BuyXfr transaction
David Greene
I thought this 'BuyXfr' was pretty cool as it allows one to transfer securities from one brokerage firm to another. It DOES keep you from having to setup a 'new' security on the new brokerage but DOES NOT automatically take it off the old broker. What am I missing?
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1 Posted by Stuart Beesley ... on May 04, 2023 @ 03:27 PM
BuyXfr and SellXfr performs a Buy or a Sell in the account you are in and also performs a transfer cash to/from the other account..
Hence it does not transfer shares. It only transfers cash.
You need to:
- SellXfr the security in the source (destination for cash to target), and then; - Buy the security in the target.
You should SellXfr and Buy using the cost basis for the shares (not market value) to transfer securities.
2 Posted by David L Greene on May 04, 2023 @ 03:40 PM
Or, maybe do the following:
1. Use BuyXfr to avoid setting up security manually in the new account. Note: This gets it in the new account.
2. Go back to portfolio view in old account and then drill to the underlying transactions and blowup the buy transactions.
Messy but this would probably work, right? I have 72 of these to do!! Note: this is moving from the hated institution Charles Schwab.
Alternatively could I do the following?:
1. Suck in the transactions in from Fidelity when they post (negative to this is I still have to manually setup basis). So guess nothing gained there.
2. Then, as in 2 above, manually blowup the transactions in old broker account, which I am still going to carry some positions in as I don't trust any institution after the last 2 years... lol
I guess the good side of this is once I am done, I am done. Definitely not something I want to do over a couple of beers!! Wish MD would automate this.
3 Posted by dwg on May 04, 2023 @ 09:16 PM
If you are moving from one broker to another you could also use the Move Investment Transaction extension (which is installed with the Toolbox extension) to move all the transactions to a different account.
It depends on your objective.
4 Posted by David L Greene on May 05, 2023 @ 02:12 PM
Well put. This means I may have stumbled onto something that cuts this down. If I use BuyXfr with ZERO outlay on the new broker, it all transfers without messing up cash balances. Does that mean, the system is ’smart enough’ to capture gain/loss on future reports using the cost basis from first brokerage and market value from new brokerage account?
5 Posted by Stuart Beesley ... on May 05, 2023 @ 02:31 PM
No! Your CGains will be screwed!!
6 Posted by David L Greene on May 05, 2023 @ 02:36 PM
OK, well, I guess I will depend on the new broker for that. My only alternative is as follows:
1. Once BuyXfr are all entered, then:
a. Edit ‘buy’ date to something past a year old.
b. Enter the original cost basis as a ‘buy’.
c. Make a journal entry using an account I don’t display to get cash balance correct (I use an account called ‘Retained Earnings/Value Adjustment’ for this)
d. Go back to original broker, and then review the portfolio page, then drill down and delete the purchase transactions.
e. Fix original brokerage account with another journal entry to an account I don’t display (‘active’ to ‘inactive’).
Having fun in Kansas….. lol
7 Posted by David L Greene on May 05, 2023 @ 02:51 PM
Another issue is even though you enter the BuyXfr total amount as zero, then the shares, they system then assigns random number of shares and one cannot overwrite it, so I guess I will have to go back and put real numbers in, then delete original broker purchase entries, then force balance it with bogus journal entries.
This cannot be an uncommon issue, maybe someone needs to look at this in the future. Maybe they need to charge more for system updates to fund improvements.
8 Posted by -Kevin N. on May 05, 2023 @ 06:05 PM
Hi David,
If you are moving ALL of your holdings from Schwab to Fidelity, you 'could' simply change the particulars of the account in Moneydance to reflect the new name (Fidelity) and new account number. Thus, keeping all of your past history intact.
You could make an annotation of when the account was changed in the 'Comments' section of the account's properties form.
-Kevin N. (not a member of Moneydance Support)
9 Posted by David L Greene on May 05, 2023 @ 07:50 PM
One of the two accounts was straight transfer so I was able to use Toolbox/clean orphaned securities/move investment transactions. Worked like a charm.
the one I had issues with and had to do manually was an account that did not involve all holdings and was a 'Schwab mess' due to 2 and a half years of inconsistent Schwab-Plaid interface.
all good now.... I hope.
10 Posted by Stuart Beesley ... on May 05, 2023 @ 08:03 PM
Toolbox 🧰 +1 😃
(You’re welcome 😉)
PS. You are able to move selected txns too…
System closed this discussion on Aug 04, 2023 @ 08:10 PM.