Mutual Fund Conversion

Ford Lacy

I have had a problem with mutual fund conversion. I owned some vanguard shares which I converted from investor shares to admiral shares. the conversion was done improperly in that it created an enormous cost basis for the shares. I have a backup that precedes the transaction, and I have read the suggestion that the mutual fund conversion software is flawed and that I should use the corporate acquisition feature instead of the mutual fund conversion. I hold the same shares in three different accounts. two are ira accounts and one is not. I believe that I read that the corporate acquisition feature operates across all accounts. someone else suggested that I just go in manually and correct the data. does anyone have any further suggestions on this point? is there any suggestion from quicken that they might fix this problem with an update. thanks. 

Sherlock

If you decide to use the Corporate Acquisition wizard, you’ll need to delete the Removed and Added action transactions from the other accounts.

Jim_Harman

You haven't said what version of QWin you are using. 

The problem with mutual fund conversions is now fixed in QWin 2019. If you have existing conversions with bad data, you can delete the associated Removed and Added transactions and re-enter the conversion. Be sure to back up your data file first in case something goes wrong.

After doing this, check the price history for the old share class and correct the price on the conversion date if it is still way off. 

Ford Lacy

I am using quicken premier year 2019, version R18.15, build 27.1.18.15. I am using it on a computer workstation using windows 10 pro for workstations, version 1809, build 17763.316. according to quicken help I have the latest version of quicken software.

Jim_Harman

Ok, then you can try the method I described above. 

For more info search this forum for "mutual fund conversion"

Ford Lacy

after thinking about this for some time and developing a plan, I went in and corrected all the incorrect conversion entries manually. unfortunately, there were 30 of them so it took a while. fortunately, I think that I have now gotten it fixed. it was a hassle, however, to do it. 

sonomaron

Same thing here.  Also using up-to-date QW2019.  After doing the conversion the cost basis for EACH of the new lots entered (over 40 of them) is the total cost for the entire security ($68,505), instead of the cost basis for that individual lot.  So it's giving me a total cost basis for this MF of several million dollars.   Both MFs (old and new) are set to use Average Cost.  Will need to go in and manually adjust each lot.

Ford Lacy

my  cost basis was set up the same way so I had a cost basis that was approximately thirty times larger than my actual cost basis. not surprisingly, the result showed a massive loss on the security which naturally had an adverse effect in calculating the gain or loss on the entire portfolio.