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Subject Author Date
401k entry issues Joe 11-24-2007
Posted by Joe on November 24, 2007, 4:31 pm
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 I searched deja but haven't been able to find anyone else with the same
problem, although I'm sure it has come up. It is in regards to how my 401k
is appearing in Quicken.



I post my paycheck to my checking account in quicken. I show the gross,
taxes, 401k, etc then have a net posting with the dollar amount. I have a
line item that records to _401Contrib with a negative amount. I did this to
show money was taken out of my check and went to my 401k.

Every quarter, I get my 401k statement from my company. I click on "update
401k holdings", and enter the money I put in, and the amount my company
matches. Quicken registers the money I put into the 401 account as "Xin",
and registers the amount my company matches as misc. income.

The problem I am having is when I look at Income/Expense over the period of
a month (or year), the amount of 401k money I put in (not the company match)
shows up as a negative amount under income.

If I were to delete the "Xin" entry and replace it with a "Miscinc" for my
contribution within the 401k account, then I would it balance to "0",
instead of it being negative.



I am using Quicken 2008, but it appears the problem also occurred while
using Quicken 2006. Is there a "correct" way to do this? Since my 401k
shows up as negative since it only records the amount taken out of my check,
and not the amount I put in from the 401k statement, it appears I am making
far less than I actually am.


Posted by Han on November 25, 2007, 7:31 am
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 @newssvr12.news.prodigy.net:

> Quicken registers the money I put into the 401 account as "Xin",
> and registers the amount my company matches as misc. income.
>
I enter my employer's contributions as "Add" shares. In my case, this is
shares of CREF stock fund, and I enter them manually as of the date
TIAA/CREF tells me.

Pre-tax contributions were transferred to a holding account (according to
Quicken, an "asset" account) on the date of my paycheck, then transferred
to the retirement account when "they" finally invested the money, as a
"BoughtX" transfer as of the date and price per share of that investment.

I think that something like this is reflecting what happens in the real
world. Most often the money deducted from one's paycheck is hanging around
either at your employer's or at the riteriment investment company before it
is invested. The scheme above "parks" the money in an asset account while
it is out of your hands, while others have use of it and before it is
invested in your account.
--
Best regards
Han
email address is invalid

Posted by Marty K on November 26, 2007, 5:43 pm
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Han wrote:
> @newssvr12.news.prodigy.net:
>
>> Quicken registers the money I put into the 401 account as "Xin",
>> and registers the amount my company matches as misc. income.
>>
> I enter my employer's contributions as "Add" shares. In my case, this is
> shares of CREF stock fund, and I enter them manually as of the date
> TIAA/CREF tells me.
>
> Pre-tax contributions were transferred to a holding account (according to
> Quicken, an "asset" account) on the date of my paycheck, then transferred
> to the retirement account when "they" finally invested the money, as a
> "BoughtX" transfer as of the date and price per share of that investment.
>
> I think that something like this is reflecting what happens in the real
> world. Most often the money deducted from one's paycheck is hanging around
> either at your employer's or at the riteriment investment company before it
> is invested. The scheme above "parks" the money in an asset account while
> it is out of your hands, while others have use of it and before it is
> invested in your account.
Well not when I was working, Fidelity would reflect the transfers from
my paycheck the day of the transfer (payday). This included my
contributions and my employers match. I tried to setup Quicken to track
these transactions but found it to be much easier to let the transaction
occur and then down load the updated account info, much easier and less
"messy" then having Quicken transfer from my paycheck to Quicken
Fidelity 401k account and then matching these actions after the download.

Marty

Posted by Han on November 26, 2007, 8:43 pm
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> Han wrote:
>> @newssvr12.news.prodigy.net:
>>
>>> Quicken registers the money I put into the 401 account as "Xin",
>>> and registers the amount my company matches as misc. income.
>>>
>> I enter my employer's contributions as "Add" shares. In my case,
>> this is shares of CREF stock fund, and I enter them manually as of
>> the date TIAA/CREF tells me.
>>
>> Pre-tax contributions were transferred to a holding account
>> (according to Quicken, an "asset" account) on the date of my
>> paycheck, then transferred to the retirement account when "they"
>> finally invested the money, as a "BoughtX" transfer as of the date
>> and price per share of that investment.
>>
>> I think that something like this is reflecting what happens in the
>> real world. Most often the money deducted from one's paycheck is
>> hanging around either at your employer's or at the riteriment
>> investment company before it is invested. The scheme above "parks"
>> the money in an asset account while it is out of your hands, while
>> others have use of it and before it is invested in your account.
> Well not when I was working, Fidelity would reflect the transfers from
> my paycheck the day of the transfer (payday). This included my
> contributions and my employers match. I tried to setup Quicken to
> track these transactions but found it to be much easier to let the
> transaction occur and then down load the updated account info, much
> easier and less "messy" then having Quicken transfer from my paycheck
> to Quicken Fidelity 401k account and then matching these actions after
> the download.
>
> Marty
>
Maybe Cornell wasn't sending my money to Vanguard right away.

--
Best regards
Han
email address is invalid

Posted by Oilcan on November 25, 2007, 9:00 am
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If you are doing before-tax (pre-tax) is a reduction of income as you do not
pay taxes on this until some future date.
>I searched deja but haven't been able to find anyone else with the same
>problem, although I'm sure it has come up. It is in regards to how my 401k
>is appearing in Quicken.
>
>
>
> I post my paycheck to my checking account in quicken. I show the gross,
> taxes, 401k, etc then have a net posting with the dollar amount. I have
> a line item that records to _401Contrib with a negative amount. I did this
> to show money was taken out of my check and went to my 401k.
>
> Every quarter, I get my 401k statement from my company. I click on
> "update 401k holdings", and enter the money I put in, and the amount my
> company matches. Quicken registers the money I put into the 401 account
> as "Xin", and registers the amount my company matches as misc. income.
>
> The problem I am having is when I look at Income/Expense over the period
> of a month (or year), the amount of 401k money I put in (not the company
> match) shows up as a negative amount under income.
>
> If I were to delete the "Xin" entry and replace it with a "Miscinc" for
> my contribution within the 401k account, then I would it balance to "0",
> instead of it being negative.
>
>
>
> I am using Quicken 2008, but it appears the problem also occurred while
> using Quicken 2006. Is there a "correct" way to do this? Since my 401k
> shows up as negative since it only records the amount taken out of my
> check, and not the amount I put in from the 401k statement, it appears I
> am making far less than I actually am.
>


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