Topic: where to go for ofx import help

Short version:  I'm trying to import an OFX file from Merrill Lynch into KMyMoney.  I've tried several variations, and the file imports without any errors, but none of the results are even close to what I get by manually entering the transactions.  How do I figure out whether I'm expecting the impossible or else what is actually going wrong?

Longer version:  I discovered this site while searching for help with an OFX import problem.  I have an investment account with Merrill Lynch, and can easily download OFX files.  I am using KMyMoney (http://techbase.kde.org/Projects/KMyMoney) which can easily import those files.  However, the whole process is not working well, and I'm not sure if either ML or KMM is not following the rules or they are simply following different accounting approaches. 

For investments, KMM separates the actual investment account (which contains the stocks and mutual funds) from the brokerage account (which contains the uninvested cash.)  ML considers it all a single account.  In addition, for a dividend reinvestment, ML provides three separate transactions (which matches how they print it on the monthly statement.)  First there is a debit of the dividend amount.  Second is a credit of the same amount.  Third is a reinvestment transaction that species the price and number of shares.  (Partial shares seem to be magically accumulated, and added in as a journal entry when there is a whole number available.) 

It's been a while since I've tried, but as I remember, if I import the OFX into the brokerage account, it gets the dividend in and out (basically as a deposit and withdrawal - not as a real dividend) and it ignores the reinvestment.  I've now forgotten exactly what it did when I imported into the investment account, but nothing created any really correct transactions - I had to delete all and re-enter manually - not much use of the import.

The KMM developers are really helpful, but right now, they are concentrating on the release for KDE4, and I'm not really sure what I should be asking them.  I've tried talking to the ML web site tech support, but they really don't seem to know much about OFX, and they don't seem very inclined to support non MS products.   Is there anything I can do short of looking into the OFX spec itself to see what it says a dividend reinvestment transaction should contain? 

Thanks for any suggestions on how to approach this or what other info I should post.

Jack

Re: where to go for ofx import help

Unfortunately each FI implements OFX in a slightly different manner.  It's a challenge to parse OFX from every institution.

I am sure the developers of KMM would be happy to have you file a bug report.  If I were them I certainly would be.  They may file it as a lower priority bug if they have other urgent issues however it will still be useful to them.

Re: where to go for ofx import help

The KMM developers are aware of the problem and Jack is still looking for a solution.

Some time ago I wrote a little perl program to change some of the problems with Merrill Lynch's ofx.  I would like to fix this one.

The best possible solution would be to combine the three transactions Jack mentioned into one dividend reinvestment transaction.  What should that transaction look like?  I can't find a description anywhere.

The other possibility is to convert the three transactions into dividend income and a buy transaction.

Suggestions are welcome.

Bob

4 (edited by Wadboy 2016-10-16 11:46:40)

Re: where to go for ofx import help

bob-ewart wrote:

The KMM developers are aware of the problem and Jack is still looking for a solution.

Some time ago I wrote a little perl program to change some of the problems with Merrill Lynch's ofx.  I would like to fix this one.

The best possible solution would be to combine the three transactions Jack mentioned into one dividend reinvestment transaction.  What should that transaction look like?  I can't find a description anywhere.

The other possibility is to convert the three transactions into dividend income and a buy transaction.

phen375 http://ohdivinehealth.com/phen375-reviews/ Suggestions are welcome.

Bob


i think finding the right solution to this problem should be very urgent. OFX file is something that is really very complicated that needs to be free from issues that might affect the whole performance.

Re: where to go for ofx import help

This is a really drawn out conversation :-).  bob-ewart:  I think you can glean some reasonable ideas just from browsing the standard, but I think the best bet would be to find some FI which sends proper reinvext transactions, and then model after one of those.  Unfortunately, I don't have any such example, but I'll certainly post back here if I find one.

Jack