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Posted by sh on December 18, 2006, 10:36 am
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I have accounts with Fidelity, Schwab and TRPrice and I download my
transactions from each into Quicken. However, each does reinvestments of
shares (Dividend, LongTerm, ShortTerm) differently.
Schwab does it in 2 steps: 1) Create a short or long term income
transaction, then 2) create a buy of new shares transaction.
Fidelity does it in 2 different steps: 1) Create a dividend income
transaction and places "LongTerm" or "ShortTerm" as a comment, then 2)
create a buy of new shares transaction.
TRPrice does it as 1 step 1) a Reinvest income into shares transaction.
Which way is the best way to do this? It seems TRPrice's way is the most
logical, so why do Schwab and Fidelity do it into 2 steps?
What's the down side to doing it the TRPrice way?
Thanks
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Posted by TomYoung on December 18, 2006, 10:49 am
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sh wrote:
> I have accounts with Fidelity, Schwab and TRPrice and I download my
> transactions from each into Quicken. However, each does reinvestments of
> shares (Dividend, LongTerm, ShortTerm) differently.
>
> Schwab does it in 2 steps: 1) Create a short or long term income
> transaction, then 2) create a buy of new shares transaction.
>
> Fidelity does it in 2 different steps: 1) Create a dividend income
> transaction and places "LongTerm" or "ShortTerm" as a comment, then 2)
> create a buy of new shares transaction.
>
> TRPrice does it as 1 step 1) a Reinvest income into shares transaction.
>
> Which way is the best way to do this? It seems TRPrice's way is the most
> logical, so why do Schwab and Fidelity do it into 2 steps?
>
> What's the down side to doing it the TRPrice way?
Since I've never downloaded transactions, preferring to enter them
manually just so I know they're correct, I didn't realize that the same
transaction could show up in a variety of ways in the register
depending on the source. Perhaps the difference in approach reflects
how each company shows these transactions in their own monthly
statements?
>From your description it seems like the Schwab and TRPrice methods are
equally valid, just mechanically different. However, if Fidelity
really does download all transactions with a "Div" action, only
distinguishing various flavors of dividend income in the memo field,
then their methodology is clearly deficient.
Tom Young
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Posted by BeeL on December 18, 2006, 11:18 am
Please log in for more thread options sh wrote:
> I have accounts with Fidelity, Schwab and TRPrice and I download my
> transactions from each into Quicken. However, each does reinvestments of
> shares (Dividend, LongTerm, ShortTerm) differently.
>
> Schwab does it in 2 steps: 1) Create a short or long term income
> transaction, then 2) create a buy of new shares transaction.
>
> Fidelity does it in 2 different steps: 1) Create a dividend income
> transaction and places "LongTerm" or "ShortTerm" as a comment, then 2)
> create a buy of new shares transaction.
>
> TRPrice does it as 1 step 1) a Reinvest income into shares transaction.
>
> Which way is the best way to do this? It seems TRPrice's way is the most
> logical, so why do Schwab and Fidelity do it into 2 steps?
>
> What's the down side to doing it the TRPrice way?
>
I have a Fidelity account. I edit the transaction after it is downloaded
and move the income from the dividend box to the appropriate place
(long-term, short-term, etc), and then remove the comment.
I sometimes also change the transaction from Income to Reinvest, copy
the info from the accompanying Buy transaction into this one, and then
delete the Buy transaction. I skip this, though, when there are several
Income transactions that correspond to a single Buy transaction because
I am too lazy to do the calculations that it would require.
I have few enough of these transactions that I don't mind doing this by
hand. But it would be nice if Fidelity downloads did more of it for me.
-- BeeL
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Posted by Bob Wang on December 18, 2006, 12:42 pm
Please log in for more thread options That's odd, all my Schwab(3) and Fidelity(2) accounts download a single
ReinvDiv transaction.
Bob
>>>
I have accounts with Fidelity, Schwab and TRPrice and I download my
transactions from each into Quicken. However, each does reinvestments of
shares (Dividend, LongTerm, ShortTerm) differently.
Schwab does it in 2 steps: 1) Create a short or long term income
transaction, then 2) create a buy of new shares transaction.
Fidelity does it in 2 different steps: 1) Create a dividend income
transaction and places "LongTerm" or "ShortTerm" as a comment, then 2)
create a buy of new shares transaction.
TRPrice does it as 1 step 1) a Reinvest income into shares transaction.
Which way is the best way to do this? It seems TRPrice's way is the most
logical, so why do Schwab and Fidelity do it into 2 steps?
What's the down side to doing it the TRPrice way?
Thanks
That's odd, all my Schwab(3) and Fidelity(2) accounts download a single
ReinvDiv transaction.
Bob
>>>
I have accounts with Fidelity, Schwab and TRPrice and I download my
transactions from each into Quicken. However, each does reinvestments of
shares (Dividend, LongTerm, ShortTerm) differently.
Schwab does it in 2 steps: 1) Create a short or long term income
transaction, then 2) create a buy of new shares transaction.
Fidelity does it in 2 different steps: 1) Create a dividend income
transaction and places "LongTerm" or "ShortTerm" as a comment, then 2)
create a buy of new shares transaction.
TRPrice does it as 1 step 1) a Reinvest income into shares transaction.
Which way is the best way to do this? It seems TRPrice's way is the most
logical, so why do Schwab and Fidelity do it into 2 steps?
What's the down side to doing it the TRPrice way?
Thanks
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Posted by sh on December 18, 2006, 1:07 pm
Please log in for more thread options Hmm, mine don't. Do you have any special settings?
Bob Wang wrote:
> That's odd, all my Schwab(3) and Fidelity(2) accounts download a single
> ReinvDiv transaction.
>
> Bob
>
>
> I have accounts with Fidelity, Schwab and TRPrice and I download my
> transactions from each into Quicken. However, each does reinvestments of
> shares (Dividend, LongTerm, ShortTerm) differently.
>
> Schwab does it in 2 steps: 1) Create a short or long term income
> transaction, then 2) create a buy of new shares transaction.
>
> Fidelity does it in 2 different steps: 1) Create a dividend income
> transaction and places "LongTerm" or "ShortTerm" as a comment, then 2)
> create a buy of new shares transaction.
>
> TRPrice does it as 1 step 1) a Reinvest income into shares transaction.
>
> Which way is the best way to do this? It seems TRPrice's way is the most
> logical, so why do Schwab and Fidelity do it into 2 steps?
>
> What's the down side to doing it the TRPrice way?
>
> Thanks
>
>
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