Home Page link  

Incorrect Transfers

  
Groups | Search | About
User Password
Register Now! Lost Password?

Quicken Personal Finance Discussions - Quicken - personal finance software discussions

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Incorrect Transfers JCO 02-16-2008
Posted by JCO on February 16, 2008, 4:30 pm
Please log in for more thread options
 My paycheck has a 401K deduction that goes to a Mutual Fund. My company
made some changes and the Mutual Fund company had to change. So I created a
new account for this 401K. I enter my everything from my paycheck in a
Split Transaction. So one of the Split Line Items is my 401K amount.

The issue is this. Every time I go to look at the 401K Account, the entered
amount shows up as type "XIn" which is a transfer. I want it to be of type
"BoughtX". This use to be the case with the old Mutual Fund Account but
now, something has changed. I'm not sure if it has anything to do with
upgrading to Quicken 2008 or not. If I didn't have to create this new
account, everything would still be work correctly as before, with a
"BoughtX". Of course I always have to go and Reconcile the amounts every
Quarter, but that's okay.

Any Ideas?



Posted by Oilcan on February 16, 2008, 7:14 pm
Please log in for more thread options
 JCO -

This is not an error and does not have anything to do with your upgrade to
Q2008. In the real world these are two transactions. The Mutual Fund
receives the money (transaction 1) and then it invests it (transaction 2).

In my world - often my 401(k) receives the money and invests it before I
receive the direct deposit of my paycheck in my bank.

Oilcan
> My paycheck has a 401K deduction that goes to a Mutual Fund. My company
> made some changes and the Mutual Fund company had to change. So I created
> a new account for this 401K. I enter my everything from my paycheck in a
> Split Transaction. So one of the Split Line Items is my 401K amount.
>
> The issue is this. Every time I go to look at the 401K Account, the
> entered amount shows up as type "XIn" which is a transfer. I want it to
> be of type "BoughtX". This use to be the case with the old Mutual Fund
> Account but now, something has changed. I'm not sure if it has anything
> to do with upgrading to Quicken 2008 or not. If I didn't have to create
> this new account, everything would still be work correctly as before, with
> a "BoughtX". Of course I always have to go and Reconcile the amounts
> every Quarter, but that's okay.
>
> Any Ideas?
>
>


Posted by JCO on February 20, 2008, 5:17 pm
Please log in for more thread options
I'm not sure how to respond to you answer.
I get my check every Friday and it shows all of the transactions.
I enter my gross amount (which many folks do not do) and underneath I enter
all of the deductions and/or transfers to other accounts. At any instant, I
can do a report and know exactly how much taxes has been removed and how
much transferred to other (Quicken) accounts such as my Mutual Fund. True,
the actual mutual fund may not make record the investment until the
following Monday, but I see that as irrelevant as long as I reconcile the
amount every Quarter or so. This is not the point of my post.

Every thing worked fine with the transfer went into 401k-a but when I
created this new transfer account, 401k-b the error began. I can't see what
the difference between the two Quicken accounts are, the weekly transfer
worked okay before (for 15 years) and now it does not (as explained in my
previous post).

Thanks very much for your help

> JCO -
>
> This is not an error and does not have anything to do with your upgrade to
> Q2008. In the real world these are two transactions. The Mutual Fund
> receives the money (transaction 1) and then it invests it (transaction 2).
>
> In my world - often my 401(k) receives the money and invests it before I
> receive the direct deposit of my paycheck in my bank.
>
> Oilcan
>> My paycheck has a 401K deduction that goes to a Mutual Fund. My company
>> made some changes and the Mutual Fund company had to change. So I
>> created a new account for this 401K. I enter my everything from my
>> paycheck in a Split Transaction. So one of the Split Line Items is my
>> 401K amount.
>>
>> The issue is this. Every time I go to look at the 401K Account, the
>> entered amount shows up as type "XIn" which is a transfer. I want it to
>> be of type "BoughtX". This use to be the case with the old Mutual Fund
>> Account but now, something has changed. I'm not sure if it has anything
>> to do with upgrading to Quicken 2008 or not. If I didn't have to create
>> this new account, everything would still be work correctly as before,
>> with a "BoughtX". Of course I always have to go and Reconcile the
>> amounts every Quarter, but that's okay.
>>
>> Any Ideas?
>>
>>
>



Posted by Dave on February 20, 2008, 7:56 pm
Please log in for more thread options
JCO...

I think your problem lies in the fact that you are trying to use the
'BoughtX' transaction instead of the 'Bought' transaction.
Definitions are below:

Bought: Purchase of a security with cash in the account.
BoughtX: Purchase of a security with cash transferred from another
account. This type of transaction does not impact the cash balance of
the current account.

As Oilcan mentioned, it's two transactions. The XIn transaction moves
the money from you paycheck to your 401k account. The 'Bought'
transaction actually purchases the equity (x shares at $y amount).

On the day you get paid, you should see your Cash Balance increase by
the amount of your XIn transaction. Then, when the equity is
purchased, your Cash Balance should go back to zero (assuming you
don't have any cash holdings).

Hope that helps,

Dave
www.quickenengineering.com



Posted by John Pollard on February 20, 2008, 8:22 pm
Please log in for more thread options
JCO wrote:
> My paycheck has a 401K deduction that goes to a Mutual Fund.
> My
> company made some changes and the Mutual Fund company had to
> change. So I created a new account for this 401K. I enter my
> everything from
> my paycheck in a Split Transaction. So one of the Split Line
> Items
> is my 401K amount.
> The issue is this. Every time I go to look at the 401K
> Account, the
> entered amount shows up as type "XIn" which is a transfer. I
> want it
> to be of type "BoughtX". This use to be the case with the old
> Mutual
> Fund Account but now, something has changed. I'm not sure if
> it has
> anything to do with upgrading to Quicken 2008 or not. If I
> didn't
> have to create this new account, everything would still be
> work
> correctly as before, with a "BoughtX". Of course I always
> have to go
> and Reconcile the amounts every Quarter, but that's okay.

I think the situation you had in your old 401k account was the
result of a bug in Quicken, a bug which no longer exists.

At one time, it was possible to create a tax deferred Single
Mutual Fund account in Quicken, then "convert" that account to a
401k account. Quicken should not have allowed that, and now it
doesn't.

A Single Mutual Fund account can not hold cash, and any
transfers of cash from another account into a SMF result in a
BoughtX transaction in the Single Mutual Fund account.

Newer versions of Quicken have corrected the bug, and to the
best of my knowledge, you can no longer create a 401k account
that has SMF characteristics.

Which is just as well because a SMF can not duplicate the actual
activity in a real-world 401k account, and couldn't even come
close for most 401k account holders. [Just one minor example:
the 401k account in my household doesn't make purchases until at
least 6 days after the paycheck is deposited. That allows
transfers of cash into the 401k to occur in one statement period
while the purchases made with that cash occur in the subsequent
statement period.]

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup



Similar ThreadsPosted
401(k) Account & Incorrect Security Value June 27, 2006, 10:52 pm
Correcting incorrect matches September 30, 2006, 1:25 pm
Incorrect account setup March 9, 2007, 10:14 pm
Incorrect stock prices June 21, 2007, 9:08 am
Incorrect Mutual Fund Prices December 17, 2007, 6:44 pm
Stock short sell coverage incorrect recording July 1, 2006, 10:57 am
Portfolio Value Report Contains Incorrect Quote/Price For Security July 23, 2007, 9:21 pm
Quicken 2008: Sort Investments by Debt/Equity Ratio Incorrect September 4, 2007, 11:47 am
Report Transfers September 4, 2006, 12:15 pm
Question about Transfers January 13, 2007, 9:46 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap