American Funds set up

ses

I have a American Funds Simple Account -- one account with several different mutual funds. When I set it up in Quicken, Quicken finds my account fine, but then uploads each individual mutual fund as a separate account. I don't want my toolbar listing 10 accounts with separate balances, I want the account to download similar to my other retirement accounts -- reporting as a whole. Why is this occurring and how to correct it? (I contacted AF and they were not aware of the problem)

Boatnmaniac

Sorry, but this is the way AF works with Quicken.  Your online AF brokerage account is a single account number but each MF you hold in it is assigned a unique MF account number by AF and that is how it is downloaded into Quicken.  I managed my mothers finances for over 10 yrs and it always bothered me that each AF MF has a separate account number and that it was downloaded into Quicken that way.  If you read the AF notes on this and scroll down to "Deleting and Account" you will see that it refers to "the fund" as an Account:  https://www.capitalgroup.com/individual/service-and-support/other-resources/how-to-use-quicken.html.

This is not a Quicken issue because it is how AF downloads into Quicken and only AF can define what data it downloads and how it will work with Quicken.  There is nothing in Quicken that you can do to change this behavior unless you want to manage your AF account only manually with no downloading. 

Boatnmaniac

Sorry, but this is the way AF works with Quicken.  Your online AF brokerage account is a single account number but each MF you hold in it is assigned a unique MF account number by AF and that is how it is downloaded into Quicken.  I managed my mothers finances for over 10 yrs and it always bothered me that each AF MF has a separate account number and that it was downloaded into Quicken that way.  If you read the AF notes on this and scroll down to "Deleting and Account" you will see that it refers to "the fund" as an Account:  https://www.capitalgroup.com/individual/service-and-support/other-resources/how-to-use-quicken.html.

This is not a Quicken issue because it is how AF downloads into Quicken and only AF can define what data it downloads and how it will work with Quicken.  There is nothing in Quicken that you can do to change this behavior unless you want to manage your AF account only manually with no downloading. 

Mike Sykuta

It's been this way forever with American Funds, and extremely frustrating. I've had to manually enter transactions for over 15 years. I was hoping they had updated it, but apparently not. I'm only a year from closing out our last 529 plan. Glad I'll be able to be done with AF.