New account

[Caryl]

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 knowwhat 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

 

[ps56k]

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

---
So, all your holdings were moved from one brokerage to another.
I wonder what the new brokerage will do for any cost basis and history to
report future 1099s ?

Personally - I would ignore and delete anything that changes the "holdings"
and their implied histroy & cost basis,
and merely "update" the account number... so all your history and cost basis
remains the same.

 

[Caryl]

So, all your holdings were moved from one brokerage to another.

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

I wonder what the new brokerage will do for any cost basis and history to
report future 1099s ?

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.

Personally - I would ignore and delete anything that changes the "holdings"
and their implied histroy & cost basis,
and merely "update" the account number... so all your history and cost basis
remains the same.

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

Thank you for your help.

 

[Caryl]

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.

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

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

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 tryingto figure out the problem. But I was wondering if perhaps someone here might know the solution to this.

Thank you.

 

[John Pollard]

"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.

-------------------------------------------------------

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.

 

[Caryl]

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.

 

[John Pollard]

"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?
---------------------------------------------------------

"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)".]

 

[Caryl]

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.

John,

I have the correct number of shares for each entry, but the cash and money market fund entries are incorrect. In the new account on Quicken I have something called Bank Deposit Sweep Program and also a line for Cash. Both have the same figure, so obviously the Cash line is a duplicate. (The website for the accunt does not have the Cash line.) Also the Quicken account has aJPMorgan money market fund entry in the holdings because transactions fromthe original account with them were removed and added to the new account. If I subtract the Cash line and the JPMorgan line from the total it is correct--the same as on the new website.

So should I just "withdraw" the cash and "remove" the shares of the JPMorgan fund?

Finally the total in the old JPMorgan account is not 0, but a minus figure.I suppose I can just leave it as is, as I am going to hide this account and not look at totals anymore.

Thanks again for your help with this.