Move Security

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Steiner

20 Mar, 2016 07:54 PM

Can a security be moved from one accout to another. If sop, how?

  1. 1 Posted by dwg on 21 Mar, 2016 08:52 PM

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    There is no function that will move a security between accounts. You basically have to do a sell transaction move the funds to the other account then do a buy transaction.

    It is not ideal and not what happens in the real world but it is currently the only approach that is available in Moneydance.

  2. 2 Posted by Jerry Steiner on 22 Mar, 2016 01:59 AM

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    Thanks. Afraid that was the case. I had 2 groups of securities under different brokers and now have them all under a new broker. Could rename one account but not get both groups of securities all under the one new account and keep all history. Maybe Moneydance will make a future change to enable this.

  3. 3 Posted by Ian O on 23 Mar, 2016 03:57 PM

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    Hi Jerry,

    Des is correct, the only way to do this is to enter a SellXfr in the source account and a Buy in the destination account. However it is important to enter these transactions at the original purchase price so as not to change your cost basis.

    Let me try and explain the reasoning behind not including this as a feature. The main reason is that we need to maintain the cost basis (the original cost of the shares) for any shares owned. The way that is done is to look for any purchases of shares in the account and get the price for that purchase, in the currency of the investment account used to purchase them. If we transferred the shares directly then the "purchase" of those shares in the new account wouldn't be known since it was a direct transfer with no price assigned to it.

    We did include this feature in a previous version of Moneydance, however we made the decision to deliberately disable the Batch Change functionality in the investment account. The reason being that if you batch change a transaction in Investment account A that was referencing a security in account A to investment account B. Rather than moving the security holding to account B what happened is that the transaction moved to account B and the security remained in account A. You would end up with a transaction in account B that was referencing a security that was in a different investment account. A giant mess that was hard to fix.

    Although I understand the workaround may not be ideal for you, this ensures that you avoid the giant mess mentioned previously. I hope this information is helpful, please let me know if you have further questions.

    Ian O
    Infinite Kind Support

  4. 4 Posted by dwg on 23 Mar, 2016 08:39 PM

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    Ian,

    I agree that using batch change is not appropriate for this type of action, I see that capability as more of a facility to fix mistakes, and for use more so in bank type accounts, the workaround however has severe limitations

    1. As lot information is important there would have to be sell and buy transactions for each individual lot, potentially a lot of work for long held investments where things like dividend reinvestment has been used.

    2. The workaround loses all performance data, this is not a great outcome.

    3. This is NOT how it is done in the real world.

    In my view it is high time that IK fixed the lack of appropriate investment transaction action types.

    Des

  5. 5 Posted by Jerry Steiner on 24 Mar, 2016 02:03 AM

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    Thank you. Couldn't agree more. Seems like a good money management program like Moneydance would see the need for this attribute and quickly do something about it.

  6. 6 Posted by Ian O on 24 Mar, 2016 10:08 AM

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    Hi Des and Jerry,

    Thanks for your feedback. I've filed a ticket in our ticketing system with your suggestion, and will pass your feedback to the developers, who will be looking into this. Unfortunately, I am unable to provide a time scale, but will notify you of any updates within this thread.

    Apologies for any inconvenience this has caused, please let me know if I can be of further assistance.

    Ian O
    Infinite Kind Support

  7. 7 Posted by Jerry Steiner on 24 Mar, 2016 01:14 PM

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    Thank you for your speedy responses and concern. Happy Easter to you and yours!
    Jerry

  8. 8 Posted by Ian O on 24 Mar, 2016 01:17 PM

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    Thanks Jerry, Happy Easter to you too!

    Ian O
    Infinite Kind Support

  9. 9 Posted by Chris W on 06 Apr, 2016 03:05 AM

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    Hi Ian,

    I would like to pile on to this request. I'm not sure if you know, but Vanguard here in the US is launching a major account change process whereby most Vanguard customers are going to be getting new accounts that consolidate previously separate mutual fund and brokerage accounts. I have over a thousand transactions that need to be joined together now and it's a real pain not having the ability to move transactions between accounts.

    -Chris

  10. 10 Posted by Ian O on 06 Apr, 2016 08:29 AM

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    Hi Chris,

    Thanks for your comments, I'll be sure to pass your feedback to the developers. As you have added to a discussion that has a suggestion ticket already attached, your post counts as a vote for the ticket. Unfortunately, I am still unable to provide a time scale, but will notify you of any updates within this thread.

    Ian O
    Infinite Kind Support

  11. 11 Posted by jonh on 09 Jun, 2016 09:29 PM

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    I too would like to chime in here. This week Vanguard forced that change on me and now I have nearly a dozen accounts totaling dozens of funds that have had the account number changed.

    I've read a lot of posts about this but still fail to understand how I am going to make the switch over of these accounts in MD. It seems to me that MD is saying they wish to preserve basis with original cost but too bad all historical data is lost.

    In the USA many folks use Vanguard for retirement accounts and thus basis is of minimal concern since taxes are levied on the total withdrawn amount, not as a capital gain.

    MD needs more flexibility in this regard. And for other users reading, don't hold your breath on a fix. Over the years I've been told several times that I would be 'added to a ticket' and that was the end of the discussion. Only once can I recall having something fixed and I was not notified that the ticket was acted on. The many requests over the years to have the tickets made available for user viewing has not, to my knowledge, ever been acted on. Tickets are just a black hole.

  12. System closed this discussion on 02 Oct, 2016 02:33 AM.

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