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problem with specifying lots to sell

Unknown Member
edited August 2016 in
Last year my broker sold some stock (of which I had multiple lots) to minimize capital gains.  This involved selling more recently purchased stock as well as some of my oldest stock.  No  problem I thought and everything looked good - portfolio and security transaction details matched up fine.I recently has to sell more stock and noticed on the choose lots screen of the sell transaction that the number of shares available does not match what I have - it seems to be off by the number of shares that I sold when I specified the lots to sell as noted above.  It also shows the dates of the individual lots that I completely sold (which 0 shares available).Because I originally entered the smaller more recent purchased stocks as reinvestment of dividend I tried deleting them and entering the dividend and buy separately but when I go to sell the stock using either minimize cap gains or user specify I get the same problem with the total number of share in that lot screen!!as an FYI the Capital gains report shows all the stock being sold from the earliest purchased lot.Any help would be appreciated thanks.

Comments

  • Unknown Member
    edited August 2016
    See if this makes sense:Quicken assumes that securities are sold on a First-In First-Out (FIFO) basis.  If you want to do it differently, then you need to specify on EVERY sale (in the order that you make it), which particular shares you sold.If you are having problems with assigning which purchase lots were to have sold on a give sale, you may need to delete all of your sales of that security and re-enter them all chronologically. Take care that you specify at every sale, when you enter it, which lots to draw from, BEFORE YOU PROCEED TO ENTER THE NEXT SALE.Incidentally, if your shares are in street name and you want to handle sales in an other-than-FIFO order, I believe the IRS insists that you be able to prove that your broker had orders to sell the particular shares that you want to claim for that sale.  (I.e., you can't make the decision in retrospect.).Frog<i>Try this: Go to your forum <url=http://www.quickenforums.com/usersettings!default.jspa>User Preferences</url> and change Topic Page View to "Tree View."  You'll then be able to see which post replys to which.Read what pleased <url=http://www.quickenforums.com/thread.jspa?forumID=1028&threadID=600004306&messageID=600023834&start=-1#600023834>happy QM2006 upgraders.</url></i>
  • Unknown Member
    edited July 2016
    I think that I understand what you're saying but no it doesn't really make sense.  For most of the sales (even of that stock) I and my broker use FIFO.  For a stock that I have had several years with monthly sales I have used the SELL function and let FIFO do its work (why add the extra key strokes when the system is set up to handle it).  I get to a month where my broker and I agree to sell more recently purchased stock.  I try to choose lots in Quicken (and I tried it by user-specified lots and by using the drop down box for minimum captial gain- same results) and I get accurate reports but messed up numbers on the lots available for sale (which doesn't become a problem unless one needs to either specify lots again or sell all the stock at which point the system crashes!)From a user's perspective I assume that if I am given a choice for choosing lots the system should handle it - even if I've let the system use FIFO previously which again from a data entry perspective is the most efficient way of doing things.  If it's going to have problems a pop-up box indicating that because one's let the system handle previous sales there's going to be problems would really be helpful - I then know I need to set aside a block of time to print out a complete transaction history of the stock, delete everything, reenter everything specifiying lots each time, and then rereconcile the years of months for the account.Anyway, I'll give it a try and report back - especially since there's been a stock split and I'd really like to clean it up before going any further.
  • Unknown Member
    edited August 2016
    It doesn't make sense to me either.  However, I vaguely recall having a similar problem and that, either I cured it as I described or I saw something in the Quicken User Guide about solving it that way.  Hope I'm right.  Let us know what happens..Frog{1} PS. Speaking of vague recollections: Sometimes when I try to enter a security transaction, Quicken will calculate and post a value based on assumptions that are wrong about what I want.  If, after that, I force Quicken to accept the transaction MY WAY, I have seen problems crop up that are similar to (but not limited to) the one you described.  In those cases, the only way I've found to recover is to delete the entire transaction and re-enter it from scratch.A situation like that can arise if Quicken has a price stored for the day of the transaction that is different from the price that your particular transaction occurred at.  In such cases, I've been able to get my way with the above approach, but only after I've deleted the price that Quicken had stored for that particular date.So, if you recall having done battle with Quicken over what it wanted to do with a transaction, consider deleting it and re-entering it from scratch.<i>Try this: Go to your forum <url=http://www.quickenforums.com/usersettings!default.jspa>User Preferences</url> and change Topic Page View to "Tree View."  You'll then be able to see which post replys to which.Read what pleased <url=http://www.quickenforums.com/thread.jspa?forumID=1028&threadID=600004306&messageID=600023834&start=-1#600023834>happy QM2006 upgraders.</url></i>Message was edited by         Frog     at {1}
  • Unknown Member
    edited July 2016
    Well I tried deleting everything and specifying lots for each sale.  Got the same results.Then deleted everything again (1 1/2 years of transactions) and instead of specifying the total shares I wanted to apply the mimimun cap gains in 1 transaction, I used multiple transactions in the quantity of the lots that I had.  I got similar but different results - the amount that I was off by was equal to the amount of the last transaction that I entered (even though it went against my oldest stock.  Also the lots that I had specified earlier reappeared as having shares that I could select (except for the next to the last one that I entered for that date).So I deleted everything again.  This time I tried entering things out of chronological order.  I entered the reinvested dividends (buy, receive the dividend) and immediately sold it (using the correct dates).  Then entered the initial buy and remaining sales.  Interestingly when I entered the first sell after taking care of the transaction(s) that got me into this muddle I indicated specify lot so I could try and check the numbers.  By the time I has reentered the rest of the sells the original lots had reappeared and I was off by the number of shares in the transaction that I used to specify stock.Sooooo... I deleted everything again. Reentered it in chronological order.  Let the system use FIFO since it's going to anyhow.  My numbers are in sync.  My accountant and I will just have to trust the dates on the year end broker's report (so much for double checking things).I'd love to hear from the Quicken folks as to what their take on this is.I'm glad I don't upload anything into a tax program and I really, really wish that the folks at "Managing your Money" had kept supporting the system until OS X - no system is perfect but I've spent way too much time trying to figure a work around for something that ought to work.
  • Unknown Member
    edited August 2016
    So, if I understand all of that, you concluded from all your efforts that QM 2005 is incapable of accurately accounting for the acquisition and disposal transactions of a stock if one sells shares on anything other than a striclty FIFO basis.  Is that a fair statement?.Frog<i>Try this: Go to your forum <url=http://www.quickenforums.com/usersettings!default.jspa>User Preferences</url> and change Topic Page View to "Tree View."  You'll then be able to see which post replys to which.Read what pleased <url=http://www.quickenforums.com/thread.jspa?forumID=1028&threadID=600004306&messageID=600023834&start=-1#600023834>happy QM2006 upgraders.</url></i>
  • Unknown Member
    edited July 2016
    That seems to be it.  I've tried several ways of entering the data and when I tried entering by using choose lots (and had several lots for that stock) QM 2005 always reverts to FIFO (as shown on the cap gains report) and will mess up the available number of shares available on the choose lots "screen".  The portfolio and transaction details have the correct number of shares - which is why I didn't notice that anything was amiss for a while.
  • Unknown Member
    edited August 2016
    That is a truely sad state of affairs.  It speaks volumes about the veracity of Intuit.If Intuit was your doctor, you'd be suing him for malpractice and you would never have to work again..Frog<i>Try this: Go to your forum <url=http://www.quickenforums.com/usersettings!default.jspa>User Preferences</url> and change Topic Page View to "Tree View."  You'll then be able to see which post replys to which.Read what pleased <url=http://www.quickenforums.com/thread.jspa?forumID=1028&threadID=600004306&messageID=600023834&start=-1#600023834>happy QM2006 upgraders.</url></i>
  • Unknown Member
    edited July 2016
    While i have NOT done it for a large number of transactions, i have done onesie/twosie out of order selling before.The IRS does require some documentation at the broker for lots other than FIFO, but my impression of it is just a phone call after selling required.Note: R4 has some "fixes" for lots transactions_ i have not fully tested but an early pass at some problems with lots were fixed with it.Foobp.s. there's a new lots key combo for fixing_ if you still have a backup version before making all the changes you might try it on the file.Note: always when experimenting PLEASE be sure to have backups/just in case, as i've not fully tested this:Quicken 2006 R4 has a built-in mechanism to "repair" damaged transactions that are causing errors due to lot misallocation. Some manifestations of this were incorrect share balances shown in the portfolio and/or reports, or incorrect share total(s) shown in the Lots window for a given transaction. This "repair" can be done on an account-by-account basis or for all investment accounts. To apply this to a particular account, open said account and press Cmd-Opt-L. To apply to ALL investment accounts, open the Portfolio and press Cmd-Opt-L. Unfortunately, because we have no way of knowing which accounting method was used (ie how many shares from given lots should be selected), this repair works by setting all Sell or Move Shares Out transactions to the First In, First Out accounting method. Note Also: doing a Save As... after doing a rebuild of the indexes will also re-jigger the lots.Foob- - -Search Uncle Foobar at Apple iTunes Store:Podcastshttp://www.quickenforums.com/thread.jspa?threadID=600006803&tstart=0&mod=1139884297962
  • Unknown Member
    edited August 2016
    Today I discovered quite by accident that a stock was missing from my Capital Gains Report.  Totally missing!  The stock was accounted for everywhere else, just not in the report.  The reported totals were correct for the securities that were included.  Nothing in the report suggested it was broken.  But broken it was!Shaken to discover such a serious flaw when everything looked so normal, and baffled as to how to fix it, I went on an answer hunt.  Chasing the keywords "missing data" from the Support Home Page, lead me to <url=https://quicken.custhelp.com/cgi-bin/quicken.cfg/php/enduser/std_adp.php?p_faqid=905&p_created=1129160888&p_sid=nouvwi3i&p_lva=&p_sp=cF9zcmNoPTEmcF9zb3J0X2J5PSZwX2dyaWRzb3J0PSZwX3Jvd19jbnQ9NyZwX3Byb2RzPTk1LDExNSZwX2NhdHM9JnBfcHY9Mi4xMTUmcF9jdj0mcF9wYWdlPTEmcF9zZWFyY2hfdGV4dD1taXNzaW5nIGRhdGE*&p_li=&p_topview=1>"How do I recalculate the investment register?"</url>It contains a labor-intensive method that is supposed to solve your problem. The approach is one that I think you already tried, but maybe you should have recalculated your investment registers first.  The recalculation does sound like it could be an invitation into another mine field.  Have a look..Frog{1} I eventually did find a solution to the missing security problem.  I had to delete every Buy and Sell of that security and re-enter it from scratch.  After that, the security would appear in the Capital Gains report.I tried that after having tried these (which took two hours and fixed nothing):? <url=https://quicken.custhelp.com/cgi-bin/quicken.cfg/php/enduser/std_adp.php?p_faqid=510&p_created=1129160860&p_sid=TyxfDF3i&p_lva=905&p_sp=cF9zcmNoPTEmcF9zb3J0X2J5PSZwX2dyaWRzb3J0PSZwX3Jvd19jbnQ9NCZwX3Byb2RzPTk1LDExNSZwX2NhdHM9JnBfcHY9Mi4xMTUmcF9jdj0mcF9wYWdlPTEmcF9zZWFyY2hfdGV4dD1kYXRhIGZpbGUgbWFpbnRlbmFuY2U*&p_li=&p_topview=1>Trouble-shot the data file</url>.  That uses keyboard command "Command+Option+B".  The last step in the procedure copies the datafile from within Quicken -- it took 2 hours to finish.? <url=https://quicken.custhelp.com/cgi-bin/quicken.cfg/php/enduser/std_adp.php?p_faqid=905&p_created=1129160888&p_sid=TyxfDF3i&p_lva=&p_sp=cF9zcmNoPTEmcF9zb3J0X2J5PSZwX2dyaWRzb3J0PSZwX3Jvd19jbnQ9MiZwX3Byb2RzPTk1LDExNSZwX2NhdHM9JnBfcHY9Mi4xMTUmcF9jdj0mcF9wYWdlPTEmcF9zZWFyY2hfdGV4dD1yZWNhbGN1bGF0ZQ**&p_li=&p_topview=1>Recalculate the investment register</url> (That's the move that utilitizes the keyboard command "Command+Option+U"). Deleting and re-entering just the Sells didn't work either.Of course, the fix made it necessary that I re-reconcile a bunch of old statements.  In the middle of that, my data file got bitten by another bug that craps in the Reconcile window from time to time.  It's been around so long that I'm convinced Intuit keeps it as a pet.I tried to post a letter on that, with attached picture files (several times).  However, the Forum's file attachment function has gone on vacation.  So, that will have to wait. Are you getting Intuit yet, folks?<i>Try this: Go to your forum <url=http://www.quickenforums.com/usersettings!default.jspa>User Preferences</url> and change Topic Page View to "Tree View."  You'll then be able to see which post replys to which.Read what pleased <url=http://www.quickenforums.com/thread.jspa?forumID=1028&threadID=600004306&messageID=600023834&start=-1#600023834>happy QM2006 upgraders.</url></i>Message was edited by Frog     at {1} on 3/28/06 at 1:53 AM ET.
  • Unknown Member
    edited July 2016
    I had a similar problem, I couldn't choose the desired lots for a security, and I also had negative shares showing up in the Portfolio view of one account, although the transaction detail balance (correctly) showed zero. I tried Cmd-Option-L and rebuilt but to no avail.  Then I stumbled on something that fixed it for me:  I had hidden one of the securities in my Securities List because it was no longer actively trading.  There were two transactions involving the hidden security in the register that was giving me trouble.  When I unhid that security, everything started working.  (Even though that hidden security wasn't the one where the Lots were being difficult.)I hope this might also help others.  Better yet, I hope It helps generate a proper fix!
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