Transfer of Securities

Dave Jensen's Avatar

Dave Jensen

28 Apr, 2018 04:48 PM

I am in the process of changing brokers for two of my investment accounts. Some of the securities I hold will be sold by the old broker, but most will be transferred in-kind to the new broker. I am trying to determine which transaction I should use to record these security transfers in Moneydance. The "transfer" transaction appears to transfer cash, not securities. Is there a way to do this without recording a sale in the old account and a purchase in the new account?

  1. Support Staff 1 Posted by Henry on 07 May, 2018 04:25 PM

    Henry's Avatar

    Hi Dave,

    Thank you for contacting us.
    I believe a 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.

    Infinite Kind Support

  2. 2 Posted by UxR on 12 May, 2018 06:15 PM

    UxR's Avatar

    Hi Henry - whilst that works, it is not a convenient method for scenarios where one buys a security in regular interval for years (i.e., dollar cost averages) and then transfers it out.

    If a proper share transfer could be implemented, I vote for it :).

  3. Support Staff 3 Posted by Henry on 16 May, 2018 05:59 AM

    Henry's Avatar

    There's an existing ticket in our ticketing system with your suggestion, so I've attached it to this discussion and the developers will be looking into it.

    Infinite Kind Support

  4. 4 Posted by UxR on 16 May, 2018 10:04 PM

    UxR's Avatar

    Many thanks Henry. Fingers crossed.

  5. 5 Posted by Stuart Beesley on 01 Jul, 2018 06:00 AM

    Stuart Beesley's Avatar

    I agree it’s a pain and there should be an enhancement. However, FYI, all you do is the SellXfr and Buy using the correct average cost at that point in time and your cost and gains will be correct.

  6. 6 Posted by UxR on 02 Jul, 2018 10:06 AM

    UxR's Avatar

    Cheers. SellXfr and Buy back in the new account does work with the only downside being that it messes up the Annual ROI, which skyrockets. I can live with that for now.

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