Quicken 2010 Cost Basis problem
granpoob
Net Worth, I found the figure was off by a considerable amount. A
little tracking and I found that the Cost Basis for most of my
Investment accounts is completely wrong. Haven't figured out why yet
but I did determine that by deleting the transaction and re-entering
it, Quicken appears to take the now re-entered information into
account. I only did this for 2 transactiona and can't be certain the
re-calculation is correct, however, it is clear the cost basis changes
once i do this delete and re-enter. The main problem here is that I
can't see myself doing this for each of the literally hundreds of
transactions I have in each investment account. Validation and Super-
Validation do not solve the problem and no errors are reported. Anyone
else seeing this? If so, any solutions?
Regards and Happy New Year to everyone.
John Pollard
I've forgotten the details, but this sounds like a bug that was discovered
having to do with reconciling investment accounts.
If I recall, you could restore the correct cost basis by just selecting
the transaction, clicking Edit, then clicking OK. If that doesn't work,
you can try Cut/Paste.
And if it is the reconciles that are causing the problem, stop reconciling
until there is a patch. I believe R4 is due out before the end of
February - though I don't know whether it will address this issue.
--
John Pollard
Tod
My understanding has been that a transaction list recalculation (Ctrl-
Z) would correct the zero cost basis error in QW2010.
granpoob
>
> - Show quoted text -
Thanks for all the feedback.Would you mind walking me through the Ctrl-
Z procedure you mentioned? Do I hit those keys when I do a File-Open?
granpoob
>
> - Show quoted text -
Well, did quick search on the usenet group and found the
procedure.Looks like the CTRL-Z did the trick. Thanks for the input.I
was thinking my file (been running since early 1990's !) was finally
going to have to be put to bed.
John Pollard
>
> My understanding has been that a transaction list recalculation (Ctrl-
> Z) would correct the zero cost basis error in QW2010.
That jogs my memory ... and a much better approach.
--
John Pollard
R. C. White
This cost basis problem happened to me today. I had sold one and bought 2
stocks on December 28, 2009. At first, the Portfolio listing showed them
correctly. But today, basis on one of my new purchases was zero and the
other was $303 when it should have been over $7,000.
I had originally entered the transactions manually, based on what my broker
told me on the phone within a minute or two of my placing the orders; then I
had downloaded, matched and accepted the same transactions (with the same
correct amounts). And, yes, I did Reconcile the account to the downloaded
statement as of 12/31/09. But today, the wrong costs appeared.
Based on your post, I opened the Register for the broker, clicked each
transaction, clicked Edit, then OK, with. Then the Portfolio view showed
the correct amounts. ;<)
Thanks, John.
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
r...@grandecom.net
Microsoft Windows MVP
(Using Quicken Deluxe 2010 and Windows Live Mail in Win7 x64)
"John Pollard" <8plu...@gmail.com> wrote in message
news:hhts2q$qs$1...@news.eternal-september.org...
John Pollard
> Hi, John.
>
> This cost basis problem happened to me today. I had sold one and
> bought 2 stocks on December 28, 2009. At first, the Portfolio
> listing showed them correctly. But today, basis on one of my new
> purchases was zero and the other was $303 when it should have been
> over $7,000.
> I had originally entered the transactions manually, based on what my
> broker told me on the phone within a minute or two of my placing the
> orders; then I had downloaded, matched and accepted the same
> transactions (with the same correct amounts). And, yes, I did
> Reconcile the account to the downloaded statement as of 12/31/09. But
> today, the wrong costs appeared.
That's interesting. Up to now, I don't recall reading from anyone who
could pinpoint the timing as you have. And, if the cause of the problem
is reconciling, I'm not clear why the delay in the appearance of the
problem.
Just so I understand a bit better; did the problem only occur for
transactions that got reconciled (whose cleared status got changed from
blank or "c", to "R") ... not to transactions that were already reconciled
at the time you did the most recent reconcile?
> Based on your post, I opened the Register for the broker, clicked each
> transaction, clicked Edit, then OK, with. Then the Portfolio view
> showed the correct amounts. ;<)
>
> Thanks, John.
You're welcome.
I give at least half the credit to Tod for remembering the "recalculation"
method for recovery. I had read of it, but forgot when I posted here. If
the problem should occur to many transactions in the account, the CTRL+Z
(recalculation) approach could save quite a bit of manual effort. [I try
to remember to tell folks to backup before doing things like recalculating
a register ... just in case. I suspect you don't need such a caution.]
--
John Pollard
news://<YOUR-NNTP-NEWSERVER-HERE>/alt.comp.software.financial.quicken
Your source of user-to-user Quicken help
R. C. White
> Based on your post, I opened the Register for the broker, clicked each
> transaction, clicked Edit, then OK, with. Then the Portfolio view showed
Should say, "then OK, without changing anything. Then the Portfolio view
showed
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
r...@grandecom.net
Microsoft Windows MVP
(Using Quicken Deluxe 2010 and Windows Live Mail in Win7 x64)
"R. C. White" <r...@grandecom.net> wrote in message
news:dridnT3Tcv71jtjW...@posted.grandecom...
> Hi, John.
>
> This cost basis problem happened to me today. I had sold one and bought 2
> stocks on December 28, 2009. At first, the Portfolio listing showed them
> correctly. But today, basis on one of my new purchases was zero and the
> other was $303 when it should have been over $7,000.
>
> I had originally entered the transactions manually, based on what my
> broker told me on the phone within a minute or two of my placing the
> orders; then I had downloaded, matched and accepted the same transactions
> (with the same correct amounts). And, yes, I did Reconcile the account to
> the downloaded statement as of 12/31/09. But today, the wrong costs
> appeared.
>
> Based on your post, I opened the Register for the broker, clicked each
> transaction, clicked Edit, then OK, with. Then the Portfolio view showed
> the correct amounts. ;<)
>
> Thanks, John.
>
> RC
>
R. C. White
Inline..
"John Pollard" <8plu...@gmail.com> wrote in message
news:hi34qf$96n$1...@news.eternal-september.org...
> R. C. White wrote:
>> Hi, John.
>>
>> This cost basis problem happened to me today. I had sold one and
>> bought 2 stocks on December 28, 2009. At first, the Portfolio
>> listing showed them correctly. But today, basis on one of my new
>> purchases was zero and the other was $303 when it should have been
>> over $7,000.
>> I had originally entered the transactions manually, based on what my
>> broker told me on the phone within a minute or two of my placing the
>> orders; then I had downloaded, matched and accepted the same
>> transactions (with the same correct amounts). And, yes, I did
>> Reconcile the account to the downloaded statement as of 12/31/09. But
>> today, the wrong costs appeared.
>
> That's interesting. Up to now, I don't recall reading from anyone who
> could pinpoint the timing as you have. And, if the cause of the problem
> is reconciling, I'm not clear why the delay in the appearance of the
> problem.
>
> Just so I understand a bit better; did the problem only occur for
> transactions that got reconciled (whose cleared status got changed from
> blank or "c", to "R") ... not to transactions that were already reconciled
> at the time you did the most recent reconcile?
Right. Reconciling to the paper statement (actually, printed by me from a
download) is probably redundant as I'm moving more into the online mindset.
But the cost changes in the Portfolio listing happened only to the two
stocks that I purchased last week - and those were my only two securities
purchases for all of 2009.
>> Based on your post, I opened the Register for the broker, clicked each
>> transaction, clicked Edit, then OK, with. Then the Portfolio view
>> showed the correct amounts. ;<)
>>
>> Thanks, John.
>
> You're welcome.
>
> I give at least half the credit to Tod for remembering the "recalculation"
> method for recovery. I had read of it, but forgot when I posted here. If
> the problem should occur to many transactions in the account, the CTRL+Z
> (recalculation) approach could save quite a bit of manual effort. [I try
> to remember to tell folks to backup before doing things like recalculating
> a register ... just in case. I suspect you don't need such a caution.]
>
> --
>
> John Pollard
I also forgot the Ctrl+Z approach - if I ever knew it - and didn't reread
this later message until after I already did the Edit/OK steps.
Everything looks OK now, and Intuit will probably have this bug fixed before
I buy any more stocks. ;<)
Marv
> Oops! Got interrupted...
>
>> Based on your post, I opened the Register for the broker, clicked each
>> transaction, clicked Edit, then OK, with. Then the Portfolio view showed
>
> Should say, "then OK, without changing anything. Then the Portfolio
> view showed
>
> RC
--- news://freenews.netfront.net/ - complaints: ne...@netfront.net ---
hin...@bellsouth.net
>
>
>
>
>
> > granpoob wrote:
> > > I upgraded to 2010 from 2007 about 3 weeks ago. After doing a Year End
> > > Net Worth, I found the figure was off by a considerable amount. A
> > > Investment accounts is completely wrong. Haven't figured out why yet
> > > but I did determine that by deleting the transaction and re-entering
> > > account. I only did this for 2 transactiona and can't be certain the
> > > re-calculation is correct, however, it is clear thecostbasischanges
> > > once i do this delete and re-enter. The main problem here is that I
> > > can't see myself doing this for each of the literally hundreds of
> > > transactions I have in each investment account. Validation and Super-
> > > Validation do not solve the problem and no errors are reported. Anyone
> > > else seeing this? If so, any solutions?
>
> > I've forgotten the details, but this sounds like a bug that was discovered
> > having to do with reconciling investment accounts.
>
> > the transaction, clicking Edit, then clicking OK. If that doesn't work,
> > you can try Cut/Paste.
>
> > And if it is the reconciles that are causing the problem, stop reconciling
> > until there is a patch. I believe R4 is due out before the end of
> > February - though I don't know whether it will address this issue.
>
> > --
>
> > John Pollard
>
> My understanding has been that a transaction list recalculation (Ctrl-
>
> - Show quoted text -
Thank you. I spent days researching this problem. The first time I
deleted and reentered the transactions showing zero cost basis. This
worked and I was happy until this month when even more transactions
showed zero costs.(I did reconcile the investment account) I e-mailed
with Quicken support for over a week. They finally gave up. Now your
post CTRL Z solved the problem. I just updated to release 4. Have no
idea wether it solves the problem until I reconcile this month. You
would think that Quicken would update their support staff to be aware
of this problem and discuss it on their support site.