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Fix ABLE account quarterly fees duplicate work

dougbugg

ABLE accounts charge a quarterly fee for each investment that both removes shares and costs money. Unfortunately, Quicken forces you to do two transactions for each instance, as it can only remove shares OR show the cost. This forces twice the work, taking twice the time.

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Comments

UKR

Can you please show us what kind of transactions are downloaded every quarter? Not everybody is a customer of ABLE.

Shouldn't this be recorded as one SELL transaction with the fees charged as Commission?

How do I post a screenshot in the community from windows

q_lurker

ABLE Accounts : An ABLE account, also known as a 529 ABLE or 529A account, is a state-run savings program for eligible people with disabilities in the United States.

I think the two-transaction approach is the correct process. I would choose a Sold shares and a MiscExp transactions. Whatever appropriate category should be used in the MiscExp transaction. Different financial institutions might treat and download transactions differently.

Jim_Harman

In accounts like this, if you hold several securities in the account, you should have several Sell transactions each generally for a fraction of a share, with the proceeds adding up to the amount of the fee. These are followed by a single MiscExp for the total amount of the fee. You can set a Category for the expense and there is a way to set the category so the expenses do or do not hurt the account's performance.