Default Lot Identification (21 Legacy Votes)

2»

Comments

  • edited October 2018
    This reply was created from a merged topic originally titled I want "accept all sell transactions" using the same method "i.e. Lot identificat....


    I have an IRA investment account which does automatically several trades per day. When I download the transactions I have to manually accept each "sell transaction" because it wants me to select for each one of them "Lot identification" or "average". Today that was a slow 51 transactions to confirm. "Accept All" will not work. I want "accept all sell transactions" using the same method "i.e. Lot identification"
  • QPWQPW Member
    edited October 2018

    This reply was created from a merged topic originally titled I want "accept all sell transactions" using the same method "i.e. Lot identificat....


    I have an IRA investment account which does automatically several trades per day. When I download the transactions I have to manually accept each "sell transaction" because it wants me to select for each one of them "Lot identification" or "average". Today that was a slow 51 transactions to confirm. "Accept All" will not work. I want "accept all sell transactions" using the same method "i.e. Lot identification"

    Following up on last comment in this thread that was merged in here.

    Just to be clear.  Based on what I have seen when any one investment account gets a lot of transactions, and based on all the people reporting terrible performance that is related to having tons of transactions in an investment account, I was speculating that the Quicken performance wouldn't be good for you.  If you have found a way to overcome that problem, great!

    That comment though was in no way connected with the fact that the idea to have someway to default the lot identification is a good idea and hopefully they will see people want it and implement it.  They take suggestions with a post marked as an Idea, so people can vote on it.
  • Neil KaneNeil Kane Member
    edited October 2018

    This reply was created from a merged topic originally titled I want "accept all sell transactions" using the same method "i.e. Lot identificat....


    I have an IRA investment account which does automatically several trades per day. When I download the transactions I have to manually accept each "sell transaction" because it wants me to select for each one of them "Lot identification" or "average". Today that was a slow 51 transactions to confirm. "Accept All" will not work. I want "accept all sell transactions" using the same method "i.e. Lot identification"

    How does one mark a post as an idea? Doesn't Quicken regularly watch what their customers are saying? 
  • q_lurkerq_lurker SuperUser ✭✭✭✭
    edited October 2018

    This reply was created from a merged topic originally titled I want "accept all sell transactions" using the same method "i.e. Lot identificat....


    I have an IRA investment account which does automatically several trades per day. When I download the transactions I have to manually accept each "sell transaction" because it wants me to select for each one of them "Lot identification" or "average". Today that was a slow 51 transactions to confirm. "Accept All" will not work. I want "accept all sell transactions" using the same method "i.e. Lot identification"

    How does one mark a post as an idea?
    When a new discussion is created, the poster selects whether the post is a "question", "problem", "idea", or "praise".  Moderators will, on rare occasions, change a discussion from one to another.  It is a status for the whole discussion, not the individual comments.  You can see at the top of this discussion, the discussion is marked as an Idea.  At the top, you can also see (for ideas), the positive voting status.  There are no negative votes.  That Vote-tag becomes a "Me Too" for Problems and Questions.
  • edited October 2018
    This reply was created from a merged topic originally titled product improvement suggestion - automatic lot identification method.


    As many posts have said, Quicken does not allow for automatic lot identification method on downloaded transactions.  It shouldn't be hard to be able to specify a default method, ie FIFO, highest tax cost, etc.  It takes far too much time to have to go to each transaction that has more than a single tax lot to pick FIFO.  Please add this option to the product.
  • QPWQPW Member
    edited October 2018

    This reply was created from a merged topic originally titled I want "accept all sell transactions" using the same method "i.e. Lot identificat....


    I have an IRA investment account which does automatically several trades per day. When I download the transactions I have to manually accept each "sell transaction" because it wants me to select for each one of them "Lot identification" or "average". Today that was a slow 51 transactions to confirm. "Accept All" will not work. I want "accept all sell transactions" using the same method "i.e. Lot identification"

    Doesn't Quicken regularly watch what their customers are saying? 
    .
    Yes but a feature request goes down a "different path", and this makes it easier for them to separate them out.  Note people posting on this forum might just want help doing something in Quicken, and as such just another user can help them, and it isn't the kind of thing you forward to the developers.
  • J. StewartJ. Stewart Member
    edited December 2018
    woodrr said:

    The foregoing comments about an automatic preference for FIFO has been identified as a nagging question for many years.  Do the Quicken developers have an open project to address the question?

     I too day trade frequently and to enter all these FIFO trades is a PAIN. It does NOT work right if you just click OK in the dialogue box. All my other transactions are still there and every one of them prompts me again.  (Rant Redacted)
  • edited December 2018
    I just downloaded my latest batch of transactions (mostly sells) and was chugging through the tedious lot matching procedure in various investment accounts. But in my most active account I was surprised to find that the lots had all been automatically matched on a FIFO basis -- there was a little message to this effect at the bottom of the register.  I'm not sure when or where this got turned on. It did NOT do this for my other accounts, and I cannot find any control for it in the program.

    While auto-matching lots is a holy grail for many of us, I actually use minimum-gain in this taxable account. So while it made data entry easy, it also made it wrong.

    Does anyone know anything about this automatic lot matching feature?
  • q_lurkerq_lurker SuperUser ✭✭✭✭
    edited December 2018

    I just downloaded my latest batch of transactions (mostly sells) and was chugging through the tedious lot matching procedure in various investment accounts. But in my most active account I was surprised to find that the lots had all been automatically matched on a FIFO basis -- there was a little message to this effect at the bottom of the register.  I'm not sure when or where this got turned on. It did NOT do this for my other accounts, and I cannot find any control for it in the program.

    While auto-matching lots is a holy grail for many of us, I actually use minimum-gain in this taxable account. So while it made data entry easy, it also made it wrong.

    Does anyone know anything about this automatic lot matching feature?

    Does anyone know anything about this automatic lot matching feature?

    FIFO is the default if the user does not specify specific lots.  There is no control on that selection.
  • edited December 2018

    I just downloaded my latest batch of transactions (mostly sells) and was chugging through the tedious lot matching procedure in various investment accounts. But in my most active account I was surprised to find that the lots had all been automatically matched on a FIFO basis -- there was a little message to this effect at the bottom of the register.  I'm not sure when or where this got turned on. It did NOT do this for my other accounts, and I cannot find any control for it in the program.

    While auto-matching lots is a holy grail for many of us, I actually use minimum-gain in this taxable account. So while it made data entry easy, it also made it wrong.

    Does anyone know anything about this automatic lot matching feature?

    I understand that FIFO is the default if one clicks OK on the lot selection dialog. My point here is that Quicken did not even present the usual lot selection dialog -- all my transactions in that account were automatically accepted with FIFO applied. Other accounts had the dialog as usual. I have never seen this behavior before.

    UPDATE: Ah, I think it must be because I recently set that account to "automatic entry" ON and forgot about it. The other accounts have "automatic entry" OFF.
  • Neil KaneNeil Kane Member
    edited December 2018

    I just downloaded my latest batch of transactions (mostly sells) and was chugging through the tedious lot matching procedure in various investment accounts. But in my most active account I was surprised to find that the lots had all been automatically matched on a FIFO basis -- there was a little message to this effect at the bottom of the register.  I'm not sure when or where this got turned on. It did NOT do this for my other accounts, and I cannot find any control for it in the program.

    While auto-matching lots is a holy grail for many of us, I actually use minimum-gain in this taxable account. So while it made data entry easy, it also made it wrong.

    Does anyone know anything about this automatic lot matching feature?

    People like me have been complaining about this, literally, for years. I also use Minimum Gain in taxable accounts, and Quicken has no way to set this as a default in a given account. The company has never responded to the many, many, many posts on this forum about this issue. It was deaf to the issue when they were at Intuit and they're still deaf to the issue. 
  • J. StewartJ. Stewart Member
    edited December 2018

    I just downloaded my latest batch of transactions (mostly sells) and was chugging through the tedious lot matching procedure in various investment accounts. But in my most active account I was surprised to find that the lots had all been automatically matched on a FIFO basis -- there was a little message to this effect at the bottom of the register.  I'm not sure when or where this got turned on. It did NOT do this for my other accounts, and I cannot find any control for it in the program.

    While auto-matching lots is a holy grail for many of us, I actually use minimum-gain in this taxable account. So while it made data entry easy, it also made it wrong.

    Does anyone know anything about this automatic lot matching feature?

    I had hoped it was fixed in the new version. AGAIN disappointed. Im ready to cancel this non sense that causes more work than its worth. That is not the idea behind these things!  Thankfully my brokerage gives the reports that make sense for my CPA. Quicken Dev team has fallen down yet again. Time to get a refund.
  • edited January 1
    Does Quicken ever actually read these community postings?
  • Brian KingBrian King Member
    edited January 15
    I saw this related to MMFs but it is also true for Mutual Funds. When reviewing investment transactions, I almost always simply use "Accept all". This works for most transactions, but with Mutual Funds like some Fidelity retire accounts, they are constantly selling all of a Fidelity "stock" and buying something else. There are often a lot of these (10 or more). Quicken always makes me go through these one at a time to declare the cost basis method.

    I know you can simply click Accept and then OK and not go into the cost basis screen, but response time is always very slow for this procedure (it always has been and I have been using Quicken since it first came out) and so is a continual waste of time with no benefit. 

    This really two enhancement requests:
    1) Make this process faster (usually takes 5+ seconds for each Accept/OK combination)
    2) Provide a method to support a version of Accept All that allows a default response.

  • NotACPANotACPA SuperUser ✭✭✭✭
    edited January 14
    Your statement about needing to review Fund sales can be alleviated by selecting "Average Cost Method" for tracking the sales of a mutual fund. (Average Cost isn't allowed for other securities).

    Also, the needing to review only applies if you're selling less that ALL of a position ... and this is true for all securities, not just funds.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • Brian KingBrian King Member
    edited January 15
    Thank you. It is probably true that less than all of a fund is being sold. My preference, given that I do not have control over these transactions as they are managed by Fidelity, that I should be able to apply a default of Average Cost and have it apply to an accept all request.
  • germgerm Member
    Feature Request:

    Please add a Preference setting to automate lot assignment when accepting a sell transaction in an investment account during reconciliation, e.g. allow the user to set this to FIFO or LIFO and this will allow the Accept All to process without any manual user intervention.

    As is now, this manual lot selection adds a great amount of time to reconciling investment accounts.

    Thanks.
  • I agree we need the feature request

    Please add a Preference setting to automate lot assignment when accepting a sell transaction in an investment account during reconciliation, e.g. allow the user to set this to FIFO or LIFO and this will allow the Accept All to process without any manual user intervention.

    As is now, this manual lot selection adds a great amount of time to reconciling investment accounts.

    Thanks.

  • jmatsumojmatsumo Member
    I agree we need this feature 
  • CharlieCharlie Member
    Is there no way around this problem for partial sells?
    Every month my wife has a set amount withdrawn from her IRA (at Fidelity).  This results in small sells proportionally of each of the dozen+ mutual funds in the account.  Each transaction must be separately accepted and Avg Cost must be checked - even though it doesn't really matter since it is in an IRA account!  What a pain to do this every month.  I would think that since the funds are set for Avg Cost that it would apply to any transaction for the fund.  Is there really no way to avoid this?
Sign In or Register to comment.