After my Parents died, their personal Investment/Brokerage account was transfered to an Estate Account. I created a new Investment Account with a Brokerage Account in KMyMoney for the Estate Account (same Institution). There is no “Transfer Shares”, so I was going to “Remove Shares” from the KMyMoney personal Investment account and “Add Shares” to the new Estate Investment Account. In the Personal Investment Account, The security shows 2000 shares. I create a new transaction to “Remove Shares”, set the date, but I cannot enter a number of shares to be removed! The field, even when cleared out will not accept numeric input. Is this a bug in the software?
How are you supposed to move shares of stock from one Investment account to another in KMyMoney?
There really needs to be a “Transfer Shares” to another investment account, just like there is a transfer function on the cash Brokerage Account that I have used when doing an ACH transfer to a checking account defined in KMyMoney.
The begin date on the Estate Account in KMyMoney is before the Transfer shares date on my statement. The Security exist in the Personal Investment Account that I am trying to transfer from.
I cannot move the shares from the Personal KMyMoney Investment Account to the Estate KMyMoney Investment Account. The number of shares have been “reconciled”.
The shares are not being sold. They are just being moved from one account to another.
I’m running on Windows 10.
Thanks,
Bill
First, it is a known deficiency that there is no “transfer shares” transaction type. I’m pretty sure there is already a wishlist bug filed for this. In fact, the whole way KMM deals with investments needs a good overhaul, but this is not likely to happen very soon. As you figured out, you need to “remove” them from one account and then “add” them to the other account. (I’ve done this myself more than once.) This allows you to track current status fine, but as it doesn’t have the proper basis for the shares in the new account, and growth or capital gains reports will not be accurate.
You should certainly be able to “remove shares” from the old account. You say the number of shares field will not accept numeric input - will it accept any other input? This might be a bug, but we need more information before we go down that road. You didn’t say which version of KMyMoney you use. It would also help to know what file you used to install the program, and where you got it. Does the consistency report (displayed when you save the data) show any issues?
Jack
Jack,
I’m running KMyMoney 5.1.3. I Don’t remember where I downloaded it from. I read about it and did a search for “kMyMoney”. I think I went to the KMyMoney.org site.
I figured that the Remove and then Add is the only way to transfer shares. Have to keep track of source and destination in the memo field.
The number of shares would not work because I found that my Num Lock key (which always stays on) had gotten itself turned off somehow, so No bug.
Thanks for the input. There is also an issue with cost basis on inherited stock. The inheritor’s cost basis becomes the value on Date of Death. So, there needs to be a manual way of setting the cost basis.
Bill
You set the cost basis by setting a price on the date you added the stock. If you added the stock some time after the date of death, then another approach could be to sell the stock in the old account, and then use those funds to purchase the stock in the new account. Both sell and buy could use the price on the date of death, even if those transactions (or the transfer of shares) was on a different date.