how to transfer funds from one mutual fund to another w/in one account

My broker transferred my shares for one fund to another within the same account, I cannot figure out how to accurately transfer. I've removed funds and added, but that doesn't reflect the cost basis and gain/loss correctly.

Best Answers

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Accepted Answer
    please see the transactions attached. are they a sell/buy?
    No, they do not appear to be.  It is likely your brokerage just sent you Removes and Adds, and that the Adds are not adequately filled out.  

    I suggest you:
    1. Back up your current file -- just in case
    2. Delete the transactions sent from your brokerage (4 transactions?)
    3. Within the Quicken account, Enter Transactions button, and select the Mutual Fund Conversion.  First Eagle Global Class C converts to First Eagle Global Class I; Pimco Total Return Class C converts to Pimco Total Return Class CI.  Transaction date in both cases is 11/12/2018.
    If you are using QW2017 or earlier, there may be some other side-issues to clear up after those entries are made.  Reply back if that is the case.

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    Wouldn't it be a sell and a buy?
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited February 2020
    I think that this needs to be recorded as a sale of the old mutual fund shares and a purchase of the new shares.  There will be a gain or loss on the sale of the shares and that should match your brokerage account statement.

    Please revert if you have any other questions or if i misunderstood your problem.

    Thanks.


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  • please see the transactions attached. are they a sell/buy?
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Accepted Answer
    please see the transactions attached. are they a sell/buy?
    No, they do not appear to be.  It is likely your brokerage just sent you Removes and Adds, and that the Adds are not adequately filled out.  

    I suggest you:
    1. Back up your current file -- just in case
    2. Delete the transactions sent from your brokerage (4 transactions?)
    3. Within the Quicken account, Enter Transactions button, and select the Mutual Fund Conversion.  First Eagle Global Class C converts to First Eagle Global Class I; Pimco Total Return Class C converts to Pimco Total Return Class CI.  Transaction date in both cases is 11/12/2018.
    If you are using QW2017 or earlier, there may be some other side-issues to clear up after those entries are made.  Reply back if that is the case.
  • Thank you!
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