User-Defined 2.

[aviator]

Hi Mark,

I searched the help text within FM and I checked this board for an answer, but I'm stumped.

While sniffing around report options, I came across a field called User-defined 2. I also found where I could enter a value in this field (by going to Data Type: User-defined 2).

What is this field, and how was it intended to be used? I'd like to use this field to record my OOP investment, which I had before converting to a new broker. (After the conversion, my OOP has changed and I can't seem to get it to match my old numbers. This field would be ideal for this purpose, but only if it doesn't affect other calculations.)

Also, are there fields available within the report settings that show calculations on User-defined 2? I would like, for example, to see the difference between market value and User-defined 2. Is that possible?

Thanks.

[Mark]

Hi aviator,

This is a certain type of distribution. See "Options / Distribution Labels...". You can't use this for recording OOP cost. OOP cost is calculated automatically for you based on your transactions. If you have a buy, your OOP goes up by how much you spent. If you have a sell, your OOP goes down by how much you received. If you have a distributed (not reinvested) distribution, your OOP cost goes down. Also, if you transfer shares in, you can set the OOP cost for the transferred shares.

There are custom report fields to show the difference between market value and your OOP cost. These are the "Gain" fields, such as:

Gain (between)
Gain (current)
Gain (inception)

plus all the %Gain versions of these as well.

[aviator]

OK, got it, I can't use User-defined 2.

OOP cost is calculated automatically for you based on your transactions. If you have a buy, your OOP goes up by how much you spent. If you have a sell, your OOP goes down by how much you received. If you have a distributed (not reinvested) distribution, your OOP cost goes down. Also, if you transfer shares in, you can set the OOP cost for the transferred shares.

Here's my problem with OOP. When I converted from Broker A to Broker B, Broker B's transactions got downloaded into FM as "Buys". Further, the Buys were downloaded with share quantity, but not with cost basis. (Since this was an in-kind transfer, Broker B will update cost basis later this month.) At this point, I have shares (security name, symbol, CUSIP, etc), quantity and market price, but no cost basis information (yet).

When cost basis is eventually updated by Broker B, it still won't reflect my true OOP. This is because Broker B does not have the history of these securities and, further, they will only enter an average cost basis.

I've owned some securities for years, and their cost basis today does not reflect my true OOP. Is there any way for me to enter my OOP in FM, even if I have to do it manually?

[Mark]

Hi aviator,

Yes, if you record these transactions as "Transfer In" instead of "Buy", you can enter an OOP cost. If you use the "Transfer Between" wizard to move from the old to new broker, your OOP cost basis will automatically be transferred for you as well.

[aviator]

Thanks, Mark.

I spent most of today changing the "Buys" to "Transfer Ins". Was able to enter the OOP and got it to balance to my numbers. Most importantly, I believe that the data in FM today is more accurate than it's ever been. Definitely worth the time investment to "clean things up" a bit.

As usual, good advice from you... thanks a lot.