I had moved my data from Windows to Mac several weeks ago, and did not attempt to establish any connection with Fidelity until today.
It took me about 4 hours to fix 9 accounts, which may not be worse than average. Every account contained numerous errors.
- Many duplicate transactions in each account.
- Many transactions were inserted to purchase core money market funds with dividends from that fund. I deleted those purchases.
- Automatic sale of shares from another money market fund to cover an obligation of the core money market fund is not handled at all. The sale has to be manually inserted. In the account history at the Fidelity web site, this automatic sale is reported as "REDEMPTION FROM CORE ACCOUNT FIDELITY MMKT PREMIUM CLASS (FZDXX) (Cash)". That is confusing wording, because FZDXX is not the "core" account. This is how Fidelity represents the tapping of an alternate money market fund - it's as if the other money market fund (FZDXX in this case) is funneled through the core, or acts as the core. QWin using DC handles this properly, showing the sale. I inserted the sale manually.
- Mistakes were made handling a fund merger. One of my Fidelity funds was merged into a different Fidelity fund. QMac represented the merger as 4 separate transactions: first a buy and a sell, but then also 2 payment/deposit transactions, which temporarily increased, and then decreased, the cash balance. The problem is, the increase in cash balance was 1 cent more than the decrease, so I adjusted the cash balance. (In QWin using DC, there is no cash element to the merger at all. It just shows a certain number of shares sold in one fund, and a certain number of shares bought in the other fund.) The 1 cent discrepancy actually is shown in the Fidelity account activity at their site, so they must have rounded something up, but these amounts are purely informational. The running balance shown next to the activity is not impacted by these positive and negative amounts - because there is no actual change in the core account.
- But worse, this fund merger left behind a number of shares in the defunct fund that had been merged out of existence. I had to fix this with Remove Shares.
- Reinvestment of long term capital gains has problems. They are represented as 3 separate transactions: a "Reinvest Long-term Capital Gain" transaction, which increases the number of shares; but then also a Payment/Deposit transaction for the capital gain, which increases the cash balance; and a Buy transaction, which reduces the cash balance back to where it started, but also purchases additional shares. That means the shares are purchased twice. The Payment/Deposit transaction, and the Buy transaction, need not even exist. They don't in QWin using DC.
I didn't think this would go effortlessly, but it turned out to be more difficult than I expected.
