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mutual fund converted to new class fund - how do I handle this in Quicken?

Don Awalt

Hi, I hope you can help me. I am on the latest version of Quicken Premier 2018/Windows. I have a mutual fund that was to be converted to a new class of the same fund, with a lower expense cost to it. Think of it as "Money Market A" being converted by the mutual fund company to "Money Market A Class I". Number of shares, price ($1.00) are all the same.

Well, that conversion happened last night - what I saw in Quicken when I downloaded, is one transaction in "Money Market A" buying the same number of shares in Money Market A Class I, at the same price - and this showed up in the transaction list for Money Market A, but the "Security" field was Money Market A Class I (as I said this was a new account). Quicken asked me if this was a new account, I said yes - it has a different ticker symbol. When I accepted it, I now see the total value of Money Market A as before, with a big negative number in cash balance match the value of the money market. I do not see the new account in my account list, I tried looking for it and could not find it. In the Investment tab, both are there - with the same dollar amount.

I restored the backup in case I need to try something else, so the one transaction is waiting to be accepted. Ideally I would create a new account, and then I could copy all the old transactions into it so I don't lose my history. But when I try to add an account, Quicken doesn't see a new account when I download data.

How do I fix this so my transaction history is all moved to the new account, it shows in my account list, and then the old account is closed/removed?

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NotACPA

You keep referring to Money Market A as an "account". Isn't it actually a security held within an account (both in Q and at your MF firm)?

Do you hold Money Market A, the original security, in other accounts? OR, stated differently, do you still hold ANY of the original security?
If not, I think I just do a name change of the security ... since there's no tax consequences from the change (constant $1 NAV).

Don Awalt

You are correct, sorry, it is a security within an account. And I do have some of that money market security in my wife's IRA, which shows up separately in the account list- I forgot about that, good catch!

Now that you have a more accurate picture, what do you suggest I do?

Tom Young

You are correct, sorry, it is a security within an account. And I do have some of that money market security in my wife's IRA, which shows up separately in the account list- I forgot about that, good catch!

Now that you have a more accurate picture, what do you suggest I do?

Since the new money market fund has a different ticker than the old money market fund the best approach is to select the "Mutual Fund Conversion" action.

You'll enter the new funds name, Quicken will look up the new fund with its different ticker symbol, and you'll enter in the "new shares" box the same number of shares as you currently have of the old fund, at a price of $1 per share.

Quicken will do a "Remove" action on the old fund and an "Add" transaction for the new fund, leaving your Account balance unchanged.

Don Awalt

You are correct, sorry, it is a security within an account. And I do have some of that money market security in my wife's IRA, which shows up separately in the account list- I forgot about that, good catch!

Now that you have a more accurate picture, what do you suggest I do?

Thanks Tom, I did not know about the Mutual Fund Conversion! Just tried it, and it appears to have worked fine! I'll report back if I see any issues. Thanks again!