Bug in Money 2004 thru 2007

  • Thread starter Remove ABCD from Email address to reply
  • Start date

R

Remove ABCD from Email address to reply

If you buy 2 lots of a mutual fund and then sell or transfer some of the
shares (quantity greater than the original number of shares purchased in the
first lot), the cost basis is incorrect.

I demonstrated this to Microsoft and they agreed the results are wrong but
they say "that is the way the program is designed", it is not a bug.

To prove the bug for yourself, perform the following transactions.

In investment account #1
6/1/2004 buy 422.9 shares of mutual fund FMIMX at a price of 19.00 and no
commissions
2/1/2005 buy 795 shares of mutual fund FMIMX at a price of 22.00 and no
commissions
10/26/2006 transfer 500 shares of mutual fund FMIMX from this account to
investment account #2

In the above example the 2 purchases of FMIMX cost a total of $25,525.10.
Now go to the Portfolio view and look at the "cost basis" column grand total
and it shows $24,777.26 thereby increasing your capital gains reported to
the IRS.

If enough people call Microsoft about it maybe they will fix it. Right now
you may be reporting incorrect capital gains to the IRS (my examples lowers
the cost basis and would raise your capital gains amount).
 
Ad

Advertisements

D

Dick Watson

Some comments inline. I haven't checked your case and am not commenting on
that.

Remove ABCD from Email address to reply said:
I demonstrated this to Microsoft and they agreed the results are wrong but
they say "that is the way the program is designed", it is not a bug.
Most support organizations will say this even if the app adds 2+2 and says
the answer is 3. By most accounts, the Money group isn't much worse than
that.
... thereby increasing your capital gains reported to the IRS.

Right now you may be reporting incorrect capital gains to the IRS (my
examples lowers the cost basis and would raise your capital gains amount).
Money doesn't report squat to the IRS. You do. If you take Money's word for
anything you report without trying to validate what it's telling you, then
you get what you asked for. Money sells for less than $20. It should get all
this stuff right. It doesn't. Even if it was perfect for nominal scenarios,
there are always going to be cases too complicated or confused for most any
pre-canned tool like Money (or SAP, for that matter) to handle.
 
R

Remove ABCD from Email address to reply

I don't disagree with your comments, but if people are aware of the bug then
they will pay more attention.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

bugs in Money 2004 4
Money 2004 bugs 5
Possible bug in Money 2007 0
2007 Bug 3
Money 2004 bug or feature? 1
Money 2004 Deluxe bugs 1
Bug with USAA and Money 2004 1
Money 2007 and Vista Potential Bug 10

Top