Changing brokers

Before making any of the entries mentioned below, you should be sure to have your statements for the accounts at hand.

  1. Create a Cash Account and give it the name of the financial institution. Select whether it is Bank or Broker.
    1. In Desktop Club Accounting 3, new accounts are created by going to Club > Financial Institution Accounts
    2. In myICLUB.com, new accounts are created by going to Accounting > Cash Accounts
  2. If your existing cash accounts simply say "Bank" or "Broker", edit their profiles to rename them for your actual financial institutions.
  3. If your new cash account is a Bank Account, skip to Step 5.
  4. If the new cash account is a broker account, your old broker will liquidate any fractional shares you hold with any of your securities. Enter these sales on the date the old broker sold the fractional shares. Date these transactions for the day before the actual transfer. Include "fractional share liquidation due to broker transfer" in the Remarks box.
  5. Enter any transfer fee the old broker charges for the change. Enter this transaction for the date before the actual transfer.
  6. After you have performed all of the above, enter a Cash Transfer Transaction FROM the old account TO the new account on the date the transfer was made.