How to convert share class of a mutual fund (with no "Single mutual fund account" option)?

cfischy

I have an account within which I'm trying to convert the class of mutual fund shares. When I choose "Enter Transaction", the "Mutual Fund Conversion" transaction type isn't shown. When this has been the case for other accounts, I had to select "No" for the "Single mutual fund account" option in Account Details. In this case, the "Single mutual fund account" option isn't even shown in the Account Details. So, I'm stuck . I could probably create a new account and transfer funds into it but I'd certainly much prefer the clean approach of selecting a "Mutual Fund Conversion" transaction. Any help would be greatly appreciated!

cfischy

This issue is now resolved. I chalk this one up to the software gremlins and bugs creeping about in Quicken! This is what happened:
-I started to create a new account with the intent of transferring all shares from the problem account into the new one and then converting the transferred shares to the new class.
-When creating the new account, I connected Quicken to my brokerage and it showed all my existing brokerage accounts as being associated with Quicken accounts. So, I cancelled the account creation.
-I created a new offline account that could hold multiple mutual funds
-I went back to the "troubled" account to initiate the shares transfer
-Lo and behold, a second security appeared in the troubled account in one transaction AND the "Mutual fund conversion" transaction type appeared!
-I completed the class conversion in the original account

Somehow, connecting to my brokerage, even though I didn't download any transactions, resolved the issue.

q_lurker

The SMF = Yes selection is usually the reason that the Conversion option does not appear.  It seems in your case, there must be some other reason for the omission.

The SMF question will be omitted from the Account Details if you already have either cash or two or more securities in the account, so the fact that you do not see the question is not especially concerning.  Is it true that at this account has (or has had) multiple securities already?

Usually -- as in, I can't think of any other reason off the top.  When you choose the Enter Transactions button, what options do you see?  In addition to the MF Conversion, I'd expect t see selections for Corporate Spinoff, Corporate Acquisition, Bonds Bought and Sold, Employee Stock Option selections.  Are those sort of options available in this account?    

cfischy

Thanks for the reply. This account has only ever had one security and never contained cash. I don't see any of the transaction types you mentioned. I only see the transaction types typically associated with an account that holds only one mutual fund (see attached image).

cfischy

This issue is now resolved. I chalk this one up to the software gremlins and bugs creeping about in Quicken! This is what happened:
-I started to create a new account with the intent of transferring all shares from the problem account into the new one and then converting the transferred shares to the new class.
-When creating the new account, I connected Quicken to my brokerage and it showed all my existing brokerage accounts as being associated with Quicken accounts. So, I cancelled the account creation.
-I created a new offline account that could hold multiple mutual funds
-I went back to the "troubled" account to initiate the shares transfer
-Lo and behold, a second security appeared in the troubled account in one transaction AND the "Mutual fund conversion" transaction type appeared!
-I completed the class conversion in the original account

Somehow, connecting to my brokerage, even though I didn't download any transactions, resolved the issue.

Sherlock

cfischy said:

Thanks for the reply. This account has only ever had one security and never contained cash. I don't see any of the transaction types you mentioned. I only see the transaction types typically associated with an account that holds only one mutual fund (see attached image).

You may simply need to scroll further down in the pull-down menu to be able to select the missing wizards.

q_lurker

Usually the gremlins win to their advantage.  In this case, they won out to your eventual advantage.

I suggest you keep frequent backups and validate your current file - just in case something is still hiding away in there.  Keep any older backups for longer than normal as well.