Trouble adding a new mutual fund to my T Rowe Price account

Question

Hi all, thanks for the help!

I have an existing T Rowe Price account with mutual funds in it. I set up a new mutual fund today; it will probably be later in the week before it shows up in the downloaded transactions due to the holidays this week. I purchased shares today from the proceeds in another mutual fund.

I have added the mutual fund by its Ticker symbol in Add Security, but it does not show up in the Account list. I would like to manually add this transaction so when the download appears it will just match. I cannot use it either, for example a SoldX transaction from the other account will not let me enter the new ticker name - doesn't know it.

I tried adding it as a new brokerage account, but then its data does not look like the other TRP funds - it doesn't seem to recognize it as a TRP fund.

How do I get the new mutual fund into my account list for T Rowe Price? Thanks!

Don Awalt · Answer

They do have unique account names ("T Rowe Price xxxx Fund"), and different account numbers at TRP.  It is just a regular mutual fund, not an index fund, ETF, etc.

I added it as an account based on your help @Jim_Harman @NotACPA , it shows up in the account list now. And I was able to do a 'SoldX' to get money into it, to then purchase shares (which I did today on the TRP site). So I think all is good for now, and then when the downloaded transactions appear, I should be able to link the transaction to the new mutual fund as it's not online right now - making it an online fund.

Thanks for your help! I am ok now! (I think lol!!!)

Jim_Harman · Answer

If this is a personal TRP account, not a 401(k) or a brokerage account, and you are downloading transactions, each mutual fund you hold must be in its own account in Quicken. These accounts are typically set up as Single Mutual Fund (SMF) accounts in Quicken, which prevents them from holding cash or more than one fund.

So just adding the new fund to the Security List will not create an account for it. You will also need to set up a new Quicken account for the new fund. Then you can enter the appropriate BoughtX transaction for the new fund.

I'm not sure if there is a direct way to do a SoldX in one SMF account and a BoughtX in another, especially if the second account is new and does not have its security yet. You may need to record the proceeds as going through a banking account.

NotACPA · Answer

OK, if I'm understanding correctly,  the account at TRP has multiple funds in it.  Does that account show the same thing in Q?

What fund are you having difficulty adding to Q?

And, if it is an "index fund" it needs to be created in Q as a FUND, not as an Index.  If this is the case, you don't own any of the Index, but rather a fund that tracks an index.