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Posted by jaygreg on July 7, 2006, 9:43 am
Please log in for more thread options Thanks John. You've cleared up a few things and gave me courage to try
tackle this bugger. I think I'll create that new Quicken file as a test and
see how the download looks. Thanks for your help.
>
> > I'm trying to work out a glitch in a brokerage account that
> > keeps reporting
> > a margin balance when there is none. According to Quicken
> > help, the record
> > appearing in the Online Center for any given brokerage is
> > reported "exactly
> > as it is downloaded from the participating financial
> > institution." The
> > brokerage wants me to delete the account and create a new one
> > using the
> > Online Account Services Setup. The account that's there now
> > was created
> > before I started to use the online direct update feature.
>
> > The shares in that account were transferred in
> > from another account as an "Xfr" transaction.
>
> I am unaware of any "Xfr" transaction in Quicken that transfers
> shares between accounts. The investment transaction "Shares
> Transferred Between Accounts" does not create any link at all
> between the old and new account; it just does a single "Shares
> Removed" for each security in the old account, and one "Shares
> Added" for each lot of each security that is transferred in the
> new account. There is no meaningful link between any of those
> transactions.
>
> Perhaps you are referring to the text that Quicken puts in the
> memo field of transactions it creates for transferring shares,
> which contains the abbreviation "Xfr". First: this is not a
> true link; and second: it is easily changed where needed. There
> would be no need to change the memo field in the new account; it
> would still correctly indicate the account from which the shares
> came. The only transactions whose memo text would be incorrect
> would be those in the old account ... and there would be only
> one transaction per security there, which should not be too
> great a burden to change ... if you found it absolutely
> necessary to change it.
>
> > If
> > I simply delete the account and create a new one with the
> > Online account
> > wizard, I'll be breaking that link without a clear
> > understanding of how to
> > repair it. The first download of that new account will show
> > the original
> > deposit of the shares I transferred in but it won't be linked
> > by Quicken to
> > the account from which it came.
>
> If you have "moved" the "Shares Added" transactions from the old
> account to the new account, the downloaded transactions should
> "match" those transactions just as they should have matched them
> when you first downloaded to the old account after doing the
> original transfer.
>
> > Q1) Do I simply follow the broker's instructions and create a
> > new account?
>
> You can do this in a copy of your Quicken data; if you are
> unhappy with the result, discard the copy.
>
> > Q2) What do I do with the brokerage account that's got the
> > glitch in it?
> > Just delete it? (There's only this original transfer in of
> > shares and one
> > transfer out of dividends so far.)
>
> Once the new account is correct, yes, delete the old one.
> (Until you do, that transfer will create a duplicate deposit in
> it's TO account, in addition to overstating your assets).
>
> You could also test the theory that creating a new account will
> eliminate the false margin holdings by just creating a New
> Quicken file, setting up your brokerage account in it, and
> downloading to it. If your fi is not sending erroneous margin
> holding amounts, they should not appear in the Online Center for
> the New file ... if they do appear, then you can skip the
> exercise of moving your Quicken transactions to a new account
> and get back on the phone with your fi.
>
> --
> John Pollard
> First initial underscore Last name at mchsi dot com
> Please reply to newsgroup
>
>
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