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Q Mac 17 American Funds

Unknown
Unknown Member
edited June 2018 in Investing (Mac)
I am trying to track my IRA from American Funds in Q for Mac 2017.  All of my funds are held under a single Customer Number and password.  My statement lists a few different account numbers and a modifier is placed (2 digits) placed in front of every investment.  So technically, the individual account numbers are 2 digits, a comma, then the account number.  

I had set up individual IRA accounts in Quicken in the past that automatically download.  As I diversify, I get a new sub account for each mutual fund.  Is it more appropriate to convert the individual IRA investment accounts into a single brokerage account? Alternatively, I could keep adding new individual account. If a brokerage account in more appropriate, how do you convert the individual accounts in a brokerage account in Quicken for Mac.  I don't see this option.  Thanks for the advice.

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    edited December 2017
    QM18 added support for Single Mutual Funds:

    • NEW Improved support for Single Mutual Fund (SMF) and 401k/403b accounts.
    I don't have any of these funds so I don't know exactly how it works. My understanding is that it will group the single funds normally reported separately by the brokerage into a single account in Quicken. 

    There are several references in the release notes to fixes for this new feature: https://www.quicken.com/support/2018-release-quicken-mac-release-notes

    ...but, no explanation of how it works in the help.

    Bottom line: I don't think you can group the funds into a single account in QM17, but you may be able to in QM18. But it would be hard for me to recommend you upgrade for that feature unless someone who knows how it works chimes in here with more info.

    You could try calling Quicken Support, but you might have to be lucky to get an agent who's familiar with it. Sorry I couldn't be more helpful.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited December 2017
    Thanks for the information.  I tried a different work around in QM17.  I set up a "brokerage account" linked to American Funds.  Quicken was able to link into my account at American.  I could then name all 9 of the funds as IRAs or 529s.  Each "account" is a single mutual fund.  Completion of this created 9 new accounts in Quicken and grouped by IRA or Education.  However, when I try to download the transactions into these accounts, I get a lovely error message saying that it cannot connect to my accounts at AF and asks that I download manually.  Any thoughts on what I should do now?  Upgrade to Q18?  Delete these newly created accounts and set up individual IRA and 529 accounts in Quicken 17?
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited December 2017

    Thanks for the information.  I tried a different work around in QM17.  I set up a "brokerage account" linked to American Funds.  Quicken was able to link into my account at American.  I could then name all 9 of the funds as IRAs or 529s.  Each "account" is a single mutual fund.  Completion of this created 9 new accounts in Quicken and grouped by IRA or Education.  However, when I try to download the transactions into these accounts, I get a lovely error message saying that it cannot connect to my accounts at AF and asks that I download manually.  Any thoughts on what I should do now?  Upgrade to Q18?  Delete these newly created accounts and set up individual IRA and 529 accounts in Quicken 17?

    If I were you, if this is the only reason you would upgrade, I would wait to find out more about the SMF feature to see if it will really solve this for you. If you might upgrade anyway for other reasons, then sure, give it a try.

    Otherwise, it seems your only option is to treat as separate accounts. Or perhaps American Funds can combine your holdings into a single account on their end. Or you transfer the holdings to a brokerage (e.g.. Fidelity) that would treat them as a single account.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited December 2017
    I upgraded to Quicken Mac 2018.  The grouped "mutual fund" through American Funds would not download in this version either.  I deleted these account and updated the individual IRA accounts in QM18.  I changed the names to reflect the single mutual fund within each.  It is a nice presentation.  I added deposits or withdrawals within each account to set the cash to 0.  Some were adds, others were subtracts, as none of these accounts carry money forward.  Changed all of the QM17 to generic transfers.  All looks good now.  I tried using the reconcile function, but this was always wanting to add thousands of dollars to each account.  Any idea why the "reconcile" feature does not work?  The holdings are correct within each account.
    Thanks for all of the help.
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited December 2017

    I upgraded to Quicken Mac 2018.  The grouped "mutual fund" through American Funds would not download in this version either.  I deleted these account and updated the individual IRA accounts in QM18.  I changed the names to reflect the single mutual fund within each.  It is a nice presentation.  I added deposits or withdrawals within each account to set the cash to 0.  Some were adds, others were subtracts, as none of these accounts carry money forward.  Changed all of the QM17 to generic transfers.  All looks good now.  I tried using the reconcile function, but this was always wanting to add thousands of dollars to each account.  Any idea why the "reconcile" feature does not work?  The holdings are correct within each account.
    Thanks for all of the help.

    I'm guessing the reconcile is a one time thing that you will just have to adjust.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
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