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Author Topic:   Short term vs Long term classification
hcarrillo
Member
posted 07-28-2003 11:34 AM     Click Here to See the Profile for hcarrillo   Click Here to Email hcarrillo     Edit/Delete Message
Does FN have the ability to create short term and long term designations from one account? I know it's historically been necessary to create multiple accounts/lots for securities purchased, say in 1999, and in 2002. If the security is completely sold in 2003, I assume there is no way for FN to determine the proper categories within one account? If not, why does FN even give you the option of editing the date when you purchase a security? Thanks.

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fni_support
Moderator
posted 07-29-2003 04:57 PM     Click Here to See the Profile for fni_support     Edit/Delete Message
Hello, thank you for posting your question.

Short-term and long-term capital gain accounts are automatically included in your multiple distributions based on the amount of time you’ve held the security. The amount of time you’ve held the security is determined by the date in the Date Acquired field on the Asset & Liability screen. The Date Acquired field is determined by the Date you enter in the Multiple Distribution screen when purchasing the security.

If I understand correctly, are you saying that you do not separate your securities into multiple accounts/lots? If so, when you buy more shares of the same security, FN does not keep track of the date you acquired this new batch of shares. It simply uses the Date Acquired for the initial group of shares in determining the capital gains account to use when selling the security. You can edit the Date Acquired in the Multiple Distribution when you purchase more of the same security but doing so will change the Date Acquired for that entire security account/lot.

Let me know if this answers your question.

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George
Financial Navigator Int’l

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hcarrillo
Member
posted 07-29-2003 07:11 PM     Click Here to See the Profile for hcarrillo   Click Here to Email hcarrillo     Edit/Delete Message
It does answer my question. I guess I was hoping that FN had re-programmed this feature. As I'm sure you know Quicken handles multiple lots within the same account. When an actively traded portfolio exists (especially one in accumulation mode) it is very impractical to handle multiple lots by creating a separate account for each purchase. Any chance of changing?

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