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Closing out prior investment account

ValBak

I had an investment account from June to August 2023. All buys, shares etc. downloaded into account. That financial company was bought out in September 2023. When that happened it automatically started another account in Quicken. What is the best way to close out the first account? I can't transfer the shares, as they are already in the 2nd account basically except for the cash receipts that the account was opened with in the 1st account. The totals are correct in 2nd account. Suggestions on how to close this 1st account? I don't think I want to delete it. I appreciate any advice. Thank you!

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Mark1104

actually, I would transfer the holdings using the "XfrShrs" transaction type. That will move all the lot detail over to the new account. Then in the new account, delete the duplicates - that will either be the 'other side' of the transfer you just made or the original downloads from the new financial company.

ValBak

Hmm, that would be a lot of deleting to get rid of the duplicates. Is that the only option? If I did do that and delete the holdings that were automatically downloaded, do you think they would try downloading them again on the next update? Does that also move the cash transactions that are in the same account? For now, I just zero'd them out with a withdrawal.

Thank you!

[Deleted User]

@ValBak it sounds like both accounts have investment balances because a new account was started but the old one wasn't closed out (or zeroed out).

First, make sure that online services are deactivated in the old account. Then, I would add the cash receipts to the new account, so you have a complete history in the new account. You might need to adjust some beginning balance entries in the new account in order to reconcile. After this is done, and everything is complete and in balance, you can just delete the old account. If you are hesitant to delete the account, you can hide it and "keep it separate". Keeping it separate is important, otherwise you would be overstating your net worth or account balances total by the old account.

ValBak

The old acct online services were deactivated but not right away. The cash receipts are already in the account and correct.

I tried 1 holding transfer to see what would happen in the new account. It shows the original one that was there already as "bought". The one I transferred as "added". I then deleted that one and now there is a line for "removed", all 3 were the exact same total. Now that I deleted the 'added' line, the removed line shows 0 in the shares balance. It lowered the balance in the original account. All seemed good. I tried another one - same thing and it lowered the balance appropriately. Since there were so many I decided to do the enter lot — ugh, mistake. They went into the new account and then I deleted all the dupes. The amount is exactly as it should be. Now the the old account has a huge negative balance. What did I do wrong and how can I fix the old account?

Thanks again!

[Deleted User]

@ValBak your original post stated that the shares were both in the new and old accounts and that the only thing missing from the new account was cash receipts. That tells me that both accounts are identical to each other except for a few cash transactions in the old account. Am I misunderstanding the situation?

ValBak

Sorry, it is hard to me to explain or know/use the correct words regarding the shares/holdings**

I need to be able to zero out shares in the original account, as they are duplicated in both, doubling the net worth.

[Deleted User]

@ValBak if the new account is reconciled and has all of transaction history you need, all you need to do is delete the old account. You can do this easily by going into Account Details and clicking "Delete" at the bottom of the window.

[Deleted User]

@ValBak please make a backup of your data file anytime you make any major changes to your file, just in case.

ValBak

I do not want to delete the original account, because it is two different companies and want to be sure I have the info if needed later. I have backed it up before starting all these different items. It looks as though it duplicated the removal when I did the group transfer. I went in and deleted every transfer and now I am back to the original balance in shares that I wanted to zero out.

[Deleted User]

@ValBak if you don't want to delete the account but still want to keep it for historical transactions, the minimum you need to do is go into the "Display Options" tab in Account Details and check "Keep this account separate". That way it will not double up net worth. You can also check the hide options depending on if you want it to show in your account list or not.

ValBak

Well, the last answer certainly would have been the easiest, had I seen it before I did the other stuff.

It is now fixed! This is what I did:

Old account - XfrShrs from old acct to new account. Did them 1 at a time, not in a lot.
Went to new account, deleted all 'added' transactions.
Old account is zero'd out and new account has the same balance as online.

THANK YOU to everyone for their help. Ya'll are awesome :)

[Deleted User]

@ValBak glad it finally worked out. As you can see there are different ways to get things done on Quicken. That is one of the reasons it is a complicated program. If you run into anything else, there are many other Quicken users that are able and willing to help.