Transfer security between "investments"
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.
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1 Posted by Stuart Beesley ... on 30 Dec, 2024 07:08 PM
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 Posted by James Sumners on 30 Dec, 2024 09:48 PM
: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 Posted by Stuart Beesley ... on 30 Dec, 2024 10:31 PM
It’s been a greatly requested missing feature over the years.
4 Posted by James Sumners on 30 Dec, 2024 10:50 PM
Thank you. That got this issue solved.
5 Posted by dwg on 30 Dec, 2024 11:00 PM
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.
James Sumners closed this discussion on 31 Dec, 2024 12:03 PM.
James Sumners re-opened this discussion on 03 Jan, 2025 06:18 PM
6 Posted by James Sumners on 03 Jan, 2025 06:18 PM
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.
7 Posted by Stuart Beesley ... on 03 Jan, 2025 06:35 PM
interesting!
8 Posted by dwg on 20 Feb, 2025 11:57 PM
But that program still only has the very basic transactions.
They can do transfer in and out due to not being accounting based, which is why Quicken and some other programs can also do that.
Given I could never do broker downloads here, and it would not matter if I could because they do not do the dividends and the like, my set-up from decades ago was that each share investment was in a separate account, so moving brokers has never been an issue.
This is part of the reason why I suggested in the other post some type of separation between all the share related transactions and the Investment account, so that share accounts could be moved between investment accounts as needed.
The Investment account then becomes a sort of grouping, and I suspect necessary for automated downloads.
I think in an accounting based program that would be the sort of approach that would need to be taken, to keep within the rules.
9 Posted by bheck11 on 22 Feb, 2025 04:35 PM
Until such time as an investment rewrite is done, would it be feasible to automate the process?
Suppose for a given security we had a right-click option called "transfer security". Click on that and there's a dialog with
(1) a date field (the date of the transfer), ( 2) a field to enter the cost basis (ideally pre-filled with what MD thinks that the cost basis really is),
(3) the number of shares to transfer (ideally with an "all"option that MD knows from the Portfolio view),and (4) and a drop-down to enter the target account.
Click on OK and MD generates the transactions that Stuart outlines above.
If not doable in MD proper, could this be an extension?
This is the kind of thing that I naively think sounds straightforward -- which could well mean that it's way more complicated than I suppose....