If I use—"transfer shares between accounts," how do I treat cash dividends and interest posted to the account being closed?
I'm closing a brokerage account at Vanguard and the funds will go into my existing brokerage at Fidelity.
You need to make a separate Cash transfer of any cash within the account being closed. There are a couple of ways to handle that depending somewhat on the account type. For retirement-type accounts, I use a MM Shares transfer for cash to avoid issues with contributions and withdrawal tracking.
What exactly is taking place? It is possible that if you are due a dividend in the old account because you held the shares in that account on say 9/25 but it is not payable until say 10/02 and you make the changeover in real life on say 9/30, your old account will receive that dividend. They SHOULD automatically transfer that to the other account at some point. Thus you might have one cash transfer on 9/30 and a second at some later date.
The account that I'm closing is not Vanguard——It's another brokerage company that Quicken doesn't recognize. Thus, I have to enter all my transactions manually. My concern is how the transfer will be recorded once I do the One Step Update from Fidelity. The transfer should close Friday
If the dividend was received in the old account after the shares were transferred out, you should record it in the old account and then transfer the cash to the new account. Delete any cash deposit for the same amount that is downloaded from Fidelity.
Got it!!!!!!!!!!!!!!!!
Thanks
