How do I stop an incorrect transaction from downloading to an investment account when I update?
When I download new transactions for one of my investment accounts, a transaction to add shares for a security named BLACKROCK INC NEW appears, dated 10/11/22, for the total number of shares of BLACKROCK INC that are held in the account. The BLACKROCK INC NEW security and shares do not actually exist in the account (BLACKROCK INC shares exist) and I would like to stop this from happening. What do I do?
Answers
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That added transaction is called a placeholder, and it gets added as an initial transaction as a form of balance adjustment to correct a discrepancy from what is reported from the brokerage and the holdings actually (from transactions) in your file. It serves a valid purpose.
Since it keeps reappearing it sounds like BLACKROCK INC and BLACKROCK INC NEW are actually the same security underneath-your file has the old name (in your transactions), and your brokerage is reporting the new name and creates the placeholder. I could be wrong, but that is what is sounds like based on the limited info I see. I see this from time to time.
If this is the case, then merging the securities is the usual quick solution. Just make a backup before you try anything.
After you have downloaded transactions and get the offending transaction entered, I would go into Window:Securities, and select both the names of the Blackrock security in the list. Then click Mege Securities at the bottom, and you will get a few options about which name you wish to use. Use the NEW name as that is what the brokerage is using. Then, Quicken and your brokerage should see your transactions as using the same security.
Obviously, only do this if this is indeed the same security, but I guess it is based on the naming.
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