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Posted by mrdavie on May 13, 2008, 12:16 am
Please log in for more thread options Han wrote:
>
>> One of my major reasons for using money management software is to
>> absolutely minimize the need to enter transactions manually. Somebody
>> somewhere has already been paid to do that for me. I don't want to
>> have to do it again!
>>
>> I have five different mutual funds with American Funds in my Simple
>> IRA. When I enter paycheck deposits I want to transfer the cash
>> deducted for retirement to a retirement account. Then, I want to
>> download into that retirement account transactions online between
>> American Funds and Quicken.
>>
>> American Funds allows only one mutual fund to be linked to one
>> retirement account in Quicken. So now I have set up not one but five
>> retirement accounts to download transactions from American Funds.
>>
>> The problems is that there is only one "bucket" of cash to pay for
>> these investments. Where do I put it? For now I created a cash account
>> to transfer deducted cash from my paychecks. I don't know yet whether
>> all five retirements accounts can automatically recognize that cash
>> account as the source for cash. So for now I also have to manually
>> change each transaction to point to the source account for the cash.
>>
>> Dangit!
>
> I only read your full question after John Pollard gave his answer. I
> have a different answer from John's. I think you did right by setting up
> a "holding account" for the cash withheld from your paycheck, because
> usually (means in my case) the purchase of retirement fund shares does
> not occur on the same date as the withholding, but much later (days in my
> case). I would memorize the transactions into each of your retirement
> accounts when you download them from AF. Once you have a memorized
> transaction set up, it should be recognized on the next download, or
> easily selectable.
>
> HTH
I am waiting for the next purchase of shares at AF to see if, when I
download the transactions Quicken will remember what account was used
for the last cash transfer. That would be great. However, it could get
more complicated because employer contributions are not part of my
paycheck so that cash needs to show up in the IRA account set up for
each mutual fund. It's a losing proposition for me but it's not the
first time. It really is impossible to get all parties on the same page
- Quickan and all the potential financial institutions and credit card
companies.
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