Downloaded Sold Transactions Are Tedious - Default to "Individual Lots"
I just spent almost an hour individually accepting a large number of downloaded sold transactions in one of my investment accounts. This process is unnecessarily tedious. For each sold transaction, you need to individually accept it and specify whether to accept “average cost” or “individual lots”.
Why not make “individual lots” the default? Or allow specifying the same method for all transactions? That would save a lot of time.
Comments
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Hello @Chuck Cobb,
I went ahead and changed your post to an Idea so other users who have the same or a similar request can vote on your idea by clicking the up arrow (see below).
Ideas are also reviewed by our Development and Product teams in order to improve Quicken and implement new features requested by customers.
Thank you!
-Quicken Anja
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In the US, I think the IRS only allows the average cost method for mutual funds, not stocks or ETFs. Unfortunately Quicken allows it for all of these.
Unless you really want to use average cost, make sure the Use average cost box is not checked In the Security Details for the security. I think if that box is checked, Quicken should go ahead and use the average cost and not prompt you each time you accept a transaction.
In Edit > Preferences > Downloaded transactions next to Lot assignment after investment download, for each account you can set options for automatic lot assignment, but the options are limited and may be confusing.
"First shares in for Equities" means FIFO
"Last shares in" means LIFO.
I don't use this option, but as far as I know it works correctly. Unfortunately the other two choices on the Lot Assignment screen are still not available. See this discussion
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