2008 Deluxe Problem Tracking Retirement Account

Posted by mrdavie on May 11, 2008, 1:45 pm

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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!

Posted by John Pollard on May 11, 2008, 3:23 pm

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mrdavie 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.

If you setup your paycheck with a plain Quicken split
transaction (instead of the Paycheck Wizard "form"), you should
be able to create 5 transfers of cash directly to your 5 IRA
accounts. As long as the total number of split lines doesn't
exceed 30, you should be able to handle any number of IRA
accounts. (Look at one of your current paycheck transactions in
a Transaction Report with split lines displayed to see the
basics of how to setup a paycheck without the Wizard).

Alternatively, you could have an additional Scheduled
Transaction you enter when you enter paycheck transactions.
That Scheduled Transaction could consist of 5 transfers from
your current intermediate "cash accout" into your 5 IRA
accounts.

--

John Pollard
First initial underscore Last name at mchsi dot com
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Posted by Han on May 11, 2008, 5:45 pm

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> 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
--
Best regards
Han
email address is invalid

Posted by mrdavie on May 13, 2008, 12:16 am

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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.

Posted by Han on May 13, 2008, 6:25 am

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@ALLTEL.NET:

> 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.

I feel the same way. One of my roblems is that my paycheck varies by a
few cents to a couple of dollars seemingly each pay period, and I don't
understand why that is since the gross is the same each time. An attempt
by Cornell to make paychecks bimonthly raher than biweekly was defeated,
and getting paid every other week may make things more difficult.

Also, retirement fund investments are tough since first money is take
from a paycheck and sometime later is invested at the then current rates.
Notice comes even later. Company contributions are (for me) always the
same, but date and share price of investment varies. I have been unable
to get TIAA/CREF to download data directly into my accounts, for some
reason. Others can, but not I.

So for these data I have to rely on manual adjustments of the memorized
transactions. At least Quicken lets me enter paychecks and investments
(estimated as they may be) a couple of months ahead to make the picture
easier to follow.

--
Best regards
Han
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