Fidelity has merged several Funds into a single Fund. How do i merge those funds in Quicken?

Options
deanrock
deanrock Member ✭
in Investing (Windows)
Fidelity has merged several Mutual Funds into a single Fund. How do merge the Funds in my Quicken account? When I try to rename the Funds I get an error message.
Tagged:

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Options

    You will need to do a "Mutual Fund Conversion" transaction for each of the "Old" funds (the funds that were merged "into a single Fund" - which will be the "New mutual fund").

    To complete the entries:

    a) you'll need to enter one "Mutual Fund Conversion" transaction for each of the "Old" funds that you held on the conversion date, and
    b) you need to know the number of shares of the "New mutual fund" and the price per share of the "New mutual fund" on the conversion date.

    Here's what the transaction entry box looks like (with example data filled-in):


    I assume that this is a tax free transaction, and by completing the above conversion entries, you cost basis in the various mutual fund shares will carry over to the new shares you received in the exchanges.

    Let me know if you have any followups.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

Answers

  • bmciance
    bmciance SuperUser ✭✭✭✭✭
    Options
    If you are merging funds you need to enter transactions to move the shares from one fund to the other.  This should mirror what Fidelity does.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Options

    You will need to do a "Mutual Fund Conversion" transaction for each of the "Old" funds (the funds that were merged "into a single Fund" - which will be the "New mutual fund").

    To complete the entries:

    a) you'll need to enter one "Mutual Fund Conversion" transaction for each of the "Old" funds that you held on the conversion date, and
    b) you need to know the number of shares of the "New mutual fund" and the price per share of the "New mutual fund" on the conversion date.

    Here's what the transaction entry box looks like (with example data filled-in):


    I assume that this is a tax free transaction, and by completing the above conversion entries, you cost basis in the various mutual fund shares will carry over to the new shares you received in the exchanges.

    Let me know if you have any followups.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • riturajan
    riturajan Member ✭
    Options
    hi @frankx - this did not work very well. After conversion the cost basis was all wrong and it didn't look it calculated the conversion prices correctly. i had to delete all the transactions it created.

Categories