How to Move Securities from One Investment Account to Another

Bobbo

I transferred securities from one account to another account within the same investment firm. When I did a one step update I found that in Quicken, the “from” account recorded them as “Remove – Shares Removed,” and the “to” account recorded them as “Add – Shares Added.” That moved the number of shares, but nothing else. I found a post from 2019, “How to Move Securities from One Investment Account to Another,” which said to use “Shares Transferred Between Accounts” to retain the lots and their cost basis. Is there a ”clean” way for me to fix my transfers without messing anything up?

Thank you

Jim_Harman

Yes, you should delete the Removed transactions in the old account and the Added transactions in the new account. This should restore the holdings to their original locations.

Then enter the Shares transferred between accounts.

Quicken Kristina

Hello @Bobbo,

Thank you for reaching out to the Community with this question. To clarify, did the Add and Remove shares transactions download into your Quicken from the financial institution? What are you trying to fix in the transfers?

The process from that post you found from 2019 is correct. You would use the "Shares Transferred Between Accounts" option. See this article for more information: https://info.quicken.com/win/how-do-i-transfer-shares

That said, when you use that option, it documents the transfer as shares removed from the source account and added to the receiving account. It should transfer the cost basis, provided that the securities were correctly set up.

I look forward to your response!

Bobbo

The Add and Remove shares transactions DID download into my Quicken from the financial institution. What got me into this question was when I noticed that the Cost basis on my statement from the financial institution was different from what Quicken has for the "to" account. All of that information is still in the "from" account, which I closed but did not delete in Quicken - a good thing. :) My first though was maybe I could go back to the "from" account and change "Remove Shares" to "Shares Transferred Between Accounts." Before I did anything I thought I better ask for guidance.

Jim_Harman

If you have already accepted downloaded Removed and Added transactions that move the shares but not the cost basis, you should delete those transactions before entering the Shares Transferred between accounts.

As always, back up your data file first, in case something goes wrong.

Bobbo

That's what I was thinking, but it is kinda scary, so I thought I would ask. Am I correct that I delete the transactions from both the "from" account and the "to" account?

Jim_Harman

Yes, you should delete the Removed transactions in the old account and the Added transactions in the new account. This should restore the holdings to their original locations.

Then enter the Shares transferred between accounts.

Mbi Ent

Share Transfer only did 1/2 the job. Removed the shares from one account, but never deposited them in the target account. Is there another step after the Share Transfer transaction? Deleting the transaction does get all back to normal, but would still like to move the shares. Brokerage account is correct. Just trying to get Quicken to reflect that account.

q_lurker

@Mbi Ent I suggest you try again - carefully. You might also check the Security details for one of the securities you tried to transfer, to see if there is some other unintended account getting the Add Shares portion of the transfer.

Or perhaps your specified receiving account is not able to accept Add Shares transactions - Single Mutual Fund account? Simple tracking account., something else?

More details would help.