Any way to bulk-change mutual fund conversion ? [edit]

Don Awalt

I have a mutual fund that was converted to a different class of mutual funds, and that happened some time ago. I discovered, when I got a message on a dividend download that said quicken share balance does not match downloaded balance, that win my Account for that mutual fund, the security field own the Account register has many entries with the old security name pre-conversion. In fact there are currently over 800 transactions! I have been changing them one by one, as neither shift-click to select multiple, or the menu entry to select multiple transactions works - select multiple transactions only lets me bulk change like clear status, etc.

Is there any way I can bulk change the associated security with these transactions, or am I forced to edit them one by one? Thanks! 

Mark1104

are you simply trying to change the name? why doesn't just changing the name (and the sticker symbol if necessary) in the Security solve the problem? CNTL-Y.

Frankx

Hi @Don Awalt

I am having a little trouble understanding your post above (some typos maybe?).

Anyway, did you not use the "Mutual Fund Conversion" type of transaction to record the conversion transaction?  And while you apparently didn't take any action when the conversion took place - as you say - "some time ago", it will still work now, and it makes all the entries needed automatically record the conversion.

Let me know if I missed something, and/or if you have any followups.

Frankx

Ps56k2

We have done this with some Vanguard and TRowe mutual funds… using the Quicken Mutual Fund Conversion menu feature… 

BUT .. there are some gotchas in trying to actually find and use this in the Register.. 

What brokerage are you using for these converted mutual funds ? 

Don Awalt

Sorry, I am a little confused by all this. This is an example of what I see in Quicken when I download dividends or cap gains. International Discovery Fund is the account in the left pane, these two show up in the Security column of the account registry. What should I do? The balance is correct in the left pane.

Mark1104

@don awalt - just go into security tools (CTRL-Y) and update the name (and the ticker symbol) - you should be good to go.  Please make a back-up of your file first - just in case something goes sideways! 

Don Awalt

@Mark1104 - thanks for the reply. What do you do to update the name and ticker? When I go into security tools, I see a list of a lot of securities, including both of the securities above. I don’t see a way to update anything. I’m sorry to be a pain, can you be more specific what I should do? Am I changing the ticker of the old mutual fund to the new mutual fund?

Frankx

Hi @Don Awalt

Thanks for the pic - as Napoleon said a long time ago - a picture is worth a thousand words...

It is more than just a ticker symbol switch...  at least if you want to enter the correct transaction and keep your account history accurate.

What happened is that your investment in "T. Rowe Price International Discovery Fund I Class" were exchanged for shares in "T. Rowe Price International Discovery Fund".  The share holdings (i.e. the number of shares) did not change but you now hold a different security.  Mutual funds do this from time to time for various reasons, but it has no real affect on your balance or number of shares in this instance.

At the time of the conversion, you should have recorded the conversion, but it is not too late.  All you need to do is (as I indicated above) record a "mutual fund conversion" in your Quicken datafile.  Here are the step by step things you need to do:

1) Open up the account that currently holds the shares;
2) In the account register - click on the "Enter Transactions" button > then in the "Enter transaction:" drop-down menu > select "Mutual Fund Conversion";
3) in the "Existing fund" field, enter "T. Rowe Price International Discovery Fund I Class";
4) in the "New mutual fund:" field, enter "T. Rowe Price International Discovery Fund";
5) in the "Shares of new fund" enter "1,200.688";
6) in the "Price per share of new mutual fund" enter the price of the fund on the date of conversion;
7) Click on "Enter/Done"

That should do it.  Let me know if you have any followups.

Frankx

Don Awalt

@Frankx that you for the detailed reply! So I followed your instructions, and the example above. The "I Class" fund is the current/new one....when I did the Mutual Fund Conversion, it said this:


So I checked online, and in fact what Quicken reported above, saying 1200 were reported in Discovery Fund, and 0 in the I Class, was wrong - here is the quantity from my online account:


So doing further research, I did find in the register for this account on Feb 4 this year, a "Removed" from Discovery Fund of all the shares, and an "Added" to the I Class shares! So, it seems like it was converted, the balance is correct as reported now in Quicken, so maybe this was just a bogus error message that came up? What do you think?   EDIT UPDATE BELOW:

EDIT: I think this very well may be a T Rowe Price error on the transaction download information. I had one more of these today, and I noticed the dividend came down as 'non-I Class' instead of 'I Class'. Other mutual funds downloaded correctly with the new transactions using a security 'I Class'. Not that this is directly the cause of the difference in shares, I just don't think T Rowe Price has its act together on these dividend and cap gains transactions, depending on how you have your account set up. In my case, I have all dividends and cap gains from mutual funds going to my money market fund. Well, I have seen incorrect transactions on that for years - I just manually correct them myself. This week, I have seen some transactions as a DivX with the X account being its own cash account (with no other transaction to move it to money market); I have also seen Div transactions that also dump the money in the wrong cash account. 

So as my balances are right, and I just correct the transactions that came down with Security='non-I Class', which seems to avoid the share imbalance error (which is probably wrong anyway), I think everything is proper in my data file. Agree?

Frankx

Hi again @Don Awalt

From what you have said above, it does seem as though your holdings are correct in Quicken.  On the dividend transactions, I agree that they sometimes need to be massaged somewhat, depending on the broker and how they download.

So it looks like you're in balance!

Take care.

Frankx