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- Sep 18, 2010
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The problem:
When a security is sold, I often have to manually choose "average cost" or "lot identification". I want all securities to be "average cost" at creation when they are downloaded from the investment bank. I want all sales to be accepted automatically as average cost.
Currently, I cannot even select "average cost" for many securities until they are sold because there is no "average cost" box in the Edit Security panel. This box only appears after a security is sold.
Quicken Tech Support suggest the following solution:
"If the security type is Stock, you would be asked to select Lots and if the security type is Mutual Fund, it would not ask you to select cost basis. The program use Average costs for Mutual Funds automatically.
If the security type is Stock, you are required to follow some steps as mentioned below:
1. Please open Quicken program.
2. Click on Investing menu>>Security lists.
3. Please select the security and click on edit.
4. On the edit page, please check the security type and if it is Stock, please select Mutual fund.
Check the box that says “Average cost.
5. Close the security list window and again open Security list window. Select the same security and click on Edit and click on Ok.
6. Now, change the security type from Mutual fund to Stock and keep the Average cost box checked.
7. Click on Ok.
Now, enter sale transaction for the same security and see if it uses Average cost automatically."
My response to Quicken's suggestion:
I now understand what Quicken requires but I want to point out that this requirement is extremely cumbersome and time consuming.
1. My stocks are downloaded automatically from different brokerages. There is no way to automatically choose "average cost" as the stocks are loaded into Quicken.
2. There is no way to look at the "Security List", to identify which are the new securities. One must manually compare the new downloaded transactions in the register with the Security List.
3. There is no way to identify which are "Average Cost" without opening and looking at each security individually. And then one has to follow the horrible procedure you suggest.
4. Consequently, one must search through 100's of securities to make this manual changey from lots to average cost.
5. After the process begins, it is still a three-step process, because the process is interrupted half-way through. The unnecessary notice "Lot repair info" appears requiring the user to click on "OK" before the process will complete.
6. Then the process does not complete automatically. The spinning wheel continues to whirl endlessly. It only stops after one clicks a third time after which eventually the process completes.
7. It takes at least 5-10 minutes to change each security from lots to average cost. And this is on a very fast computer. I have spent weeks making this change and I am still not finished.
8. Now my stocks are classified as mutual funds, which is not accurate.
Is there a better solution to this problem?
- mike
When a security is sold, I often have to manually choose "average cost" or "lot identification". I want all securities to be "average cost" at creation when they are downloaded from the investment bank. I want all sales to be accepted automatically as average cost.
Currently, I cannot even select "average cost" for many securities until they are sold because there is no "average cost" box in the Edit Security panel. This box only appears after a security is sold.
Quicken Tech Support suggest the following solution:
"If the security type is Stock, you would be asked to select Lots and if the security type is Mutual Fund, it would not ask you to select cost basis. The program use Average costs for Mutual Funds automatically.
If the security type is Stock, you are required to follow some steps as mentioned below:
1. Please open Quicken program.
2. Click on Investing menu>>Security lists.
3. Please select the security and click on edit.
4. On the edit page, please check the security type and if it is Stock, please select Mutual fund.
Check the box that says “Average cost.
5. Close the security list window and again open Security list window. Select the same security and click on Edit and click on Ok.
6. Now, change the security type from Mutual fund to Stock and keep the Average cost box checked.
7. Click on Ok.
Now, enter sale transaction for the same security and see if it uses Average cost automatically."
My response to Quicken's suggestion:
I now understand what Quicken requires but I want to point out that this requirement is extremely cumbersome and time consuming.
1. My stocks are downloaded automatically from different brokerages. There is no way to automatically choose "average cost" as the stocks are loaded into Quicken.
2. There is no way to look at the "Security List", to identify which are the new securities. One must manually compare the new downloaded transactions in the register with the Security List.
3. There is no way to identify which are "Average Cost" without opening and looking at each security individually. And then one has to follow the horrible procedure you suggest.
4. Consequently, one must search through 100's of securities to make this manual changey from lots to average cost.
5. After the process begins, it is still a three-step process, because the process is interrupted half-way through. The unnecessary notice "Lot repair info" appears requiring the user to click on "OK" before the process will complete.
6. Then the process does not complete automatically. The spinning wheel continues to whirl endlessly. It only stops after one clicks a third time after which eventually the process completes.
7. It takes at least 5-10 minutes to change each security from lots to average cost. And this is on a very fast computer. I have spent weeks making this change and I am still not finished.
8. Now my stocks are classified as mutual funds, which is not accurate.
Is there a better solution to this problem?
- mike