Can't we have 4 Lot Identification default choices? (+6 Merged Votes)

JoeG
JoeG Member
edited January 4 in Investments (Windows)
There was talk last January about an update that added default Lot Identification choices. There are 4 Lot ID choices; First In, Last In, Minimum Gain and Maximum Gain. Yet there are only 2 default choices; First In and Last In. Let's finish the job!
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14 votes

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Comments

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    And the choices should be worded the same as in the Specify Lots Sold dialog:
    First Shares In
    Last Shares In
    Minimum Gain
    Maximum Gain

    Currently the first choice is "Quicken Default (First shares in for Equities)" which is confusing - the choice is for all securities, not just equities, and when making this selection it is not helpful to know that this is the default in the Specify Lots Sold dialog.
    QWin Premier subscription
  • RedCab
    RedCab Member ✭✭
    I agree completely!! For me, "minimum gain" is my default behavior.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    I'll mention that if you DON'T specify exact lots to your broker when selling ... the brokerage is almost certain to select First In, First Out (AKA, FIFO) for all securities being sold.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Bahamas811
    Bahamas811 Member ✭✭
    Quicken currently only allows you to specify a First In/First Out or Last In/First Out default for investment transaction downloads. This is not very helpful. Users should be able to specify "Minimum Gain" or "Maximum Gain" as a default. The download and accepting process becomes very tedious for dozens of transactions since this functionality is not present.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Just for reference ... this is where these settings are made, individually by account:

    Everyone, including the person who initiated this discussion …
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  • Bahamas811
    Bahamas811 Member ✭✭
    Thank you for your response, but you clearly did not read my comment. As I stated, Quicken allows you to specify either First In/First Out or Last In/First Out as the default share allocation, but it does not allow you to specify Minimum Gain or Maximum Gain. This creates a large problem when you have dozens of transactions to download and accept since you have to manually specify the lots for each and every trade. Please vote for my comment/suggestion.
  • RedCab
    RedCab Member ✭✭
    nothing new on this? The lack of this feature costs me about an hour a month and a sore wrist from a lot of clicking through. I have a managed account that always sells lots chosen for minimum gain. I have to go thru them one by one...
    click accept
    click specify lots
    click minimum gain
    click ok
    wait

    rinse and repeat...
  • RedCab
    RedCab Member ✭✭
    totally agree... it takes 4 clicks on every transaction to manually specify the lots to achieve minimum gain (or max gain if that's of your interest). 25 transactions? That's 100 clicks. Please add this.
  • DRHayes
    DRHayes Member
    edited January 4
    [Removed - Unhelpful] This has been an issue for a long time. Should be able to select minimum gain to be the automatic default. A lot of time is being wasted having to specify this for each transaction. Sometimes a single sale of 100 shares is split into as many as 10 transactions. Perhaps there could be an additional button that you could select instead of the tedious "Accept", then "specify method", then "minimum gain", then wait 5 seconds while the assignment and screen update occurs.
    [Removed - Unhelpful]
  • pmas
    pmas Member
    I agree, It is painful downloading and accepting sold tranactions from Fidelity. Minimum gain is their default.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    pmas said:
    I agree, It is painful downloading and accepting sold tranactions from Fidelity. Minimum gain is their default.
    Unlikely.  FIFO is the default in the brokerage industry unless the customer specifies otherwise at the time of sale.
    BTW, I'm a Fidelity client also, and have confirmed this with my "Private Client" advisor.

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • RedCab
    RedCab Member ✭✭
    Agree with all. Needs automation. This is why we pay for subscriptions... please add this basic capability. At a minimum make the selection of 1 of the 4 strategies part of the first pop up asking if you want to identify lots. That will cut the mouse clicks by half.
  • tchalupny
    tchalupny Member
    I have several managed accounts at JP Morgan and these generate a lot of transactions and default is Minimum Gain as they do loss realization for tax benefits. I waste A LOT of time having to identify lots and selecting Minimum Gain for each lot. There can be several hundred sell transactions to select lots for in just a month. We really need to have all lot section options to pick from as default for an account setup for transaction download. Not having this feature is probably my biggest frustration and complaint with Quicken. PLEASE update Quicken to allow additional lot selection options for transaction downloads settings.
  • JM2008
    JM2008 Member
    Please add this functionality. We need to be able to select Minimum Gain category for lot identification in the automated settings. It takes HOURS to do this one by one.