Transfer security between "investments"

James Sumners's Avatar

James Sumners

30 Dec, 2024 06:55 PM

I had two investment accounts: WeBull and Fidelity. I transferred everything from my WeBull account to my Fidelity account. I believe I have figured out how to record the cash transfer, but I am completely at a loss as to how to transfer the securities. How do I accomplish this task? Please give me step-by-step instructions. I barely do any direct investing myself, and the primary reason is I cannot figure out how to record these things in Moneydance.

  1. 1 Posted by Stuart Beesley ... on 30 Dec, 2024 07:08 PM

    Stuart Beesley (Mr Toolbox)'s Avatar

    You have to:

    In source account:
    SELL the shares using the cost basis as the total (no fees)
    XFR the resulting cash (which equals the cost basis) to the target account
    (Note: You can do this in one step using SellXfr)

    In target account:
    Add the security to the account.. Security Details Tab, top right, actions, add security.
    BUY the shares, again using the cash basis amount as the total (no fees)

    Hey presto!

  2. 2 Posted by James Sumners on 30 Dec, 2024 09:48 PM

    James Sumners's Avatar

    :confused: That's really clunky. At least I don't have many to do. I'm going to get these few I have sorted and try to find something else for stocks. Moneydance really falls down here.

  3. 3 Posted by Stuart Beesley ... on 30 Dec, 2024 10:31 PM

    Stuart Beesley (Mr Toolbox)'s Avatar

    It’s been a greatly requested missing feature over the years.

  4. 4 Posted by James Sumners on 30 Dec, 2024 10:50 PM

    James Sumners's Avatar

    Thank you. That got this issue solved.

  5. 5 Posted by dwg on 30 Dec, 2024 11:00 PM

    dwg's Avatar

    I suspect it would take major changes to the software to implement.

    Moneydance being based on accounting principles has to account for the value of the shares and not just move the actual number of shares owned around as desired.

    To do this I am thinking the actual share accounts would have to have all of the transaction data in them rather than in the investment account as it currently stands, and then somehow the share accounts be attached to the appropriate Investment account, the current method for that may work but I cannot say.

    In others words the transaction data would have to be stored in a different account to where it is now. This would be a fundamental design change.

    Perhaps a redesign of how investment accounts work is desirable, but I would not expect it to be quick and certainly not easy. In a way the brokerage account concept that Moneydance uses is an aberration from accounting. In a set of books a brokerage account is an irrelevance, you record the actual investments themselves, accounting does not care what brokerage house they are kept at.

    There are a number of long term issues in Investment account in Moneydance and it is an area that does need work.

  6. James Sumners closed this discussion on 31 Dec, 2024 12:03 PM.

  7. James Sumners re-opened this discussion on 03 Jan, 2025 06:18 PM

  8. 6 Posted by James Sumners on 03 Jan, 2025 06:18 PM

    James Sumners's Avatar

    For what it's worth, I found https://wealthfolio.app and have migrated my investment stuff over to it. I don't need something complicated or deep. I just need to be able to see the history of the things I'm playing with.

  9. 7 Posted by Stuart Beesley ... on 03 Jan, 2025 06:35 PM

    Stuart Beesley (Mr Toolbox)'s Avatar

    interesting!

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