What do you do if cost basis in PortfolioCenter reconciled with your broker yesterday but fails to reconcile today?

  • Is your broker Schwab?
  • Is the only new trade a charitable gift  (i.e. a transfer of a security)?
  • Do you use Lowest Cost for charitable gifting, but Lowest Cost is NOT default matching method?

If the answers to these 3 questions is yes, just wait.  The problem will resolve itself.

When it comes to charitable gifting, Schwab uses your default matching method at first — regardless of the instructions you gave them.  However a gifting request creates a job on their end. They will later change the transfer matching method to the trade lot(s) or method you instructed them to use.  This process usually takes several days to complete.

Post the transfer in PortfolioCenter with the correct matching method and wait. Cost basis will not reconcile until Schwab updates their system, but they will update it.


Entering Historical Cost Basis
Using the Income Reclassification Wizard
Using the Cost Basis Reset Wizard
Resetting the Historical Accounting Method for Mutual Funds

Wouldn’t you rather outsource this to an expert?