.

LostCanuck

Hi @volvogirl,

Doing this would require every stock ever entered into that account to do an ALL shares sell to. This is not worth the effort. Unless you know of a way to do a global ALL sell for an account.

Thanks for the info and effort.

Chris_QPW

My recommendation would be not to use the closed account function. In fact, that is my recommendation even if it would work. Unlike in Quicken Mac, in Quicken Windows if you use their close function, you can never reopen that account.

The close function doesn't do anything you can't do for yourself. Disable online downloading, change the Tools → Manage Hidden Accounts settings to hide it from where you don't want to see it, and then zero out the securities/cash.

LostCanuck

@Chris_QPW great idea. Thanks for the insight

nicci

@Chris_QPW I see you've given this advice on multiple threads. I've been a Quicken user since the late 90s. I too have a zero cash and securities brokerage account that won't close. I do what you're suggesting but also want it to show closed in account lists and such. There is a bug here that needs to be fixed. I try again every so often to see if they've addressed it. Some accounts never have the possibility of being re-opened and you just want to kill them proper.

Boatnmaniac

When an investment account won't close because there are still holding(s) in the account but you cannot see them it is very likely because there is a very small fractional share still held in the account.:

• Go to Preferences > Reports only > Decimal places for prices, shares and exchange rates = 8 > OK.
  
• Pull up the Portfolio Value report: Customize it to show just the account you want to close. You can click on Show Lots if you want to see that level of detail but it should not be necessary. If this is a rounding issue, you should see the security(ies) that are preventing closing the account because of a very small fractional holding.
• If such a security is found, go to the account you want to close and enter a Sell Shares transaction: Check the box for Sell All Shares In This Account and enter a price or cost of $0.00. Repeat for any other securities in this account that you might still have a fractional share of.

Once done, try closing the account and let us know if it was successfully closed.