Mutual fund conversion

PEDMJR

I have a taxable Vanguard account with 5 funds within it. I enter transactions manually and do not use average cost basis. Vanguard closed one fund (Capital Value) and transferred the value into a new fund (Windsor). The transfer was non taxable. I believe what I need to use is the mutual fund conversion, however when I pull up the Capital value fund, and hit enter transaction, mutual fund conversion does not appear as an option in the pick list.

Jim_Harman

Go to the Securities list and make sure the Capital Value fund is set as a mutual fund.

volvogirl

Try Corporate Acquisition.  But if  it's set up as a Single Mutual Fund you can't do a Corporate Acqusition.  If you have it set up as a Single Mutual Fund (SMF) you need to edit the account and change it to No. 

q_lurker

Do you have a setup with one fund per Quicken account (known as a Single Mutual Fund account)?  The MF conversion is not possible.  My choice in your position (noting I dislike the Single mutual fund setups) would be to Edit the Capital Value Fund account, change the details so not be a SMF account, and then you will have the conversion option.  If you had 5 such accounts (1 per fund) before, you will still have 5 such accounts. 

(Actually, I would make the jump to have all such funds in one account, but that might be a bigger jump than you are ready for.)   

PEDMJR

The account Vanguard Capital is set as a brokerage account. It is populated with the security vanguard capital shares (VCVLX). In security list, VCVLX was set as a mutual fund. I tried changing this to stock, but still can't do the conversion.

PEDMJR

I found the fund conversion option. But it didn't work. I ended up with the wrong number of shares in the new fund, and the wrong cost basis.

Jim_Harman

What version of Quicken are you running? The Mutual fund conversion did not work correctly in some earlier versions. 

volvogirl

When I used Corp Acquisition I found you have to manually calculate how many new shares you got for each ONE old share. Took me 3 times to notice that part.

Jim_Harman

Despite what it says in the Help, for the Mutual Fund Conversion in the "Shares of new" box you are supposed to enter the total number of new shares you received. If you held 100 shares of the old fund and received 123 shares of the new fund, you should enter 123, not 1.23.

You should delete the Removed and Added transactions that the previous conversion created and start over.