Securities in two accounts

I have a stock that is issued and controlled by Wells Fargo. That is my account in Wells Fargo lists all of the holdings that I have of a certain stock. These can include shares that I hold certificates for, shares that are held electronically by Wells Fargo, and shares that I have held in a TD Ameritrade (formerly Scottrade). I have Quicken accounts for Wells Fargo and TD Ameritrade. When looking at total holdings and portfolio balance the shares that are in TD Ameritrade get counted twice since the same shares show up in TD Ameritrade and Wells Fargo accounts. Is there any way to prevent this double counting or do I need to remove the TD Ameritrade account from Quicken?

Thanks

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Answers

  • edddddddd
    edddddddd Member ✭✭
    Thank you for the reply. I'll look into setting up a Wells Fargo account that does not include the TD Ameritrade holdings. If that isn't possible I will probably remove the TD Ameritrade account from Quicken. I think a part of Wells Fargo is the official keeper of who owns all of the stock shares.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    If you held securities in a TD Ameritrade account that were transferred to a Wells Fargo account, you should have performed a "Shares transferred between accounts" transaction in Quicken.
    It's probably a little too late to do that now, without causing a mess in both your accounts.
    IMHO, the best way is to simply record a "Shares removed" transaction in the TD account to fix the double counting issue.
    I'm assuming that the TD account was closed and should show 0 securities and $0.00 cash balance. So, don't remove (aka delete) the account in Quicken together with all its transactions. Just set its balance to zero and mark it "closed"
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