Mutual Fund Conversion - bug with only one fund?

river-wear
river-wear Member ✭✭
edited April 21 in Investing (Windows)
I have several mutual fund conversions that occurred recently, going from the regular class to investor class version of the funds. I've successfully recorded the conversion for seven different funds. There is one more that I've tried twice and gotten the same result: it uses the same dollar amount for every single one of the 30+ acquisition transactions. That dollar amount is the entire cost basis for the fund. So the effect is that a dividend reinvestment that should be recorded as a couple hundred dollars is shown as >$50k. The cumulative effect is that a fund that has doubled in value in reality, is recorded at greater than a $1MM loss after the conversion.

How can only ONE ticker be processed wrong, when the other seven were handled accurately? For reference, the conversion is from PRSVX to PRVIX.

Best Answer

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓
    Check the account details for the problem fund to see if it is set to Use average cost.

    There is a bug in the Mutual Fund Conversion such that if you have N tax lots and Use average cost is selected, the cost basis after the conversion is N times what it should be.
    QWin Premier subscription

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Perhaps is the one fund in a "Single Mutual Fund" type of account"?  Or is it is a Brokerage type account?
    Click TOOLS, Account List and click EDIT adjacent to your investment account. 
    What is next to the "Account Type" label?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓
    Check the account details for the problem fund to see if it is set to Use average cost.

    There is a bug in the Mutual Fund Conversion such that if you have N tax lots and Use average cost is selected, the cost basis after the conversion is N times what it should be.
    QWin Premier subscription
  • river-wear
    river-wear Member ✭✭
    Jim_Harman, you are the winner! That was exactly the problem. It appears to be the only one that was set up to use average cost. I've fixed it and will try again. Thank you!

    FYI, NotACPA, it's a brokerage account type.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    Glad that you found the issue.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Please report this issue to Quicken using the Help > Report a Problem link.

    And please cast your vote requesting that Quicken fix this here
    https://community.quicken.com/discussion/7861196/fix-mutual-fund-conversion-so-cost-basis-is-correct-if-holding-is-set-to-use-average-cost#latest
    QWin Premier subscription
  • river-wear
    river-wear Member ✭✭
    Reported. Amazing this bug has been around for at least 2.5 years and it's still broken.
This discussion has been closed.