Reconciliation of Mutual Fund Is Different from Old Account

jco61
jco61 Member ✭✭
I recently had to change a mutual fund account from one account number to another. The old account use to reconcile by displaying the Shares and Share Price. On this new account, after selecting Reconcile, it just wants to display Cash Balance. Did I set up the new account wrong?

Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    "Reconcile" in an investment account is always about the cash balance.  There is a separate function "Reconcile Shares" that compares the shares, but it only shows the differences between what is in Quicken and what the financial institution supplies.

    What exactly are use doing to reconcile the account?
    To reconcile an account, you need to first check that number of shares for each security is right on a given date (I use Investing Tab -> Portfolio for this), and then reconcile the transactions that affect the cash balance with Ctrl+R in the investment account.
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  • jco61
    jco61 Member ✭✭
    I guess I understand what you're saying, but I'm not sure that answers my question. Attached are two images of what happens when I select "Reconcile". Image 1 is my old account that I'm use too. It allows me to see the Prior Share while I enter the Ending Share. This is what I'm used to doing each month as this fund is set up to dollar cost average automatically. The second image shows the new account. This does not match my monthly statements anymore. I was thinking it is a setting on the type of account. I would like to stick with the way my old account reconciles (image 1). Hope this makes better sense.
  • jco61
    jco61 Member ✭✭
    From what I've read in another thread, this account is not set up as a Single Mutual Fund (SMF) account although that is what it is. I don't have any cash in the account, but I still don't see how to "Check the SMF Box". I still prefer to Reconcile as shown in the first attachment instead of updating the cash amount. Any idea how to fix this account to work as a SMF? I only have 2-transactions in the account so making changes now should be easy to do. The account is set up to dollar cost average each month. Cash is transferred from our checking account to this account. Thanks
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Is the account setup as an IRA account?
    Brokerage and 401K/403b accounts, can't be setup as Single Mutual Fund accounts.

    In general, in an IRA account, in the Account Details you should be able to switch this as long as there is only one security being used in the account.

    Just so you know, most people suggest not using the Single Mutual Fund option because it is so restrictive.
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  • jco61
    jco61 Member ✭✭
    No this is not an IRA type account. What happen is that our account had to change account numbers. So Janus did a cash out on one account and the same amount of cash went into the new account (exact same fund name). This was done because we moved several accounts into a Trust. This is how Janus handled the accounts. Old accounts closed out and new accounts created of the same name same amount. Quicken imported the new account using "Xin".

    I understand the difference in the type of reconciliations, although for this account, it is a single MF Only account using dollar cost average. There will never be a cash balance.

    I actually have this is the identical issue on four separate MF accounts. All for the same reason. All have this issue that I prefer to change to Single MF, if possible.
  • jco61
    jco61 Member ✭✭
    Added Information:
    I've experimented with "Transfer Shares", but it of course transferred all shares one by one to the new account. I did not want this, so I back out of it with a backup copy.

    I also tried to change the original account transaction as a "Soldx" to the new account (as opposed to how it was imported). This did not work either. From what I've read, if the account has never showed cash & only has one investment type recorded, I should have the option to set as a Single Mutual Fund. I was unsuccessful in making this happen.

    So far, the new account only contains the imported total (from old account made on June 10th) and one "BoughtX' (monthly transaction done 6/20). These are the only two transactions in the account thus far. The dollar cost average will take place on the 20th of each month.

    Hope the back story make more sense.
  • [Deleted User]
    edited July 2022
    @Jc061 - would it have been possible to keep the same old account and just deactivated the account, blanked out the old account number and then reactivated online services with the new account number?
  • jco61
    jco61 Member ✭✭
    I never thought of that but then you lose your history and reporting for that entire timeline. The old accounts were 35 years old with monthly transactions. So, I think it makes better sense to keep the old, deactivate them & import the new. Then of course, here we are?
  • @jco61 - you shouldn't lose any history.  If all that changed at your MF is the account number, then you should be able to do the same on Quicken. 
  • jco61
    jco61 Member ✭✭
    I supposed that if I did not delete the data in the old account, the history should be maintained. Maybe deactivate, then reactivate. I may have to delete the one single import on 6/10. This would be the accumulation of the past 35 years of dollar cost averaging that imported as one transaction on 6/10. Just deleting that should cause the number of shares to match.

    That is an interesting concept. I might try to give it a shot and it will take some time to do it all. It might be a good work-a-round.
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