Want to leave Quicken but can't transfer shares between accounts

Howie's Avatar


18 Jan, 2018 02:53 AM

I just downloaded the demo. I tried to transfer shares between accounts as described in various posts in this discussion area for a long time period of people requesting this feature. I used the sellXfer and then did a buy in the destination account. As others pointed out, this is extremely clumsy. Even if I could stomach the approach, however, it leads to erroneous capital gains reports. The source account has a fictitious transaction. While the gain/loss is zero, the cost basis is not. This results in an inflated cost basis total which will not match that of the 1099 issued by the brokers. For this reason, using this product simply won't work for me. I really would like to leave Quicken and one reason I looked to MoneyDance was a reputation for being more responsive. You should consider implementing a transfer feature for brokerage transactions. People have been asking for a long time and at least in this case you missed out on stealing a customer from Quicken. I did look at the report to see if I could filter out the extraneous transaction, but did not see an option to do that. Additionaly, the capital gains report does not total cost basis as Quicken does. This is important. I had to use 'investment performance' report to try to approximate a complete capital gains report. Anyway, it's a great looking and snappy product. I wish I could use it, but it doesn't seem to be able to replace quicken functionality in the area that I need. Any suggestion or things I'm missing here? I really don't want to pull the trigger on Quicken 2018.

  1. System closed this discussion on 19 Apr, 2018 03:00 AM.

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