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Can I customize the Action list on Quicken Investing Account?

unknown

Can I customize the Action list on Quicken? Link for the current list is below but I need to add another: ReturnofCapital2 to record return of capital without changing the cost basis. https://www.quicken.com/support/actions-investment-transaction-list

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Comments

Sherlock

If you want to reset the cost basis, I suggest you use Removed and Added actions.

q_lurker

No. You cannot customize the transaction action list for investment accounts.

What are you really trying to do? A real life Return of Capital DOES change your cost basis. If a company gives you money, it has to be either income (dividends or interest) or a return of (your) capital. At least, that is the way I see things.

unknown

No. You cannot customize the transaction action list for investment accounts.

What are you really trying to do? A real life Return of Capital DOES change your cost basis. If a company gives you money, it has to be either income (dividends or interest) or a return of (your) capital. At least, that is the way I see things.

My bank does not change cost basis on their report until I actually sell the holding. It makes it hard to reconcile if my cost basis does not match with their portfolio statement at the end of the month.

q_lurker

No. You cannot customize the transaction action list for investment accounts.

What are you really trying to do? A real life Return of Capital DOES change your cost basis. If a company gives you money, it has to be either income (dividends or interest) or a return of (your) capital. At least, that is the way I see things.

So because your bank is not keeping up to date, you want Quicken to do it 'wrong'?

In my case, I find the brokerage can be sloppy about RtrnCap entries. They tend to get cost basis adjustment right for amortizing bond premiums (a place where I use RtrnCap in Quicken), but may not keep up to date on 'dividends' that get recategorized as RtrnCap at a later date or at time of distribution. They may not get it right then also upon sale of the security (kudos to your brokerage if they do). When significant (in my opinion), I will call them out on the omission, but for small-potato errors, I often let it slide.

I agree with the sense that it can make a reconciliation more difficult if you are checking both market value and cost basis, but the fact that Quicken is keeping track of the information (correctly) serves as a reminder to me to watch this at time of sale.

Tom Young

I guess one thing you might do to deal with the cost reconciliation issues is to create a new Category along the line of "Unposted RtrnCap [Security Name] and charge that Category when a RtrnCap transaction is posted. That would keep your basis per Quicken in sync with the broker. Then when you sell and the RtrnCap is actually posted you would reverse your original entry and post an actual RtrrnCap transaction, keeping the cash correct. You'd do that before posting the actual sale.