New account

"Caryl" wrote in message news: snipped-for-privacy@googlegroups.com... We have transferred one of our brokerage accounts from JPMorgan Chase to Commonwealth Financial Network, as the broker for this account has moved there. He has taken care of the transfer. When I did the OSU for our accounts, the JPMorgan account has the items listed as "Removed" and the money balance as "Delivered." Although everything is downloaded, I have not accepted these transactions because I do not know what to do next. Should I ignore these downloaded transactions and just change the name and account number for the account? Or should I accept the transactions and start a new account using "Added" to get all these transactions into it? But will I have lost the cost basis if I do that? Or do I do use "transfer shares?" Will that give me the cost basis? Thank you for your help. Caryl

Actually not all our holdings. Just a small managed account. Our larger account is still with Fidelity.

I wonder too! Will call the broker on Monday to find out as I just went to their website and do not see any cost basis for the holdings in the account.

I will follow this advice. I assume that I change the name and account number in "Edit account details."

Thank you for your help.

The cost basis now shows on the website--it was just a question of them checking a item on their side.

I still have not acepted the removed transactions from my JPMorgan account or left it and changed the name of the account. But I have set up a new Quicken account for my new account to see what would happen. Everything came over to the new account as Added. However, the cost basis is not there and all dates of purchase are 11/2/12, the day that the account was set up. Since this is all correct on their internet site, a tech person there is trying to figure out the problem. But I was wondering if perhaps someone here might know the solution to this.

Thank you.

"Caryl" wrote

But I have set up a new Quicken account for my new account to see what would happen. Everything came over to the new account as Added. However, the cost basis is not there and all dates of purchase are 11/2/12, the day that the account was set up.

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I think you're saying that you are only seeing "downloaded" transactions in the new account.

Assuming they are downloaded transactions, the Shares Added transactions you refer to sound as correct as they could be. The broker doesn't know the purchase date or the purchase price of those transferred lots. But the shares were added to your new Brokerage account on the date the account was setup, so their transaction date is correct.

The simplest way to get those date/cost values correct in the new account, is to use the Quicken "Shares transferred between accounts" transaction to transfer your Quicken holdings from the old Quicken account to the new Quicken account.

That will generate one "Remove Shares" transaction in the old account for every security that was "transferred".

And it will generate one "Add Shares" transaction in the new account for every lot of every security that was transferred. And the Add Shares transactions will all be dated with the date of the transfer ... but, Add Shares transactions have a second date: the "Acquisition Date", which will be the date you originally purchased each lot (and which you can see, if you Edit an Add Shares transaction).

Once you have the Quicken generated Add Shares transactions in the new Quicken account, you should be able to Accept the downloaded Add Shares transactions as matches to the Quicken transactions. And if they don't match and you can't manually match them, you can just delete them.

John,

Thank you so much for your help. I did what you suggested and it worked, except my Quicken totals (mostly cash and money market fund) are not exactly the same as the broker's statement. I think this is because I had already accepted the downloaded entries (stocks and cash) in the new account before using the transfer stocks function on the original brokerage account.

If I go back to this original account and delete all these transfer transactions will the stocks then go back into this old account? Then I can entirely delete the new account, install it again, and not accept anything from the Quicken download. Finally I can do the transfer again from the original account. Does this make sense and will it work?

Thanks again.

"Caryl" wrote

John,

Thank you so much for your help. I did what you suggested and it worked, except my Quicken totals (mostly cash and money market fund) are not exactly the same as the broker's statement. I think this is because I had already accepted the downloaded entries (stocks and cash) in the new account before using the transfer stocks function on the original brokerage account.

If I go back to this original account and delete all these transfer transactions will the stocks then go back into this old account? Then I can entirely delete the new account, install it again, and not accept anything from the Quicken download. Finally I can do the transfer again from the original account. Does this make sense and will it work?

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"Shares transferred between accounts" is not really a true transaction; I call it a pseudo-transaction. You'll never see a "shares transferred ..." transaction in your investment accounts: "Shares transferred between accounts" just generates Shares Removed, and Shares Added, transactions. You can't reverse the process by just deleting something in the old account; you'd have to delete all the transactions [Shares Removed (old account) and Shares Added (new account) to put things back the way they were.

But I don't think you need to do that anyway.

If the only problem is that the "holdings" (number of shares) in the new account are doubled (because you have two sets of Add Shares transactions); then you should be able to just delete the downloaded transactions from the new account and the new account should then be correct.

I would backup first, just in case you decide there was some other problem that deleting the downloaded transactions didn't solve.

[If you have a lot of investment transactions to delete, there's a way to delete them all at once, rather than one-by-one. You can use the Banking > Transaction report; select the investment transactions you want to delete IN THE REPORT (as you would select multiple files in Windows Explorer); then click the Edit button IN THE REPORT, and select "Delete transaction(s)".]