How do I enter a mutual fund class conversion when only some of the shares were converted?

JEI42

Mutual fund has 1300 shares of class c, but only 300 were converted to class a. Quicken wants to convert all 1300.

NotACPA

Last fall, Fidelity decided to compress the number of funds that they offered ... and convert multiple classes of a fund into another fund.  I used the "Mutual Fund Conversion" tool for this.

BUT, as you've already discovered, it only converts all shares of the fund.

What it actually records, however, is a "Removed" transaction followed by an "Added" transaction and on the Removed action, you can specify the 300 shares.  On the Added, you can specify the cost basis of the new shares.

Sherlock

NotACPA said:

Last fall, Fidelity decided to compress the number of funds that they offered ... and convert multiple classes of a fund into another fund.  I used the "Mutual Fund Conversion" tool for this.

BUT, as you've already discovered, it only converts all shares of the fund.

What it actually records, however, is a "Removed" transaction followed by an "Added" transaction and on the Removed action, you can specify the 300 shares.  On the Added, you can specify the cost basis of the new shares.

If you follow @NotACPA's suggested approach, in addition to editing the Removed action transaction, you should delete the Added action transactions introduced for each of the lots that were not supposed to be converted.

Jim_Harman

What version of Quicken are you running?

Are all the shares to be converted in one account and shares in other accounts are not being converted?

JEI42

Running Quicken deluxe 2019 (windows) R20.15. All the shares are in the same account. Other accounts not being converted.

Sherlock

One way to accomplish a partial conversion would be to temporarily remove the shares that are not being converted and perform the conversion.  

NotACPA

Last fall, Fidelity decided to compress the number of funds that they offered ... and convert multiple classes of a fund into another fund.  I used the "Mutual Fund Conversion" tool for this.

BUT, as you've already discovered, it only converts all shares of the fund.

What it actually records, however, is a "Removed" transaction followed by an "Added" transaction and on the Removed action, you can specify the 300 shares.  On the Added, you can specify the cost basis of the new shares.

Sherlock

NotACPA said:

Last fall, Fidelity decided to compress the number of funds that they offered ... and convert multiple classes of a fund into another fund.  I used the "Mutual Fund Conversion" tool for this.

BUT, as you've already discovered, it only converts all shares of the fund.

What it actually records, however, is a "Removed" transaction followed by an "Added" transaction and on the Removed action, you can specify the 300 shares.  On the Added, you can specify the cost basis of the new shares.

If you follow @NotACPA's suggested approach, in addition to editing the Removed action transaction, you should delete the Added action transactions introduced for each of the lots that were not supposed to be converted.

JEI42

Thanks all of you. I just manually entered a REMOVED and an ADDED. I calculated the cost basis on my own. I find the conversion tool confusing and the help topic is incorrect. Thanks again.