How do I Remove Shares From an Account?
There are times when you want to add or remove shares of a security from an account without affecting your cash balance. For example, you may inherit shares or receive them as a gift. These transactions are different from Sells, and you use the Shares Removed dialog.
- Open the account you want to use.
- Click Enter Transactions.
- In the Enter Transaction list, choose Remove - Shares Removed.
- Use the dialog to record the removal of shares of a security.
- Security - In Quicken, a security is a single investment with a value and (usually) a share price. A stock, a group of bonds from one corporation, or a mutual fund is a security when it has a share price and you own a specified number of shares.
- Transaction date
Enter the date on which the shares were removed.
- Security name and Account
One of these fields will be pre-filled, depending on the location from which you accessed the Shares Removed dialog.
- Number of shares
Enter the number of shares you're removing. Quicken reduces the number of shares in your account and records a sale with a capital gain of zero. You are simply withdrawing the shares from the current investment account; this does not affect the cash balance of any account. Quicken enters this transaction in the list as a ShrsOut (shares out) transaction.
- Specify Lots
If you want to track the share removal with lot details, click Specify Lots. Otherwise Quicken chooses to remove the oldest shares (called First In, First Out, or FIFO).
For mutual funds which use the average cost method of tracking cost basis, the Specify Lots button will be unavailable (gray) because it does not apply.
- Average Cost - This is the total cost of all shares of a security divided by the number of shares. For example, if you own 50 shares of stock with a cost basis of $1000, the average cost per share is $1000 divided by 50 shares, or $20 per share. When you track a security using the average cost method, Quicken displays the average cost in the Portfolio's Cost Basis Per Share column and displays the label "avg. cost" in the Shares column.
If the Specify Lots button is otherwise unavailable, make sure that you've selected a security for which you hold an open position in this account.
Recording a transaction in Quicken does not execute a real-world trade, transfer, or other transaction. Contact your broker to execute trades or transfers, and then manually record the transactions in Quicken-better yet, download them directly from your participating financial institution.