Mutual Fund Conversion Cost Basis Error Not Yet Fixed

MPotts
MPotts Member
I've seen the comments dating back to at least 2020 in this forum reporting large errors in cost basis for investments after Mutual Fund Conversion in Quicken. Those comments/discussions seem to have led to no resolution and were eventually closed. The errors in quicken SW remain...

I performed several Mutual Fund Conversions today on investments in quicken that recently underwent class change. After completing all of the dozen or so fund conversions I find that the reported number of old fund shares is now zero, and within roundoff the number of new fund shares are all correct. However, I now also see that the cost basis reported for all the new funds is grossly in error, by millions of dollars. Tracking it back a bit I can see that the new "transactions" added to the various accounts as part of the mapping of old, actual transactions on the old mutual funds to the new mutual funds are using price per share values that are incorrect by factors of 100x and more. I.e., costs should have been, say, $20 per share and are shown as, say, $2000 to $5000 per share. Thus, the accumulated cost basis calculated in quicken for the new mutual funds are in error by factors of hundreds. I am using Quicken Deluxe R39.23 subscription, have been using quicken since the 1990's, and have now lost all semblance of tax basis history for these dozen or so mutual funds with hundreds of transactions. Pretty bad. I now also see people reporting similar gross errors in cost basis after quicken mutual fund conversion dating back to at least 2020 -- version 30.21. How can this quicken problem not have been fixed in version 39.23 in Mar 2022? How can I possibly suggest to others that quicken is worth the subscription price?

Comments

  • Griff
    Griff Member
    I am having the same cost basis erro when converting my T.Rowe Price shares to I-Class. Please address.
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