Sell X

My apologies if this is in a thread. I recently sold mutual fund shares from one security and used the proceeds to buy whatever the proceeds would buy of another. I had just done this with another security and Quicken (2005) correctly marked the sale as "sell X." However, when I tried to do the same thing with two more securities, i.e. sell the one and use the proceeds to buy the other, all it would say is "Sell", no X. Because of that, the account now shows a negative cash amount, which of course is not correct. Can someone help me out of this one? Thanks.

Roy

Reply to
Roy
Loading thread data ...

"SellX" sells the shares and then transfers the proceeds to another account. "Sell" sells shares and leaves a cash balance in the account so you can use it to purchase another investment. This, of course, is when both funds/stocks/whatever are in the same investment account.

Regards,

Margaret

Reply to
Margaret Wilson

Thanks. How do I get the transaction to indicate a Sell X? There is no option like that in the drop down list.

Roy

Reply to
Roy

On Sun 10 Jul 2005 08:14:02p, Roy wrote in news:uJjAe.197$Bo3.152 @newssvr11.news.prodigy.com:

Try editing the category to the [to account name].

Reply to
Mike L

Edit the transaction. Look for the box, lower left, that asks "Record Proceeds". When you put in the correct account it knows to mark it sellx and also transfers the cash.

Reply to
Charlie K

I'm a little confused. SellX means the cash is being transfered out of the account. You want a sale if the cash is staying in the account to purchase a new mutual fund. Anyway, there is no category SellX. You chose 'Sell" and then select the "Record Proceeds" box to tell it where the cash from the sale is to go. Same with a purchase.

Reply to
Charlie K

Thanks. That's what I was confused about.

Roy

Reply to
Roy

How would you handle the sale of one security for another security in the same account?

Roy

Reply to
Roy

Hi, Roy.

(First: Please check the box in OE6 (Tools | Options... | Send, check Include message in reply). That way, your posts won't be just disembodied messages with no context - and we won't have to flip back and forth to follow the thread.)

What is a "sale of one security for another security"? I THINK you mean the sale of one security, followed by the purchase of a different security, using the cash generated by the sale. In other words, TWO transactions.

I'm pretty sure your answer has already been given at least twice in this thread. Go back and read the posts by Margaret Wilson, Mike L and Charlie K. (Charlie, would you also please Include message in reply.)

SellX does not exist in the 2005 version of Quicken. Well, the function remains, but the terminology is gone. To record what Quicken used to call SellX, we now click the specific Investment Account involved, then click Enter Transactions. From the drop-down menu, select Sell - Shares Sold. Now take a GOOD look at this screen, Roy. In addition to the boxes that you expect to see for a sale, in the lower left are a pair of "radio buttons" (Windows-speak for a set of buttons of which only one at a time may be selected, just like your car radio: when you push the button for one station, all others are "unpushed").

In this pair of buttons, the first choice is "To this account's cash balance". If you click this button, the cash generated by your sale will remain in this brokerage or mutual fund account, increasing the cash balance of this account. The second choice has simply the word "To:" and a box with a drop-down arrow. Click the To button, and then the arrow, to see a list of accounts (probably all bank accounts) to which you can transfer the sales proceeds.

So, if you sell 100 shares of Fund A in your Schwab account for $500 and transfer the cash out to your checking account in Chase, you would record the sale in this screen, checking To and choosing Chase as the destination. (This is SellX - without using the term, "SellX".)

But if you use that $500 to buy 200 shares of Fund B, still in the Schwab account, you would click "this account", rather than "To", and click Enter/Done. The $500 would stay in your Schwab account's cash balance. Then you would click Enter Transactions again and choose Buy - Shares Bought. Enter your purchase of Fund B and look again at the lower left area of this Buy window. Here your choices are "From this account's cash balance" or "From:", with a drop-down box where you could select Chase (or whatever) if this were what used to be called a BuyX transaction. In this same-account pair of transactions, you would click the "this account" button and the Enter/Done. Net result of the two transactions: your Fund A shares are gone, your Cash balance in Schwab is unchanged, and you now have 200 shares of Fund B with a cost of $500.

RC

Reply to
R. C. White

Hi RC,

Thanks for your patience. I've been out of town and that's the reason for not answering your post. Your explanation was excellent. Even I could understand it. Thanks again and I WILL post my originals from now on.

Roy

Reply to
Roy

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.