Is this situation common for others?
Investments which go through a stock split, merely update in my data file as “Add Shares" actions … which throws everything off. The original purchase price is still used for cost basis calculations, which means that these often show a loss - when in reality, it could be a significant gain.
Quick example: EFG just split 3:1 last week. If I had 100 shares purchased at $100 last year (cost basis: $10,000), and these have now split to 300 shares, then at the recent price of $40 that’s a market value of $12,000 … showing a nice (long-term) capital gain of $2000.
BUT, with no actual record of a split, Quicken was simply adding the outstanding shares (new transaction: “Add shares: 200”), but was still showing me the cost basis against the original price - indicating that those original 100 shares are underwater by $60 a share (!!).
This is easy enough to correct (change the incorrect “Add Shares” transactions to “Stock Split” transactions instead), but it doesn’t seem this should be a manual process required of the user.
Is Quicken not capable of recognizing splits directly when downloaded, and so such corrections must be made every time such interactions occur?
Quicken Classic for Mac, Business & Personal, version 9.3.1
** Possibly related to these discussions:
