How do you enter a Dividend Reinvestment for a security within the ANZ / E*trade account?

This problem only occurs for securities in my Investment at Quicken E*TRADE account.

I am attempting to add shares received by way of a dividend reinvestment plan to a security I hold in the Investment at Quicken E*TRADE account by using the Reinvestment - Income Reinvested option. After entering all the relevant details and pressing Enter I receive the following message:
You already have a security with that name, please enter a different name.
If you are trying to enter a transaction for this security, select your investment account from the Account List and choose Enter Transaction.

I have no trouble entering shares in other non-E*trade accounts that are issued via a dividend reinvestment plan using the Reinvestment - Income Reinvested option.

Any ideas?

Comments

David_7594132

Record the investment income in the usual way. Buy the new shares at the DRP price. Move the balance of the dividend received to a DRP account (You will need to set this up). Tag or comment to show the security name to make sure you can identify it from other reps.

Peter Barnett

Thanks David, but what is the usual way?

When entering a dividend payment I was entering the amount straight into a bank account using Income / Investment:Dividends:Franked. This shows up in the Tax report as Question 11 Dividends income - Franked.

When I enter dividend payments in an Investment account using the Record an Income Event, it doesn’t appear in the Tax report.

I want the Franked and Unfranked income to show in my tax report, but I also want the payments linked to the individual securities.

Why does Reckon have two ways of entering dividend payments, and which is the correct way to enter the payments?

Peter Barnett

Has anybody worked out the "usual way" yet?

Peter Barnett

I am still waiting for a response

David_7594132

Peter Either option should generate the same outcome ie recording a dividend and recording the imputation credit. The reinvest option allows you to record the DRP in the same entry. What it doesn't seem to show is the DRP balance anywhere. I've always used Record an Income Event because it was specified in a FAQ on DRPs along with explicitly creating a DRP Balance account that you moved DRP balances in and out of. That way you can see the current DRP balance for each stock by naming the description i.e. CBA DRP balance. David

Peter Barnett

All sorted thank you