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Mutual Fund Conversion: Doesn't Enter into New Fund

Windows 10. Quicken 2019, Ver. R18.15. I have several Mutual Funds, some Investment (after tax), some IRA Tax Deferred. Company converted classes, say, Class A to Class Q. Fund keeps same name, but changed number - thus: Mountain Top Fund, Class A, Fund No. 5 to Mountain Top Fund, Class Q, Fund No. 605. I tried MFC, with a test file first. Did not create the new account before starting the MFC. In order to even get going, have to specify the new fund. So went back to beginning with the test file. First set up the new account. Then did MFC. Specified the new account. Quicken went through each entry in old account and "Added" same entry, to the OLD ACCOUNT, with the cost basis, all as of the date of the conversion. Now the old account has double the entries it had before, the original entries at various dates, and the new Added entries, all as of the date of the conversion. The New Account has no entries. $0.00 value. Now What? Still with the test file, I tried Transfer Shares between accounts. Transferred the ADDED shares from the Old Account to the New Account. This doesn't seem right. Why doesn't the MFC merely convert the shares, and ADD them to the New Account where they actually belong? And, when it is completely converted, by whichever is the right way to do it, does one keep the Old Account and the New Account active in the Quicken File? Between the Investment Fund Accounts and the IRA Fund Accounts for my spouse & me, there are over35 different accounts. If kept active, as well as the New Accounts after conversion, that is 70+ accounts, with many, many, entries, as some of the original accounts go back to the late 1990s. Quicken slows down now, particularly loading. What will it do with double the data? The HELP instructions for MFC are no Help at all.

Comments

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited April 2019
    Is this a "Single Mutual fund" account, i.e an account that can only hold one mutual fund? In a SMF account you can rename the security but you can't do a share class conversion. You would have to convert the account in Quicken to a Brokerage account, which can hold multiple securities.

    The Mutual Fund Conversion operation is used to convert from one share class to another, with the new fund remaining in the same account.  The new fund will have a different name from the original, and also a different ticker and usually a different price.

    I'm not sure how you are specifying a different account for the converted shares, there is no place in the Mutual Fund Conversion transaction entry for that.

    If you are moving a security to a different account, you should use the "Shares transferred between accounts" transaction. If this is just a share class conversion there should be no need to move the new shares to a different account.

    If you have empty inactive accounts, the best approach is generally to hide them. Click on the gear at the top right of the account transaction list (register) and pick Edit Account details. Click on the Display Options tab and then check the "Hide Account Name" and "Hide in transaction entry lists" boxes.
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