How to correct errors in Wells Fargo Advisors transactions involving UITs

jasonkanter
jasonkanter Member ✭✭
edited September 2020 in Investing (Windows)
Every time there is a UIT transaction in Wells Fargo Advisors (WFA), Quicken misreports the number of units and the price per unit. For example, WFA shows 1751 units at $11.42 per unit, total $20,001.67. The same transaction appears in Quicken as 1.751 units at $1,141.900057 per unit, total $20,002.67. The only way I have found to fix this is to enter a new transaction with the correct data and then to void the incorrect transaction. Tedious manual intervention. Has anyone found a fix for this?

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  • jasonkanter
    jasonkanter Member ✭✭
    Here's one example.
  • jasonkanter
    jasonkanter Member ✭✭
    Here's a second example.
  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    edited September 2020
    Hello @jasonkanter

    Thank you for taking the time to visit the Community to report this issue, although I apologize that you haven't received a response.

    May I ask that you navigate to Help > About Quicken and provide the release that you are currently running.

    Also, what are the regional settings for your PC? Are they set to the US?

    If there is nothing unusual about the regional settings, I would next recommend running the Validate & Repair tool on the data file from the File menu > File Operations > Validate & Repair option.

    In the Validate File window that opens, click the top box to "validate file" and then click OK.

    When the validation completes, a data log will open in Notepad, please let us know if any errors or issues are found/repaired, and when ready close and re-open Quicken.

    Please let me know what you find!

    -Quicken Tyka

    ~~~***~~~
  • jasonkanter
    jasonkanter Member ✭✭
    Hello Quicken_Tyka. Thanks for your suggestion. I am running Quicken Deluxe for Windows R28.24. Regional= US, Gregorian calendar, etc nothing special.
    To try the validate/repair, I will open a previously saved copy in which there were two fresh UIT transactions and I had not yet voided them and replaced them with corrected transactions. So the validate/repair report might show the errors being made.
    This note to be continued after I make the attempt.
    ==I have studied the log file:==
    <my comments in angle brackets. All the twenty-one WFA UIT transactions have happened since March 10 of this year. None of the errors identified were of any relevance to WFA or March-August 2020.>
    [Thu Sep 03 12:46:44 2020]

    File: "C:\Users\Jason\Documents\Quicken\JMK-2020Q3Aug27-With UIT Errors"

    QDF:
    Validating your data.
    Repaired your data file by removing a damaged category. Please check your category list for missing categories by going to Tools>Category List.
    Quicken found an invalid transaction and removed it. "SAFE BOX 0413 XX0413" 0/ 0/1900
    <of no consequence>

    QEL:
    No read errors.

    QEL:Removed 8 qel records for transfers not in register
    <of no consequence>

    [Thu Sep 03 12:56:32 2020]
    Quicken has found 1 stock split(s) for account "TD-039", security "Direxion Technology Bear 3X Shares", on 3/29/2018 that might be missing.
    <of no consequence>
    ------------------------------------------------------------
    The following transaction(s) were linked to account(s) that are no longer in Quicken. Quicken has changed them to indicate that the account was deleted. Please check them and set the category or destination account correctly. Make sure that this does not duplicate transactions.
    <all these removed as not relevant>
    ------------------------------------------------------------
    Corrected 7 Bought or Shares Added transactions that were incorrectly categorized as a realized gain.
    If any of these should have been for a Cover Short Sale, you should modify them. Listed:

    <none of these relevant>
    ---
    Minor problems with Tags corrected
    No out-of-range security references found.

    Validation has completed.
    ==end of log==
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited September 2020
    Yes, it's definitely because you have assigned the UIT an asset type of Bond. See the "Base 100" next to the price? That accounts for it.
    When I hold a UIT, I classify it as asset type "Other" and asset class "Domestic bonds". If you reclassify the UIT, Quicken's results will agree with the broker's. You might need to adjust the price & number of shares after reclassifying it, I'm not sure. Back up your data file before changing anything.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • jasonkanter
    jasonkanter Member ✭✭
    These transactions come in through One Step Update and arrive in my registers classified as "bonds" by Quicken, so yes the mathenanigans with "base 100" get applied. The OFX log contains some but not all of these, and lists them with the correct numbers not adjusted for base 100. The terms "bond" and "UIT" do not appear in the OFX log.
    The problem then is that the total account values are off, sometimes very far off, because the number of shares is so far off in "holdings". See next graphic to illustrate this.
  • jasonkanter
    jasonkanter Member ✭✭
    Example of the inaccuracies introduced by this error
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    Wow, those are huge differences. What I meant to suggest in my previous post is that you manually change the Asset Type of the UITs to Other.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • jasonkanter
    jasonkanter Member ✭✭
    I'll try this. We won't know if it works until the end of the month -- all the UIT transactions have occurred between the 25th and end of month.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    You can test this now if you have a backup file from before the last transactions downloaded. Restore the backup with a different file name from your real QDF file. Then edit the UIT securities to be asset type Other and finally do the download. Last month's transactions should re-download.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    ... The OFX log contains some but not all of these, and lists them with the correct numbers not adjusted for base 100. The terms "bond" and "UIT" do not appear in the OFX log.

    What 'numbers' are correct?  Shares held, prices/share, total value?  Some of those values may be related through CUSIP designations rather than names.  
    I'd be looking in the OFX Log for sequences like:
    <INVPOS>
    <SECID><UNIQUEID>xxxxxxxxx<UNIQUEIDTYPE>CUSIP</SECID>
    <HELDINACCT>OTHER
    <POSTYPE>LONG
    <UNITS>####.###
    <UNITPRICE>$$.cc
    <MKTVAL>$$$$$$.cc
    <DTPRICEASOF>20160224160000.000[-5:EST]
    <MEMO>Price as of date based on closing price
    </INVPOS>
    Note that there is no "name" directly associated with that investment position.  That sequence happens to be from Vanguard; other firms may sequence differently.  But the key may be that <UNIQUEID> identifier.    

  • jasonkanter
    jasonkanter Member ✭✭
    Tried this. "FIRST TR PORTFOLIOS, LP 30312T114" is now classified as Other, Domestic Bond, in a QDF file that was a May backup before the UIT transactions on May 26, June 25, July 27, and August 25. Saved it as, opened it, double-checked the asset class was still Other/Domestic Bond, then did a one-step update on WFA only. Interesting results, all just like the following.
    WFA transaction on June 25 was: 12.179 units, cost basis $9.11, total cost $110.91. This is the correct version.
    Quicken's erroneous download on June 25 (before the current fix) showed:
    0.012179 bonds, price $910.6659 (base 100), total cost $110.91.
    Quicken's download of that transaction after I instituted the Asset Class fix on the May backup:
    0.12179 shares, price $910.6659 per share, total cost $110.91.
    So it eliminated the "base 100" rule somehow but still winds up with the price off by x100 and the units/shares off by /100.
    Go figure.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    This leaves me pretty much out of ideas. All I know is that when I held UITs (which, currently, I don't), I never let them be automatically classified as bonds. My broker Morgan Stanley didn't download them as such. So it could be that your data are polluted.
    One interesting thing is that if I re-classify an actual bond as something else, that's OK until I re-classify it back as a bond. In that case, the bond info such as maturity date and call date repopulates. So Quicken is remembering info maybe it shouldn't. Last idea would be to delete the UIT securities which were bonds and re-create them from scratch as not bonds. You can create an Asset Type "UID" if you routinely hold these. That should operate the same as "Other".
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • jasonkanter
    jasonkanter Member ✭✭
    I don't know how to find the QFX file - I don't have any dated later than March 16, unless they are hidden from file search.
    If I use a backup and delete the six securities completely (I doubt Quicken will permit this) and then rebuild them as a new asset class "UIT" and then update, will Quicken recognize the update transactions as belonging to the newly created security? I doubt it but I'm not even close to certain about anything in this mess. The easiest path has been to recreate the *transactions* as new non-bond transactions with the correct numerics, and then void the erroneous transactions that have been thus supplanted.
    Thanks for your helpful thoughts, to both.
  • jasonkanter
    jasonkanter Member ✭✭
    Well I have studied the OFX log and located three 8/25/20 UIT transactions that appear in the OFX download of 8/27. The total cost, and the number of units, are both correct. The price per unit is, however, insane. Screenshots follow.
  • jasonkanter
    jasonkanter Member ✭✭
    This shows the disconnect between the actual Wells Fargo Advisors report on the three transactions, and the Quicken OFX report on the same transactions.
  • jasonkanter
    jasonkanter Member ✭✭
    Here's how the first two transactions (AAM and FT 60/40) appear in the Quicken register.
  • jasonkanter
    jasonkanter Member ✭✭
    These huge UNITPRICE figures are interesting. They represent the cents in the actual unitprice. The AAM transaction, for example, should have a price per unit of $11.99 according to WFA. The OFX's UNITPRICE is 9921.3057. That's the 99cents and correct fraction to make the "total price" exactly correct.
    The first FT transaction's price per unit should be 9.46; that 46 becomes the OFX's UNITPRICE of 4576.6898, which contains the additional fraction to make the math work.
    But still, it's not a correct interpretation of the WFA transaction.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    That was the sort of info I was hoping you would find.  I am not concerned with the transaction <UNITPRICE> values.  I don't think Quicken uses or pays attention to that field, though it is odd how WFA is populating it.

    I do take note that WFA is sending this as a Div and a Buy rather than a reinvestment.  I assume in your transaction history, you similarly saw a Div action for the dollar figures indicated.  (You only posted the Buy transactions.)

    On the buys, I see WFA sending them as a <BUYDEBT> transactions.  I have not spotted any similar transactions in my recent downloads, but I am wondering if somehow that is the reason that the 6.86200 shares in the QFX data gets divided by 100 to become 0.06862 shares in the Quicken transaction.

    (By the way, is that Buy transaction you presented with the security type as a Bond or as a UIT?).    

     
  • jasonkanter
    jasonkanter Member ✭✭
    edited September 2020
    Yes, there are accompanying Div actions for these UIT transactions. These are not so significant because they are small amounts, but maybe they are revealing, see screenshot.
    The Security Type comes in as Bond, Corporate Bond. (James's brother.) In this case I changed it to Other/Domestic Bond, which seems to have not fixed anything. I did also correct the Buy transaction by reentering the correct data as a new non-bond transaction and then voiding the transaction that was initially brought in. So this transaction history reflects a lot of manipulation. See next comment however.
  • jasonkanter
    jasonkanter Member ✭✭
    edited September 2020
    There was a large buy of a new UIT security.
    12,503 units @$10.00, total cost $125,005.74
    Attached image shows how the transaction gets misinterpreted by Quicken.
    Quicken winds up thinking this is 125 shares @ $1000
    Next comment shows the pertinent OFX data.
  • jasonkanter
    jasonkanter Member ✭✭
    edited September 2020
    Here's the image of the pertinent lines from the OFX relating to this initial $125k buy.
  • jasonkanter
    jasonkanter Member ✭✭
    I think the ultimate answer is that UITs are being handled as Bonds, whereas they ought to be handled as if they were stocks; and maybe UIT ought to be one of the default asset types.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    In that same context from @Rocket J Squirrel, you may need to create the security as a stock or other (anything but bond) prior to the initial download of that security from WFA.  As I recall from the prior posts, just changing the security from Bond to Stock was not fully successful for you.  
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