How to enter Reverse stock split - GE 1:8 with resulting fractional shares.

TigerJoe said:

I entered the reverse stock split just fine...but the final number of shares is not correct.
I received "cash in lieu" for the fractional shares. is there a best practice on how to record the "cash in lieu" and update the number of shares?

To expand on Jim's answer, the "best practice" is to fully execute the stock split as a Quicken transaction.  In this case as a reverse split, if you started with 20 shares, the 1-for-8 split would produce 2.5 shares.  You then sell the fractional share (0.5 in my example) for the cash-in-lieu amount received.  That "best practice" applies for any such split - regular or reverse - where fractional shares might be generated. 

Do NOT rely on brokerage downloads which may only report the full shares received.