Change an Investment Type in Money 2006?

In Money 2006 there does not appear to be any way to indicate the investment
type of a new investment or change it after it is created.
On MSN Money the investment (symbol FVL) is listed as a stock, but it is a
closed-end fund.
I need to record the year-end capital gains distributions, but since Money
thinks it's a stock, I can't do that. The only transaction types that are
allowed are Dividend and Other Income.
How do I record both Short-Term and Long-Term capital gains?
How can I change the investment type to Mutual Fund (or some other type that
is more accurate)?

Thanks,
Scuba Geek

via_newsgroup
Sun Jan 01 13:32:20 CST 2006

In microsoft.public.money, Scuba Geek wrote:

>In Money 2006 there does not appear to be any way to indicate the investment
>type of a new investment or change it after it is created.
>On MSN Money the investment (symbol FVL) is listed as a stock, but it is a
>closed-end fund.
>I need to record the year-end capital gains distributions, but since Money
>thinks it's a stock, I can't do that. The only transaction types that are
>allowed are Dividend and Other Income.
>How do I record both Short-Term and Long-Term capital gains?
>How can I change the investment type to Mutual Fund (or some other type that
>is more accurate)?

It is not trivial, but not as hard as it first appears. A few
minutes should do it.

In the details, remove the symbol, and rename the existing "stock"
to something you will never use. Let's suppose you choose zzzz.

Create a new mutual fund with the correct name and symbol.

Go back to investment zzzz and choose View: Investment Details.

Change each transaction to the fund using the drop-down list. My
inclination would be to try starting with the oldest transaction.
Keep going until there are no more zzzz transactions remaining. At
that point you can "delete" zzzz. The exception is that with Money
2003 or 2004, delete can actually delete; if you delete all
transactions for zzzz (including watch accounts) and delete the
investment, it will be deleted. You can use that name again.

Let us know if you encounter problems with that.

Myrna Larson suggests " To avoid problems with sells, you can
simply enter a bogus initial transaction with enough shares to
cover all subsequent sales. You should then be able to move the
transactions in any order you like. After all transactions have
been moved, delete the dummy entry."

mbiker
Fri Jan 13 18:33:03 CST 2006

Thank you for the tip. It works as long ans I create a new investment by
name and not by symbol.
I now have a new problem as a result of following the steps you suggested.
This investment account receives electronic statements.
When I read the statement the renamed investment is not available in the
dropdown list and Money insists that it has to add it as a new investment (a
stock not a fund).
Again, I think, this is because the symbol FVL is listed as a STOCK on Money
Central. I need to change it to a Fund so that I can record my Capital Gain
Distributions (you can't do that with stocks).

I looks like I am now faced with the choice of either recording both LT and
ST Gains as dividends (or other income) OR stop using electronic statements
with my investment accounts.

HELP !

Thanks.


"Cal Learner-- MVP" wrote:

> In microsoft.public.money, Scuba Geek wrote:
>
> >In Money 2006 there does not appear to be any way to indicate the investment
> >type of a new investment or change it after it is created.
> >On MSN Money the investment (symbol FVL) is listed as a stock, but it is a
> >closed-end fund.
> >I need to record the year-end capital gains distributions, but since Money
> >thinks it's a stock, I can't do that. The only transaction types that are
> >allowed are Dividend and Other Income.
> >How do I record both Short-Term and Long-Term capital gains?
> >How can I change the investment type to Mutual Fund (or some other type that
> >is more accurate)?
>
> It is not trivial, but not as hard as it first appears. A few
> minutes should do it.
>
> In the details, remove the symbol, and rename the existing "stock"
> to something you will never use. Let's suppose you choose zzzz.
>
> Create a new mutual fund with the correct name and symbol.
>
> Go back to investment zzzz and choose View: Investment Details.
>
> Change each transaction to the fund using the drop-down list. My
> inclination would be to try starting with the oldest transaction.
> Keep going until there are no more zzzz transactions remaining. At
> that point you can "delete" zzzz. The exception is that with Money
> 2003 or 2004, delete can actually delete; if you delete all
> transactions for zzzz (including watch accounts) and delete the
> investment, it will be deleted. You can use that name again.
>
> Let us know if you encounter problems with that.
>
> Myrna Larson suggests " To avoid problems with sells, you can
> simply enter a bogus initial transaction with enough shares to
> cover all subsequent sales. You should then be able to move the
> transactions in any order you like. After all transactions have
> been moved, delete the dummy entry."
>
>

via_newsgroup
Fri Jan 13 18:45:01 CST 2006

In microsoft.public.money, Scuba Geek wrote:

>Thank you for the tip. It works as long ans I create a new investment by
>name and not by symbol.
>I now have a new problem as a result of following the steps you suggested.
>This investment account receives electronic statements.
>When I read the statement the renamed investment is not available in the
>dropdown list and Money insists that it has to add it as a new investment (a
>stock not a fund).
>Again, I think, this is because the symbol FVL is listed as a STOCK on Money
>Central. I need to change it to a Fund so that I can record my Capital Gain
>Distributions (you can't do that with stocks).
>
>I looks like I am now faced with the choice of either recording both LT and
>ST Gains as dividends (or other income) OR stop using electronic statements
>with my investment accounts.

Ouch. I agree with your assessment. I doubt that it is a discrepancy
with Money Central, but rather in the download from your broker. I
am guessing that your broker statements are not coming via a third
party. I am not sure of that.

I would take the first choice myself. I use Money to fill out
schedule D automatically, but the LT and ST gains I transfer from my
paper 1099s.

Michael
Sun Jan 15 09:40:09 CST 2006

I don't think it's a problem with Money Central -- closed-end mutual funds
really are stocks and many financial institutions so designate them. There
may be a third option - categorize the income as Other income -- which then
could lead to a second sub-category, for CG distributions.

--
Michael Gordon
MVP


"Cal Learner-- MVP" <via_newsgroup@please.tnx> wrote in message
news:r6igs1121r8l84ebet3lvq1lipdpk1koru@4ax.com...
> In microsoft.public.money, Scuba Geek wrote:
>
>>Thank you for the tip. It works as long ans I create a new investment by
>>name and not by symbol.
>>I now have a new problem as a result of following the steps you suggested.
>>This investment account receives electronic statements.
>>When I read the statement the renamed investment is not available in the
>>dropdown list and Money insists that it has to add it as a new investment
>>(a
>>stock not a fund).
>>Again, I think, this is because the symbol FVL is listed as a STOCK on
>>Money
>>Central. I need to change it to a Fund so that I can record my Capital
>>Gain
>>Distributions (you can't do that with stocks).
>>
>>I looks like I am now faced with the choice of either recording both LT
>>and
>>ST Gains as dividends (or other income) OR stop using electronic
>>statements
>>with my investment accounts.
>
> Ouch. I agree with your assessment. I doubt that it is a discrepancy
> with Money Central, but rather in the download from your broker. I
> am guessing that your broker statements are not coming via a third
> party. I am not sure of that.
>
> I would take the first choice myself. I use Money to fill out
> schedule D automatically, but the LT and ST gains I transfer from my
> paper 1099s.
>
>
>
>
>