T Rowe Price funds changed class and resulted in 2X number of shares in my account

Jimbo S.
Jimbo S. Quicken Windows Subscription Member
edited April 2022 in Registers & Transactions (Windows)
Earlier this month TRP converted several funds to a less expensive class. When I updated Q, the conversions appeared in my fund register as transactions. When I accepted the transactions in the mini-window at the bottom of the screen, they converted to the (slightly different) new fund name - that's fine - but doubled the number of shares and thus the total value. How do I correct this error?

Answers

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Now you know that you can't really rely on "downloads" to populate your transaction list.  The transactions downloaded from a Financial Institution (FI) are not infrequently wrong, particularly when it comes to "corporate actions" that encompass splits, acquisitions, mergers, and so forth.  So how you correct this error is to delete the downloaded information, and enter your own, correct transaction(s).
    The generally recognized "correct" action associated with this event is the ""Mutual Fund Conversion" action.  That brings up the Mutual Fund Conversion window where you input the new (to Quicken) fund that to old fund was converted to, and the number of new shares received.  That will enter transactions in the transaction list to effect the change.  HOWEVER, Quicken has introduced a but in this action that will give you the incorrect basis IF you've been running the fund at Average Cost.  If that's the case, be sure to move away from average cost before doing your mutual fund conversion.
    Be sure to make a backup beforehand.
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