Import Lot Data

by **NYG8OR** » Mon Mar 02, 2009 2:15 pm

Hi. I have recently purchased FM and have tried to import data from a QIF quicken file. I notice that when I do so, I lose the open lot data that I had in quicken as I have used specific lot identification on past sales.

Is there any way to import data in from quicken that retains this data?

Thanks in advance for any help.

by **Mark** » Mon Mar 02, 2009 2:37 pm

Hello NYG8OR,

Unfortunately, no. This information is not exported in the QIF file, so is not available for importing. You'll need to specify the lots in Fund Manager to have this information. You will want to do 2 things:

1) Edit the investment's property, so that it is using "Specific Lot". See 'Investment Properties... / Other / Accounting Method'.

2) Specify the lots for each investment. Right mouse click on an investment, and choose "Investment Data / Specify Lots...".

by **NYG8OR** » Mon Mar 02, 2009 3:12 pm

Hi Mark.

Do you know if there is any way to export from quicken and import using the generic import. I really do not want to have to redo all this data if there is any possible way to get it out of quicken and into fund manager.

Thanks.

by **Mark** » Mon Mar 02, 2009 3:24 pm

Hi NYG8OR,

Unfortunately, I don't know of any way to export this data from Quicken, and Fund Manager does not support importing the specified lot information.

by **jnewton** » Thu Oct 29, 2009 12:26 pm

Mark:
As stated earlier I'm switching over from MS Money.
Can you give some further clarification on Specified Lots. I assume the new version also does not support importing Specified Lots. Any difference with the Professional vs the Advisor versions? We have used Specific Lot method for a number of years. If I import 10 years of transactions, how will my lots match up. I assume the default is FIFO. Would you then have to go into each transaction and mach 10 years of data? Trying to understand how cost basis etc. is going to be impacted.
Thanks

by **Mark** » Thu Oct 29, 2009 12:40 pm

Hi jnewton,

Correct, specified lot information is not importable.

Each investment has a property that specifies what type of accounting to use for that investment. FM supports FIFO, AVG, and Specific Lot. When you create a Capital Gains report, you choose whether to abide by the investment property setting, or you can choose to calculate everything by one of these 3 methods. You can view/set this property at:

Investment Properties... / Other / Accounting Method

You can set the default value for this property for new investments at:

Options / General Preferences... / Other

If you use Specified Lots, there are no assignments made by default. You must go into each investment and specify the lot assignments. Right mouse click on an investment, and choose "Investment Data / Specify Lots...". There are some buttons in this dialog that allow you to quickly specify the whole investment based on FIFO, LIFO, Max or Min Gain.

by **jnewton** » Thu Oct 29, 2009 1:53 pm

So if I had 10 purchases over the last 10 years and had closed 8 with 2 remaining open; to get the full history I'd import all transactions and then have to go into each investment individually and manually close the proper transactions.
Shortcut would be only to import the open lots. This would not give me portfolio history.
Am I correct here?
Thanks

by **Mark** » Thu Oct 29, 2009 2:05 pm

Hi jnewton,

Yes, you are correct...

by **jnewton** » Thu Oct 29, 2009 2:35 pm

Thanks Mark.
To make the process more manageable, could you begin by importing open lots and then start working backwards ie inputing 08 sales and related purchases, 07 sales and related purchases etc and cloeing the lots as you put them in. If this is done, how you you prevent the cash balance from changing?

by **Mark** » Thu Oct 29, 2009 2:54 pm

Hi jnewton,

Yes, you could do this. To prevent your cash account from changing, you could either temporarily un-assign it as being the default cash account, or if you are importing turn off the option to "Automatically Record Corresponding Entry in Default Cash Account". To change the sub-portfolio default cash account right mouse click on it, and choose 'Properties...'. Set the default cash account to "(none)".

by **jnewton** » Thu Oct 29, 2009 7:42 pm

Thought of the import option tonight. CAn run a capital gains report in MS Money, export to excel and set up buy/sell sides and then import into FM with the cash feature turned off.
Thanks, I think that will maket it fairly easy.

by **comnwworks** » Wed Jan 25, 2012 12:45 pm

If you use the specify lot method, is there any way to set it so that it "knows" to make the right assumption when the choice is obvious (e.g. You sell 50 shares and you only own 50). In this example, do you have to go in + specify the lot (even though there is only 1 choice)?

by **Mark** » Wed Jan 25, 2012 1:20 pm

Hi comnwworks,

There is no such option when using the Specified Lot accounting method. If you choose to use this method you have to specify all your lots, even when the choice is obvious...

by **comnwworks** » Sat Jan 28, 2012 5:10 am

Thanks for that. New question: I have specified lots, but the capital gains report continues to show the entire sale proceeds on selected transactions as being capital gains (i.e. it assigns a zero cost basis to the stock purchased). The transactions have all been reconciled so I am hesitant to delete and re-enter them. Do you have any suggestions? Thanks.

by **Mark** » Sat Jan 28, 2012 9:32 am

Hi comnwworks,

In the Capital Gains report, is the "Cost Basis" showing as zero? If so, it sounds like your purchase transactions were recorded at a price of zero. Go into the Data Register and view your transactions, under the data type of "Transactions (all)". You can view/edit any of your transactions here. If you buy something at a price of zero, then when you sell it, the full proceeds will be your gain since you didn't pay anything for the shares.

When you reconcile, you are only reconciling the share balance, not the purchase/sell prices. You may very well own the right number of shares but the purchase/sell prices could still be incorrect even if you are reconciled.

One common way to get a purchase price of zero is if you use the New Portfolio Wizard to set up a new account, and your broker doesn't provide historical transactions back to inception. In this case Fund Manager is forced to make an adjustment entry to get your current balance correct. It records this adjustment entry at a price of 0 since it doesn't know the price, it only knows how many shares you need to be added to your investment. You would want to go back and edit any of these adjustment entries to have the correct date and price.

Import Lot Data

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