Change shares to Savings acc in Money 2005

Discussion in 'Microsoft Money UK' started by Trapper, May 17, 2010.

  1. Trapper

    Trapper Guest

    I have a portfolio containing a variety of shares, which i have manually kept
    track of, my FA is now selling and buying new funds plus adding more funds
    making things complicated for me! I would now prefer to keep track of the
    total value instead of fund by fund.
    I cannot find a simple way of changing the Fund to a Savings account. Ihave
    tried selling the shares but Money keeps stating there will be problems later
    with share numbers, I cannot transfer the funds to another savings account as
    none are listed in the available accounts list within the portfolio.

    There must be a way to 'sell' all the shares in the fund to a cash account
    then use this to transfer the money to a savings account, any advise as I do
    not want to mess it up now!

    Thanks
     
    Trapper, May 17, 2010
    #1
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  2. Trapper

    teabag Guest

    I hope you are ABSOLUTELY confident of your FA. Selling funds and buying
    funds is called 'churning' and the FA benefits everytime - you lose
    everytime.
    Do you know why you need lots of different funds? Have you ever thought
    (spoken to your FA about) Investment Trusts - just one or two.

    If your Money program shows funds that you had bought - and the FA sells
    them - then you MUST tell Money (the proceeds of a sale will [should] go to
    the associated cash account and you can then transfer that cash to wherever
    you like). My advice is to tell Money what your FA has bought (fund by
    fund).

    teabag
     
    teabag, May 18, 2010
    #2
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  3. Trapper

    Trapper Guest

    Hi.
    You wrote:
    I hope you are ABSOLUTELY confident of your FA. Selling funds and buying
    funds is called 'churning' and the FA benefits everytime - you lose
    everytime.
    My last FA of over 30 years without a problem went bad on me, the FSCS
    eventually paid me the max of £48k but this was no where near what I lost, I
    am now very cautious and questioning over transactions by my new FA, much to
    his annoyance!
    The fund switches are at 0% cost, there are no additional costs to me with
    switching funds within the framework. there is a 1% trail but as he loses the
    same as he gains there is no difference. I have to use an FA due to having a
    SIPP that can only be administered by an FA according to the trustees.

    Anyway back to my problem.

    This may seem a dummy question but should I use the sell option and just
    enter the qty of shares and let Money work it out? I tried selling using the
    qty and price shown but the price was the original purchase cost not the
    lastest price. I have about 12 investments within the fund stated April last
    year and so far show a return of around 21% average so I am not complaining.

    I do not want any loose ends in the portfolio when finished. suggestions
    appreciated.

    Trapper



     
    Trapper, May 19, 2010
    #3
  4. Trapper

    teabag Guest

    Unless you have periodically told Money what your share prices were then, at
    the point of sale, it will pick the last price (ie what you originally
    paid).

    When, within Money (Investment Transactions), you 'sell' an investment you
    have the opportunity to define the 'quantity', the 'price' and the
    'commission'. To be sure the 'total' figure will reflect the previous 3
    figures. Your new FA should be able to tell you the quantity he sold and the
    price he got - for EACH fund; from what you have written I guess the 'cost
    of selling' (each fund) will be zero. You must sell each fund separately - a
    grand total will not help Money.

    teabag





     
    teabag, May 20, 2010
    #4
  5. Trapper

    Trapper Guest

    Hi Teabag.

    I have kept a manual track of share prices and have updated Money
    accordingly. I have just received a load of paperwork regarding the sale of
    fund shares and the purchase of the new fund shares.

    I will have another look at selling the shares allthough I am sure the only
    price listed on the drop down box was the original price and this may have
    been why I got the screen warning about a difference in shares/prices which
    would lead to problems later.
     
    Trapper, May 20, 2010
    #5
  6. Trapper

    teabag Guest

    I hope you can get your Money program to do what you want with your
    investments.

    I use Money 2000 and there is no drop down box against the price field on
    the investment sale screen. Drop down buttons against the commission and
    total fields each call the numeric keypad.

    teabag
     
    teabag, May 20, 2010
    #6
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