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Record sale of bond with accrued interest?

 
 
Michael S. Rosen
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      08-29-2003, 02:42 PM
When purchasing a bond there is a field to input accrued interest.
How do I do this when selling a bond? My trade confirmation shows
accrued interest but the sale form in Quicken 2003 Premier does not
allow for an additional field.

Thanks,
Mike
 
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R. C. White
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      08-30-2003, 01:42 PM
Hi, Mike.

Looks like Quicken suffers from tunnel vision. Even in the Help file, a
search for Accrued Interest turns up a dozen or so discussions related to
the purchase of accrued interest, but not its sale. Further digging turns
up several pages on how to manually record "Special investment
transactions", but they still skip the sale of bonds with accrued interest.
(I'm using Quicken 2002 Deluxe, but I doubt this has changed in later
versions.)

For the purchase of accrued interest, Help says that "(Quicken enters an
expense transaction in the investment register for you.)" For a sale, I
suppose we have to separately enter an income transaction in the investment
register, in addition to recording the sale of the bond itself, excluding
that interest from the selling price. (Of course, recording an expense for
the purchase of accrued interest is not correct unless that accrued interest
is collected in the same year; otherwise, it must be carried over until the
year when it is received.)

I just checked my entries for the last time I did this. It was in 1993.
That's exactly how I recorded the call of a corporate bond. First I entered
the Sell, then I made an IntInc entry in the Register for receipt of the
accrued interest. In the Memo fields of the two transactions I entered
"Called - see accrued interest" and "Accrued interest - Call 7/1/93". Looks
like Quicken has not improved this "feature" in at least 10 years. :>(

RC
--
R. C. White, CPA
(Retired - no longer licensed to practice)
San Marcos, TX


"Michael S. Rosen" <> wrote in message
news: om...
> When purchasing a bond there is a field to input accrued interest.
> How do I do this when selling a bond? My trade confirmation shows
> accrued interest but the sale form in Quicken 2003 Premier does not
> allow for an additional field.
>
> Thanks,
> Mike



 
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