How can I correct an erronius Basis on the investments page?
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RalphieBoy
Member ✭✭
I made a purchase of 200 sh of XYZ at 19.35/sh for a total of $3870.00. On my "Investing" screen, the cost basis for xyz is showing $4155.86, which is clearly wrong! Is there any way to correct this entry?
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Best Answer
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@RalphieBoy
Your cost basis issue could stem from your earlier holdings of the security. That is to say that an earlier error in tracking cost basis will carry forward - independent of the holding account.
You can check for this possibility by running the report;
Reports > Investing > Portfolio Value & Cost Basis.
Include All Accounts and All Securities.
For the Date Range - set the End Date to the day before your recent buy.
This report will include your current holdings plus any security with zero holdings that have a residual (non-zero) cost basis.
Check to see if your security is included in the report.
If so, this points you to a problem with the earlier holding period.
If it does not appear in this report, then your problem lies with the recent repurchase.
For background. this report on my file shows a number of securities no longer held but with small residual cost basis (pos or neg) - usually just a few pennies. I haven't bothered to track down and correct the errors. Your case of a few hundred dollars definitely needs to be resolved.
QWin & QMac (Deluxe) Subscription
Quicken user since 19911
Answers
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Is the Bought the only transaction for that security?
No dividend or capital gain reinvestments for example?QWin Premier subscription0 -
Essentially , yes. I owned the stock earlier but sold out several weeks ago. Decided to get back in this week. This new purchase is the only "xyz" in all my portfolio.0
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You might try opening the Account in which XYZ resides and doing a {Ctrl}-Z key press to force a recalculation of the Account's holdings. If you've had XYZ in other Accounts at some time you might also use that key press combo in those Accounts too.
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I did have "xyz" in that brokerage account but sold it all last December 2019. The sale I mentioned earlier was at a different brokerage. I have only had the new purchase of xyz for a few days, so there are no dividends or anything else.0
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You could try deleting and re-entering the Bought transaction.QWin Premier subscription0
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I tried the CTRL Z recalculation and the error got worst. The "Basis" is now $4309.75 which is in error by $439.75.
If I delete the transaction, won't the cash in the account jump up by the erroneous Basis?0 -
Also tried CTRL Z in one other brokerage account that held xyz at one time. No help. Erroneous basis still at $4309.75.0
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Try deleting the transaction and then re-entering the buy and see what happens. I expect you're going to need to validate the file ultimately but try this first.
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@RalphieBoy
Your cost basis issue could stem from your earlier holdings of the security. That is to say that an earlier error in tracking cost basis will carry forward - independent of the holding account.
You can check for this possibility by running the report;
Reports > Investing > Portfolio Value & Cost Basis.
Include All Accounts and All Securities.
For the Date Range - set the End Date to the day before your recent buy.
This report will include your current holdings plus any security with zero holdings that have a residual (non-zero) cost basis.
Check to see if your security is included in the report.
If so, this points you to a problem with the earlier holding period.
If it does not appear in this report, then your problem lies with the recent repurchase.
For background. this report on my file shows a number of securities no longer held but with small residual cost basis (pos or neg) - usually just a few pennies. I haven't bothered to track down and correct the errors. Your case of a few hundred dollars definitely needs to be resolved.
QWin & QMac (Deluxe) Subscription
Quicken user since 19911 -
Hello J_Mike,
I want to thank you for you help,... especially the step-by-step instructions. Your suggestion proved to be spot on. I found a residual cost basis of $439.75.
I was able to locate the residual basis to entries made in 2013. "XYZ" spun off another company and I did not know how to handle that properly. I devised a work-around which became the root of the current problem. I was able to delete the improper entries and properly re-enter the spin-off stock. Now everything appears to be correct.
Quicken is an amazing program. I am always amazed at how much is there and how little I know about it.
Thanks again,
Ralph Knight
P.S. I have one more "Basis" problem which has to do with merging of two account at TDA. Will explain later.0 -
QWin & QMac (Deluxe) Subscription
Quicken user since 19910
