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Interest for US treasury bills not handled correctly.

britsoftltd

When a US treasury bill is purchased, it is purchased at a discount like $98. When the treasury bill matures, you get $100 for it. That $2 difference is interest. Quicken does not enter difference between purchase and redemption as interest. It requires the investment to be identified as a treasury bill when the asset is created.

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Comments

NotACPA

So what's the problem if correctly creating the security eliminates the issue?

Jon

@NotACPA I don't think it does, though. When I tested it just now, selling a Treasury Bill on its maturity date for more than the purchase price generated a capital gain, not interest.

Jon

There doesn't seem to be a way to tell Quicken Mac what the face value of the bond is, so it wouldn't know if you were redeeming for face value or selling at a premium (which I believe would generate a capital gain).

My mistake, forgot to use the Buy Bonds/Sell Bonds transaction types. Doesn't seem to help, though, I still wind up with capital gains instead of interest.

NotACPA

Since I don't run QMac, I was responding the the last sentence of the OP.

spesci

Agreed…there is a problem in Quicken as it is treating the net as capital gain instead of interest - so it appears and Capital Gains report instead of the Dividends and interest report…..

Software glitch or is there a workaround/other way to handle these common instruments?

Quicken Mac user.