I am having a problem using the "transfer shares between accounts" function. I am using Quicken 2005
I want to transfer stock between two IRA accounts held at two different brokerage house.
I hit Enter Transaction, enter the necessary information, Click Done
When I look at the transaction, Quicken had changed it to "Remove - Shares Removed"
What is happening?
John
What is happening is what you asked to have happen. A "transfer shares between accounts" is accomplished by removing shares from the "from" account and adding shares to the "to" account.
The Shares Removed transaction is just one of the transactions generated by a "transfer shares between accounts"; see the account you transferred the shares to for the rest of the results.
Suppose one enters one of these, and immediately realizes one made a mistake. How does one undo the error?
It seems that the transfers are not linked, and if one edits the removed transaction in the from account, the changes are not propagated to the added transactions in the to account, and for each remove there could be dozens of added, depending on the lots. And if one deletes the removed transaction from the from account, the added transactions are still there in the to account.
I must have done one of those edits and somehow Quicken lost a couple hundred share. The removed transaction was still there, but the corresponding added transactions was nowhere to be seen. As this involved shares that moved between four accounts in a short span of time, and each removed generated several added transactions, of shares bought quarterly, spanning several years, I couldn't easily see where the error was.
I ended up having to delete all removed and added transactions for the three year period, in four different accounts, which is quite tiresome as it needs to be done one at a time, and after deleting each one quicken moves you back to the last transaction in the register, one has to scroll back, and then performing the transactions again, which was quite easy.
In a word, be careful,
-- HASM
Correct.
Yes. Given the way Quicken implements the process, it can't be any other way. There is no actual "Transfer Shares Between Accounts" transaction; it is just a shortcut to create one "remove shares" in the FROM account and multiple "add shares" in the TO account, which as you note are not "linked" in any way. So there is no way for the deletion of the "remove shares" to trigger anything.
I agree. I do not know how much work it would be for Intuit to provide a better mechanism, but if it could be done for a reasonable cost, it would be nice to have.
And it's certainly reasonable to expect them to fix the glaring bug in the investment performance report, which does not provide for exclusion of this transaction.
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True, but this is not the right place to report it. Try
Of course this is the place to comment, so other users are aware of it. It's been reported to Intuit many times. They first insisted it wasn't a problem, then couldn't figure out what the problem was, then finally admitted it's a bug. They have no clue when if ever it's gonna be fixed. Just be prepared to have your IP reports screwed up forever if you use this transaction.
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