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. 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.
Q1) Do I simply follow the broker's instructions and create a new account?
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.)
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
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 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
You can do this in a copy of your Quicken data; if you are
unhappy with the result, discard the copy.
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.
First initial underscore Last name at mchsi dot com
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.
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