TRANSFER IN KIND LOCKS SOME FIELDS

harold's Avatar

harold

08 Mar, 2021 05:14 PM

TRANSFER IN KIND LOCKS SOME FIELDS

What are the rules that determine which fields are locked in transfers? I did a transfer-in-kind from one investment account to another, no taxable sell or buy transactions occurred. As I understand it MD does not allow transfers in kind, a workaround is to sell and repurchase at the same price. The source account (margin account) shows XFR in the Action field and is locked. I may have initiated the transfer from the destination account because I need the transaction data in that account and that was the only way this would happen. The Security field is locked and does not show the involved security as expected. The negative cash balance increases with each transfer due to the XFR action, but I cannot change the action to SellXfer because it is locked.

The destination account seems ok, it shows all data, action is BuyXfer and the cash balance is not changed after the transfer.

I have notices that duplicating transactions also results in some locked fields, what governs these locks?

Cleaning up a Quicken file involves a lot of corrections so if there was a way of unlocking all fields during that process that does not violate double-entry accounting rules would be helpful.
Thanks

  1. 1 Posted by Stuart Beesley ... on 08 Mar, 2021 05:28 PM

    Stuart Beesley - JUST A FELLOW USER's Avatar

    I don't understand what you mean by field locks... You cannot transfer shares between accounts, hence there is no security field to enter on an Xfr - as you are transferring cash.

    The only fields available are Xfr, Desc, Transfer Account, Amount etc
    If you do a Buy/SellXfr then security does open up in the source account naturally.

    Perhaps screenshot what you are seeing?

    (not support, just a fellow user)

  2. 2 Posted by harold on 08 Mar, 2021 06:26 PM

    harold's Avatar

    Hi Stuart,
    Why can I not change the Action XFR to Sell in the source account? With locked I mean the Action field is greyed out and cannot be changed. Maybe the QIF import from Quicken locked the field?
    It seems that I have to create a new Sell transaction for each transfer-in-kind and then XFR the total amount of all transfers to the destination account, is that correct?

  3. 3 Posted by Stuart Beesley ... on 08 Mar, 2021 06:59 PM

    Stuart Beesley - JUST A FELLOW USER's Avatar

    Are you in the Bank Register, or the Register (look at the top of the register)?

    For each transfer you have to
    - Sell (in source) - Xfr (from source to target) - Buy (in target)

    ...... or.... SellXfr (In source)
    Buy (in Target)

    ..... or..... sell (in. source)
    buyXfr (in target)

    Please send a screenshot of a 'locked' record.. Also do right click, show Transaction details and send that too..

    (not support, just a fellow user)

  4. 4 Posted by harold on 08 Mar, 2021 08:45 PM

    harold's Avatar

    I am in the Register. The Bank Register has the same information but has ShrsIn in the Check# field.

    I have attached 3 screenshots; the account starting with 8 (TDW Margin) is the source account, and it has the Split icon in the Description field?!
    How can I DM you the details?

  5. 5 Posted by Stuart Beesley ... on 08 Mar, 2021 08:51 PM

    Stuart Beesley - JUST A FELLOW USER's Avatar

    You can email me if you like...

    You have cut the shots so I can’t see the whole row.

    Can you explain what each of these three shots are?

    Also, can you do the right click. Show transaction details and send this as I mentioned?

    Out of interest. What happens if you just create a new txn to match the one you are trying to change? Does this exhibit the same issues?

    (Not support, just a fellow user)

  6. 6 Posted by Stuart Beesley ... on 08 Mar, 2021 10:17 PM

    Stuart Beesley - JUST A FELLOW USER's Avatar

    OK, I now understand... Investment txns are special and complex (as many other splits / securities hang off the parent record). When you do an Xfr between investment accounts, then the 'other side' (whether its to or from ) is locked as an Xfr.

    It makes no sense that you would want to 'unlock' the other side and change it to something else. For example if you wanted the other side to become a Sell instead of an Xfr, then you would need to delete the source txn first and create a new txn..

    The security field is locked as you are transferring cash not a security.

    Sorry if this is not what you want to hear.

    (not support, just a fellow user)

  7. 7 Posted by Stuart Beesley ... on 09 Mar, 2021 02:09 PM

    Stuart Beesley - JUST A FELLOW USER's Avatar

    A follow up.

    You cannot have a SellXfr and also a BuyXfr as I think that’s what you are trying to do..? This is wrong

    I remember now what happens with QIF imports and what happened to me many years ago. I seem to remember that a quicken QIF does this

    Source:
    - Sell - Txfr cash to a fake category (called the security name)

    Dest
    - Txfr cash from the fake category (called the security name) - Buy

    Or it might have been

    Source:
    - SellXfr to the fake category - BuyXfr from the fake category.

    You actually need:

    Source: SellXfr to investment account
    Dest: Buy:

    or

    Source: Sell
    Dest: BuyXfr

    I remember I had to change all my QIIF Xfrs until the fake category account caused by shares in/out from the qif import was empty.

    I also remember that the qif transfers were wrong as they used the wrong cost basis to sell and txfr. I had to change everyone to sell and buy using the correct cost basis and also clear out the fake category as mentioned above.

    (Not support, just a fellow user)

  8. 8 Posted by harold on 09 Mar, 2021 07:19 PM

    harold's Avatar

    Yes that makes sense now: in my case for stock transfers, the QIF Quicken import placed the security name in the transfer field of the source and destination account. The action was correct - BuyXfer, the Checking# was ShrsIn and the Description and Memo fields correctly showed the "other side" in both accounts. The source account showed the wrong share price (1 or close to it) resulting in the wrong amount.

    What I need to do is to replace the wrong security name in the Transfer field with the source account name in the destination account (and not in the source acc otherwise I would use the wrong 1$ share price). I also copied the security name into the memo field of the destination acc to identify the security whose amount was transferred from in the source acc. The Action is correct - BuyXfer in the destination acc, but I need to change the Action in the source acc from SellXfer to Sell and also correct the $1 share price in that acc.

    The alternative would have been to change the BuyXfer Action that is also listed in the source account (with correct share amount and price) into Sell and to replace the wrong security name with the transfer acc but that field is locked so it is not an option.

    Now the cash amounts and shares are correct, how is that for a mental gymnastic?

    This is a consistent pattern in my file for stock transfers, so maybe Sean can make use of this observation and make some adjustments to the QIF import from Quicken. Thank you!

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