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Subject Author Date
401k deposit question Joe 03-24-2007
Posted by Joe on March 24, 2007, 12:42 am
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 I am trying to figure out how to properly account for 401k earnings when I
receive my paycheck that goes into my checking account every two weeks.

For simplicity, let's say

Paycheck = 100
less 401 k = (20)
less company match (5)

Total Deposit = $75 into my checking account


The $25.00 I receive from my 401k gets automatically deposited in my Schwab
account one week later. I am set up for automatic downloads in Schwab, so it
shows up as a deposit.

My question is how do I properly account for it in my checking account? I
used to account for it as a transfer to my 401k account, but now that I'm
doing automatic downloads, the prior method won't work.

Thanks



Posted by Oilcan on March 24, 2007, 12:27 pm
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> I am trying to figure out how to properly account for 401k earnings when I
> receive my paycheck that goes into my checking account every two weeks.
>
> For simplicity, let's say
>
> Paycheck = 100
> less 401 k = (20)
> less company match (5)
>
> Total Deposit = $75 into my checking account
>
> The $25.00 I receive from my 401k gets automatically deposited in my Schwab
> account one week later. I am set up for automatic downloads in Schwab, so it
> shows up as a deposit.
>
> My question is how do I properly account for it in my checking account? I
> used to account for it as a transfer to my 401k account, but now that I'm
> doing automatic downloads, the prior method won't work.
>
> Thanks

First of all you net paycheck is $80.00 and not $75.00. The company
match should have no affect of what is deposited in your checking
accounting. If you are using a version of Quicken with a Paycheck
Form, the is a spot to enter the employer match of $5.00. This goes
to a _401KEmployerContribution (or something close to this) category.
At the bottom of the form, you would show -$30 transfer to Schwab. So
it would look something like this:

Wages $100.00
_401KEmployerContribution $5.00
[Schwab 401K] $30.00-
My Checking Account $75.00


Posted by Joe on March 24, 2007, 12:53 pm
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The problem I have is it records twice when it posts automatically at schwab
since I already recorded it manually. How do I account for that ?




>> I am trying to figure out how to properly account for 401k earnings when
>> I
>> receive my paycheck that goes into my checking account every two weeks.
>>
>> For simplicity, let's say
>>
>> Paycheck = 100
>> less 401 k = (20)
>> less company match (5)
>>
>> Total Deposit = $75 into my checking account
>>
>> The $25.00 I receive from my 401k gets automatically deposited in my
>> Schwab
>> account one week later. I am set up for automatic downloads in Schwab, so
>> it
>> shows up as a deposit.
>>
>> My question is how do I properly account for it in my checking account? I
>> used to account for it as a transfer to my 401k account, but now that I'm
>> doing automatic downloads, the prior method won't work.
>>
>> Thanks
>
> First of all you net paycheck is $80.00 and not $75.00. The company
> match should have no affect of what is deposited in your checking
> accounting. If you are using a version of Quicken with a Paycheck
> Form, the is a spot to enter the employer match of $5.00. This goes
> to a _401KEmployerContribution (or something close to this) category.
> At the bottom of the form, you would show -$30 transfer to Schwab. So
> it would look something like this:
>
> Wages $100.00
> _401KEmployerContribution $5.00
> [Schwab 401K] $30.00-
> My Checking Account $75.00
>



Posted by Porter Smith on March 24, 2007, 11:06 pm
Please log in for more thread options

> The problem I have is it records twice when it posts automatically at
> schwab since I already recorded it manually. How do I account for that
> ?
>
>
>
>
>>> I am trying to figure out how to properly account for 401k earnings
>>> when I
>>> receive my paycheck that goes into my checking account every two
>>> weeks.
>>>
>>> For simplicity, let's say
>>>
>>> Paycheck = 100
>>> less 401 k = (20)
>>> less company match (5)
>>>
>>> Total Deposit = $75 into my checking account
>>>
>>> The $25.00 I receive from my 401k gets automatically deposited in my
>>> Schwab
>>> account one week later. I am set up for automatic downloads in
>>> Schwab, so it
>>> shows up as a deposit.
>>>
>>> My question is how do I properly account for it in my checking
>>> account? I used to account for it as a transfer to my 401k account,
>>> but now that I'm doing automatic downloads, the prior method won't
>>> work.
>>>
When you download transactions into your 401(k) are you seeing cash
deposits? When I do this I see "X shares of Fund A purchased at $Y" So my
register has the cash entered from my paycheck (say $30) and purchase of
the various funds, totalling $30, leaving me with a cash balance of $0.

If you are downloading cash transactions, can you Manually Match them to
the transactions you entered via your paycheck?

Posted by Joe on March 25, 2007, 12:07 pm
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It shows up as "deposit", and says "journal entry from xxxxxx" with a
deposit amount. Is the correct method to do a manual match ?
I deposit into a money market fund at Schwab then purchase funds on the 5th
and 20th of every month.




>
>> The problem I have is it records twice when it posts automatically at
>> schwab since I already recorded it manually. How do I account for that
>> ?
>>
>>
>>
>>
>>>> I am trying to figure out how to properly account for 401k earnings
>>>> when I
>>>> receive my paycheck that goes into my checking account every two
>>>> weeks.
>>>>
>>>> For simplicity, let's say
>>>>
>>>> Paycheck = 100
>>>> less 401 k = (20)
>>>> less company match (5)
>>>>
>>>> Total Deposit = $75 into my checking account
>>>>
>>>> The $25.00 I receive from my 401k gets automatically deposited in my
>>>> Schwab
>>>> account one week later. I am set up for automatic downloads in
>>>> Schwab, so it
>>>> shows up as a deposit.
>>>>
>>>> My question is how do I properly account for it in my checking
>>>> account? I used to account for it as a transfer to my 401k account,
>>>> but now that I'm doing automatic downloads, the prior method won't
>>>> work.
>>>>
> When you download transactions into your 401(k) are you seeing cash
> deposits? When I do this I see "X shares of Fund A purchased at $Y" So my
> register has the cash entered from my paycheck (say $30) and purchase of
> the various funds, totalling $30, leaving me with a cash balance of $0.
>
> If you are downloading cash transactions, can you Manually Match them to
> the transactions you entered via your paycheck?



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