Merrill Lynch creates three separate transactions for what could be a
single "Dividend Reinvestment" both on their printed/PDF statement and
in OFX imports (either file or direct connect.) This requires manual
intervention in order to actually create a reinvest transaction. (I
suppose I could live with separate dividend and buy transactions, but
it doesn't work that way.)
I finally did some digging into both the OFX specification and the
file. Bottom line is that on importing the OFX to the investment
account, <INCOME> (of type DIV) gets imported as a dividend.
<TRANSFER> which represents the actual buy, does not get imported.
<INVBANKTRAN> which seems to represent the debit to cash of the
dividend, gets imported as a withdrawal from the brokerage account to
the payee "Reinvestment," which is the <NAME> in the OFX.
Is there anything to reasonably be discussed here, or should I take
this to the libofx list to see how they interpret the various sections
of the OFX import?
Thanks for any suggestions (other than switching brokers, which I'm
seriously considering, except I'm sure any other one will have it's own
quirks.
Jack
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