New Investment Account no "One Step Update"

Robert Gantzer

I am a long-time user of Quicken. I am moving my investments to a Trust Bank that does not work with Quicken. Can anyone give me advice on how to handle the movement of assets, daily activity and keeping track of market value? Currently I have 5 accounts on Quicken that each has an average of 12 Mutual fund accounts (with constant activity in each mutual fund). I am planning on keeping the 5 accounts but adding individual stocks, possible bonds with my new broker inside each account. It sounds like I set myself up a big headache. The new accounts should start in the next 30 days, and I wanted to get advice from someone who has done this in the past. Any reference material would be appreciated.

Boatnmaniac

If you will continue to do OSU for other financial institutions and if your securities are publicly traded on the US Exchanges, then you can set up OSU to download quotations using Quicken's 3rd party provider. So, at least that should not be an issue for you. But if the securities are not publicly traded or if they are not traded on US Exchanges, then you will need to manually update the prices for them.

Regarding downloading the investment transactions: Does Trust Bank support downloading in QIF, Excel, CSV or OSF formats? If so there might be a way to manually download them and then manually import them into Quicken but it would need to be tested to confirm this. Let me know and I can point you in a direction that might be able to assist you on this matter.

Regarding how to manage the transfer of assets from your current investment account(s) to your new investment accounts: Will you be liquidating your current securities positions and transferring the cash to Trust Bank? Or will you be transferring the securities?

Tom Young

It sounds as if the securities in your current portfolio are simply moving over the a new "Financial Institution" (FI). If that's literally the case then I'd simply continue to use the current Quicken Accounts, changing the name of the Account if the name of the old FI was there before. I'd probably also put the date of the change over in the "Comments" box on the General tab of the Account at the time of the changeover.

If there's no real ability to download transactions then you're pretty much committed to manual entries and if that's the case and the Accounts are at all "busy" I wouldn't go longer than a week between updates. Daily entries would be even better. With many Corporate Actions like mergers, acquisitions, spin offs, split offs and the like you sometimes have to wait a bit to get the information you need to properly record the accounting in Quicken so staying on top of things as much as you can can ease the strain.

Robert Gantzer

Hi Tom,

This makes sense, I will disconnect the OSU, rename and comment on the changeover date. I will have online access to the accounts and will update periodically (hopefully daily). The market values should continue to update. I will see how it goes in a month or so.

I appreciate your advice.

Robert Gantzer

Between Boatnamiac's and Tom's advice, I feel that I have a good starting point to record activity with a new broker.

Thanks

q_lurker

Adding on to Tom's comment, there is also a Reminder transaction you can enter into the transaction list to remind you when you transitioned from one FI to the other.