How to correct errors in Wells Fargo Advisors transactions involving UITs
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Sep 12. I have now "edited security" for all the UITs. I created a Security Type called UIT, and assigned this type to all of the UITs, along with "unclassified" asset class. I also renamed the securities so they match the names in the WFA reports. They still each have the unique 9-digit identifier. It is possible now that Quicken will regard these securities as nothing special, and will not need to do the "base 100" nonsense. That's my hope.
Two of the UITs were purchased for the first time on 9/9 (one of which is detailed above), so at the moment they both show a loss of 99%. I will leave these unedited/uncorrected for the moment, and watch to see if they get corrected as Quicken goes about its normal business.
I've learned a lot through this and I thank you folks for your help in understanding what's going on. I'll report back here as things develop, until I can say that yes we have found a solution.0 -
The new OFX report contains these bits pertinent to that large buy:
..
<INVSTMTRS><DTASOF>20200910115920.590[-7:PDT]<CURDEF>USD<INVACCTFROM><BROKERID>Wells Fargo Advisors<ACCTID>xxxxxxxx</INVACCTFROM><INVTRANLIST><DTSTART>20200902<DTEND>20200910<BUYDEBT><INVBUY><INVTRAN><FITID>2020090912000012633<DTTRADE>20200909120000<DTSETTLE>20200911120000<MEMO>FIRST TR PORTFOLIOS LP</INVTRAN><SECID><UNIQUEID>30314U820<UNIQUEIDTYPE>CUSIP</SECID><UNITS>12503.00000<UNITPRICE>999.750000000<COMMISSION>7<FEES>0.00<TOTAL>-125005.74<SUBACCTSEC>CASH<SUBACCTFUND>CASH</INVBUY><ACCRDINT>0.00</BUYDEBT></INVTRANLIST><INVPOSLIST><POSMF>
..and..
<POSDEBT><INVPOS><SECID><UNIQUEID>30314U820<UNIQUEIDTYPE>CUSIP</SECID><HELDINACCT>CASH<POSTYPE>LONG<UNITS>12503.00000<UNITPRICE>9.990000000<MKTVAL>124904.97<DTPRICEASOF>20200910120000<MEMO>FIRST TR PORTFOLIOS LP</INVPOS></POSDEBT></INVPOSLIST>
(edited out Account ID)0 -
That disconnect on unitprice between the transaction and the holding is really baffling. What prices is the price history showing for 9/9/20 (trade date) and 9/10/20 (holding date)? I would not expect the settle date to be a factor. FWIW: on any given date, a transaction price should be overridden by the reported closing (holding) price from the brokerage, and both should be overridden by a price you manually enter.
(I edited out the Account Number -- didn't seem to be the right thing to be showing in a public forum.)0 -
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Here's the latest. On Wells Fargo: 23.406 units, costing $8.84 each, for a total cost of $206.81. In Quicken, this becomes 0.23406 shares costing $883.58 each, for a total cost of $206.81. I've got the OFX language involved in the transfer of information. In this case I had previously changed the "type" of this security so that it is no longer regarded as a "Bond." Quicken regards it as "shares bought" instead of "Bonds bought." But the math is still wrong. Why? ... See image.0
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In this latest posting of yours, I am seeing
<BUYDEBT> ... <UNITS> 23.406 ... <TOTAL> -206.81 ...
become in Quicken
Number of Shares = 0.23406 and Total Cost = 206.81.
I believe that Quicken is ignoring the <UNITPRICE> of 8367.686 preferring to calculate its own value equal to 206.81 / 0.23406. That then begs the question -- Why is Quicken converting the 23.406 to 0.23406? Is it because of the <BUYDEBT> tag?
A "Maybe" answer?
From the OFX Specs (https://www.ofx.net/downloads/OFX 2.2.pdf)13.3.1 Units
The units for security units and unit price are those commonly used on brokerage statements, and differ for each type of security.
• Stocks and Other – use number of shares for units and dollar value for unit price.
• Mutual Funds – in most cases shares are used, but in some cases the dollar value is used. The unit type is specified in cases in which it can be either.
• Bonds – use face value for units and percentage of par for unit price. For example, a $25,000 bond trading at $88 would use 25000 as the units and 88 as the unit price.That $25,000 bond trading at $88 would be 25 $1000 bonds trading at $880 each (a 12% discount) or in Quicken-speak 250 shares trading at the $88 / share off a par value of $100.
That seems to suggest the WFA is 'incorrect' in showing the <BUYDEBT> transaction with the 23.406 units and a total of 206.81. In Quicken, the 23.406 "face value for units" converts to 0.23406 shares just as the $25,000 face value converts to 250 shares. The 'face value' of this UIT piece is more like 234.06.
I also note in the OFX specs (Table 13.9.2.4.5) that <BUYDEBT> actions are only suppose to apply to securities with Debt type securities (not stocks, mutual funds, options, etc.). So Quicken MAY be applying the logic that any Buy within the <BUYDEBT> tag gets <UNITS> divided by 100 to get to shares.
So should WFA be using the <BUYDEBT> tag?
Should Quicken be crosschecking that securities bought under the <BUYDEBT> tag are actually debt (Bond) securities within Quicken? What to do if in conflict?
Maybe this helps our understanding. But it still leaves you in the position of manually making corrections.
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Three new UIT transactions on October 24. Again these are classified as BUYDEBT and Quicken misinterprets the values. I've been told that this has been escalated to Wells Fargo's Quicken team, but it's obviously not yet fixed. The OFX "UNITPRICE" leaves off the whole dollars and just specifies the exact fractions of pennies that make the transaction calculate correctly. See image.0
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I have had the same problem for two years now. I had hoped it would be solved by now but unless anyone else has another suggestion, the UIT problem, at least with First Trust and Wells Fargo, goes on. The first First Trust UIT I bought didnt reinvest dividends, so the problem was minimized, but a more recent FT UIT with monthy dividend and bought transactions is really a nightmare and there really isnt even a manual solution. In one screen i’ll see the corrected values and then somewher else Quicken is still converting to base 100.
Has anyone seen or heard of any other fixes?0
