How to I "clean out" an Investing Account that contains errors

JimJ

This question is way to vague but I will poste anyway to see if anyone can help.

I have an investing account set up since 2020.

I didn't use it very much but did link to my Fidelity brokerage account.

Today, it is in error in various ways. I'd like to use it now and this time correctly. However, some transactions do involve active bank accounts . (e.g., transfer cash from brokerage to checking at another bank). So I can't just delete the account (I suspect).

is there a strategy starting over?

Thanks for your patience.

Jim J

NotACPA

Time, patience and your Fidelity statements are the only strategy that will yield the results you want … one month at a time.

CaliQkn

@JimJ I think the safest thing to do is keep this investment account for historical purposes and then create an new investment account going forward.

1. Make a backup of your data file.
2. In the "old" investment account, deactivate online services by clicking "Deactivate" in the Online Services tab. In the General tab, blank out FI Name and Account Number. You can also rename the account if you want. You can also change the options in the Display Options tab you you wish.
3. Set up the new investment account and online services with "Add Account". The amount of transaction history initially downloaded depends on the financial institution. I am not sure how many days, month, or years, Fidelity allows.
4. If at all possible, coordinate the ending point for transactions in the old investment account with the starting point of transactions in the new investment account. If there is a gap, you can possibly use your account statements to fill in the missing transactions

JimJ

TY so much. I see how this would work.

splasher

If you delete an account, transfers between accounts involving the deleted account will have their category changed to "deleted account" but the transaction will remain so that its balance is not corrupted.

As long as you make a backup first, you can try this to see how it works and if you don't like the results, you can do a restore and be back to where you started.