Mutual Fund Share Class conversion almost works correctly

rwb0rree

I attempted to do a Mutual Fund Share Class Conversion transaction and Quicken handled half of it correctly. It asked for the number of new shares and it spread the shares correctly across the "old" lots when creating the new lots but it made a mess of the "cost" of each lot. Instead of just using the "cost" of the original lot like it should have it came up with some strange number resulting in a new cost basis that was hundreds of thousands of dollars off. I had to go in and update the "cost" on each of the new transactions (hundreds of them) with the original cost of that transaction.

This sure seems like a simple math problem. The new cost was so far off I couldn't even decide what calculation Quicken was trying to do.

Seems like an easy fix for Quicken to do it right.

Jim_Harman

This is a documented problem if you have the security set to "Use average cost". Please see this discussion
https://community.quicken.com/discussion/7861196/fix-mutual-fund-conversion-so-cost-basis-is-correct-if-holding-is-set-to-use-average-cost

If you agree that this is a problem, please comment and vote for the Idea. To vote, click on the little up arrow below the vote count in the first post of the discussion.

In addition, please use go to Help > Report a Problem and submit a problem report. You will not get a response to this, but it helps to put the issue on Quicken's radar screen. Also please contact Quicken Support and walk the agent through the problem. Be sure to get a ticket number.

Thanks!