Categorizing reinvestment of dividend transaction

simplira · February 18

Hi,

my brokerage (Merrill Edge) dividend and reinvest transaction shows up as two different transactions. One for dividend income and second for Reinvestment of that dividend income. Dividend income is ok, I categorize that as Dividend Income and it does not show up in my monthly spending reports. However, I cannot figure out how to categorize the reinvest transaction so that it does not show up in monthly spending reports. To be clear since this is a brokerage account transaction both Exclude from reports and Exclude from spending plan is selected in the transaction, even then it shows up in monthly spending report.

Thanks.

UrsulaA · February 18

I have dividend reinvestments categorized as type = reinvest dividend. These transactions do not display in the spending or income reports.

simplira · February 18

https://community.simplifimoney.com/discussion/comment/29300#Comment_29300

Thanks UrsulaA for your response. For Schwab when the transaction is downloaded, does it come as reinvest dividend with the amount and number of shares? Because for Merrill Edge, it comes as payment without the number of shares, just the amount. When I change that to reinvest dividend, it resets the transaction to 0 amount and I have to a) remember the amount and put it there and then b) go to bank web site to get the number of shares. So becomes quite a complex process. Do you have to do the same or for Schwab is it easier?

Thanks.

UrsulaA · February 18

Because my reinvestment is in a money market fund, the shares are the same as the amount as the price per share is $1.

Looks like what you plan to do will work, I defer to a Coach to see if the number of shares will come down at some point with a reinvest transaction. The investment transaction feature is quite new. @Coach Kristina - thoughts?

SRC54 · February 19

Same thing happens in Fidelity IRA. I just fix the one that is Reinvestment (setting amount to 0) and delete the Dividend ones. I have to delete them several days in a row until they stop coming back in. Alternatively, you can change the Reinvestment to a Buy transaction and keep 2 transactions.

My Schwab Roth IRA does a dividend followed 24 hours later with a Buy. So I leave it that way.

Coach Natalie · February 19

@simplira, since it sounds like the transactions are downloading as 'Payment/Deposit', they wouldn't have a Shares field, which is most likely why you don't have this data when changing the Type to an investing action.

I'd suggest leaving your feedback here for our product team to review, and you can also view comments from other users to see if any are helpful for your situation:

https://community.simplifimoney.com/discussion/3788/introducing-investment-transactions-share-your-feedback-here

Thanks!

-Coach Natalie

Categorizing reinvestment of dividend transaction

Comments

Categories