Re: Money Market Fund by neil154
neil154
Sat Jul 19 07:31:01 CDT 2008
Cal,
Thanks it worked like a charm. Two interesting things happened when I went
through the process. If I did not predefine the money market fund, Money
would automatically define it as a mutual fund and not allow me to choose
money market. The other strange thing was that I went thru the entire
process with all of my open accounts and everything was fine. I then
realized that I had several closed accounts with the same "mutual fund" that
should I should also convert to make everything correct. I changed the
status of those accounts to open and then checked them out and they showed
the fund as a money market rather than mutual fund. So somehow it
automatcially made the change because the names were idenitcal.
Again, thanks for the help.
"Cal Learner-- MVP" wrote:
> In microsoft.public.money, neil154 wrote:
>
> >Sorry about not supplying any details, I should know better.
> >
> >I am using money plus home & business (2008) and I do download my
> >transactions from my brokers
> >
> >"Cal Learner-- MVP" wrote:
> >
> >> In microsoft.public.money, neil154 wrote:
> >>
> >> >I have a money market fund that when I created it I mistakenly said it was a
> >> >mutual fund. Is there any way to change the designation back to money market
> >> >fund?
> >>
> >> 1. What program are you using?
> >>
> >> 2. Do you download transactions from your broker?
> >>
>
> This process should work for you. Let me know if something is
> confusing. Make an extra copy/backup of your Money file before
> starting in case you want to undo something.
>
> ==================================================================
>
> HOWTO change fund that was incorrectly called a Mutual Fund into a
> Money Market Fund in Money 2007 or later. This will allow your
> Schedule D (Capital Gains transactions) to not include the MMF
> sells. It deals with causing statement downloads from your broker
> to be associated with the MMF too.
>
> Money market funds are mutual funds with the special property of an
> almost-always $1 share price. In addition, Money treats them
> differently by not making a Schedule D entry when you have a sell.
>
> To cure this takes some effort, and in the case of a MMF with a lot
> of existing transactions, that effort can be considerable. Yet
> working at it intently, the time involved is not so great as it
> first seems.
>
>
> 1. Create a new mutual fund called "HistoricMMF" or some such.
> This will be the name that your existing transactions will show up
> as, at least for a while.
>
> 2. Pretend that your present MMF name (which was erroneously set
> up as a Mutual fund) is "ExistingMF" Then go to the Details of
> ExistingMF and blank out the symbol. Then choose CombineWith
> (upper right) to combine with HistoricMMF. All of your earlier
> transactions would now show up as HistoricMMF transactions, as
> would new downloads if you stopped now.
>
> 3. But you want Money to ask about ExistingMF the next time it
> downloads. So you will next go to the settings for HistoricMMF and
> click ManageCombinedInvestments (lower). Tick the box for
> ExistingMF and click Remove. Accept the warning. At this point,
> there are no transactions for ExistingMF and Money would ask about
> it upon next download. As far as I know, ExistingMF is gone. Your
> existing transactions are now shown as HistoricMMF.
>
> 4. Optionally, pre-create a Money Market Fund called RealMMF or
> whatever is appropriate. One way is with
> Portfolio->WorkWithInvestments->SetUpANewInvestment. Leave the
> symbol blank.
>
>
> The next time you download a reference to your real MMF from your
> broker, Money should ask if that is a new investment or matches an
> existing investment from the drop-down list. If you have not
> already made the RealMMF MMF identify, specify it is a new
> investment called RealMMF. Be *careful* to set the type as
> MoneyMarketFund!. If you did pre-create a Money Market Fund called
> RealMMF, select that from the drop-down-list to say the downloaded
> security is the same as RealMMF.
>
> 5. At this point, there is a range of ways to handle the existing
> transactions. You can change all of the occurrences of HistoricMMF
> to RealMMF, you can change just the newer ones (maybe back through
> January), or you can change none and just let past downloads stay
> as HistoricMMF while the new ones are RealMMF.
>
> If you do not change them all, add a Sell of HistoricMMF dated for
> the last remaining HistoricMMF transaction in the amount needed to
> bring your HistoricMMF holdings to zero. Do this for each account
> that still holds HistoricMMF transactions.
>
> 6. Here is how you would change them all:
>
>
> 6a. To avoid problems with sells where Money thinks you don't have
> enough shares to sell, you can simply enter two bogus initial
> transactions (with date 1/1/1970 for example) into each affected
> account. These should be an AddShares of both HistoricMMF and
> RealMMF. Add 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
> entries. You could wait until you encounter a problem before doing
> this, if you prefer.
>
> 6b. Go to Investment HistoricMMF and choose InvestmentActivities.
> Edit each transaction you intend to change to change the Investment
> from HistoricMMF to RealMMF. If you may not want to change them
> all, you would probably want to start with the newest in case
> fatigue sets in.
>
> 6c. When no more HistoricMMF transactions remain except the bogus
> AddShares, then delete the bogus AddShares. At that time, you
> could delete that HistoricMMF investment. If some remain and you
> are going to let them remain, then create the compensating
> transactions dated appropriately.
>
> Do this for each account that still holds HistoricMMF transactions
> along with some that you changed from HistoricMMF to RealMMF.
>
> Check that RealMMF has the right symbol (Investment Details). It
> may have been updated during the download, but if it was not, you
> can put the proper symbol in. If you leave it blank, that is not a
> problem though; the price of a MMF is always $1.00.
>
> 6d. Delete the bogus early-dated AddShares transactions.
>
> ==================================================================
>
>
>