Transfering Shares to a new Account number

Posted by Dick on April 15, 2008, 6:24 pm

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I just had one of my mutual funds change my account to a living trust, in
doing so they made the change by opening a new account in the new name. Then
they transferred the shares owned in the old account to the new account
number with no cost. How do fix Quicken 07 to make the change that the
mutual fund made. When I try to download the data from the mutual fund
quicken tells me that the fund does not recognize the old account number any
longer and I should update the number in the Quicken one step download to
reflect the new number. When I do this the download takes place and adds the
shares to the account but this doubles the shares that I own with no cost
(this would be great if it were true). I'm at a complete lose as to how I
should be handling this action. Any help is appreciated.

Posted by John Pollard on April 15, 2008, 8:21 pm

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Dick wrote:

> I just had one of my mutual funds change my account to a

> living

> trust, in doing so they made the change by opening a new

> account in

> the new name. Then they transferred the shares owned in the

> old

> account to the new account number with no cost. How do fix

> Quicken 07

> to make the change that the mutual fund made. When I try to

> download

> the data from the mutual fund quicken tells me that the fund

> does not

> recognize the old account number any longer and I should

> update the

> number in the Quicken one step download to reflect the new

> number.

> When I do this the download takes place and adds the shares to

> the

> account but this doubles the shares that I own with no cost

> (this

> would be great if it were true). I'm at a complete lose as to

> how I

> should be handling this action. Any help is appreciated.

You should have: first created a new Quicken investment account;
then used the Quicken "Shares transferred between accounts" to
transfer your holdings from the old account to the new account.

When you subsequently got downloads for either account, they
should have "matched" the transactions already in your Quicken
accounts. If they didn't match, you should have just deleted
the downloaded transactions.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

Posted by Dick on April 16, 2008, 5:16 pm

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John,
If I open a new account and transfer all the shares to it will it not
change all of the transaction date to today ? If that happens I will lose
all date of purchases and will not have a correct long term / short term cap
gains reports when the shares are sold. If I just delete the downloaded
transaction I think this will solve my problem. What do you think? Thanks
for you help.
Dick

> Dick wrote:

>> I just had one of my mutual funds change my account to a living

>> trust, in doing so they made the change by opening a new account in

>> the new name. Then they transferred the shares owned in the old

>> account to the new account number with no cost. How do fix Quicken 07

>> to make the change that the mutual fund made. When I try to download

>> the data from the mutual fund quicken tells me that the fund does not

>> recognize the old account number any longer and I should update the

>> number in the Quicken one step download to reflect the new number.

>> When I do this the download takes place and adds the shares to the

>> account but this doubles the shares that I own with no cost (this

>> would be great if it were true). I'm at a complete lose as to how I

>> should be handling this action. Any help is appreciated.

> You should have: first created a new Quicken investment account; then used

> the Quicken "Shares transferred between accounts" to transfer your

> holdings from the old account to the new account.

> When you subsequently got downloads for either account, they should have

> "matched" the transactions already in your Quicken accounts. If they

> didn't match, you should have just deleted the downloaded transactions.

> --

> John Pollard

> First initial underscore Last name at mchsi dot com

> Please reply to newsgroup

Posted by John Pollard on April 16, 2008, 7:12 pm

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Dick wrote:

> John,

> If I open a new account and transfer all the shares to it

> will it

> not change all of the transaction date to today ?

It will make the transaction date "today" (or the day of the
transfer): but that is the correct date of the "transaction".

> If that happens I

> will lose all date of purchases and will not have a correct

> long term

> / short term cap gains reports when the shares are sold.

No, you will not lose the date of the purchases.

When Quicken "transfers shares between accounts", it uses
multiple "Shares Added" transactions to enter the shares in the
new account: one Shares Added transaction for each lot held in
the FROM account ... with a "Date Acquired" the same as the
purchase date of each lot in the FROM account.

If you are having a problem imagining this, just make a backup
of your current Quicken data, enter the transaction, and check
it out for yourself. If you don't like the result, you can
restore the backup.

[If deleting the downloaded transactions makes you happy, by all
means do that. I mostly made my coments for future reference.]

--

John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

Posted by Oilcan on April 15, 2008, 10:11 pm

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Delete the downloaded transactions and you should be okay moving
forward. As an alternative you could have created a new account in
Quicken and transferred the shares between the accounts.

Oilcan

-----Original Message-----
From: Dick [mailto:Smok10a@netscape.net]
Posted At: Tuesday, April 15, 2008 3:24 PM
Posted To: alt.comp.software.financial.quicken
Conversation: Transfering Shares to a new Account number
Subject: Transfering Shares to a new Account number

I just had one of my mutual funds change my account to a living trust,
in
doing so they made the change by opening a new account in the new name.
Then
they transferred the shares owned in the old account to the new account
number with no cost. How do fix Quicken 07 to make the change that the
mutual fund made. When I try to download the data from the mutual fund
quicken tells me that the fund does not recognize the old account number
any
longer and I should update the number in the Quicken one step download
to
reflect the new number. When I do this the download takes place and adds
the
shares to the account but this doubles the shares that I own with no
cost
(this would be great if it were true). I'm at a complete lose as to how
I
should be handling this action. Any help is appreciated.