Mutual Fund Conversion yields incorrect Market Value

Dave Abbott

The mutual fund conversion process does not enter correct market values for the "removed" shares. I have to go back to the "shares  removed" line and manually enter the total market value of those shares at the time of the conversion, replacing the grossly incorrect value entered by Quicken.  It seems simple enough for the program to just look up the market value for the "removed" fund on the date of conversion and insert that value where needed.  If that value is not entered correctly the rate of return and portfolio value get completely messed up with numbers that are not related to the market value of the shares whatsoever.  BTW, I am using Quicken 2017, R10, on a 64 bit Windows 10 Pro system.

mshiggins

Which mutual fund are you converting and what is the conversion ratio?

Dave Abbott

Our Edward Jones account has recently done multiple fund conversions, at various ratios including 1 to 1.  All of the conversions have generated extremely inaccurate market values, with some off by factors of 100 or more.  In every case I've had to go back and manually enter the market value of the "removed" shares on the date of conversion. As I recall, the value entered by Quicken in the conversion below was over $100K, while the actual market value was as shown in the box below "removed."  So, there is the problem.  The work-around just means that I have to go to "Holdings" to get the market value on the day of the conversion before I enter the conversion information for the rest of the process, and then enter that value after the fund conversion has taken place and the new shares have been added.

mshiggins

Dave Abbott said:

Our Edward Jones account has recently done multiple fund conversions, at various ratios including 1 to 1.  All of the conversions have generated extremely inaccurate market values, with some off by factors of 100 or more.  In every case I've had to go back and manually enter the market value of the "removed" shares on the date of conversion. As I recall, the value entered by Quicken in the conversion below was over $100K, while the actual market value was as shown in the box below "removed."  So, there is the problem.  The work-around just means that I have to go to "Holdings" to get the market value on the day of the conversion before I enter the conversion information for the rest of the process, and then enter that value after the fund conversion has taken place and the new shares have been added.

Without an example we would just be guessing.

q_lurker

Is this the situation you are seeing?
https://getsatisfaction.com/quickencommunity/topics/mutual-fund-conversion-and-corp-acquistion-trans...
If so, use the Corporate Acquisition instead.