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Posted by JCO on February 21, 2008, 1:08 pm
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So your saying, because the bug is fix...
That my initial transfer, that occurs every Friday from my paycheck, should
go to an interim cash account, then the day of the actual Mutual Fund
purchase, I should make the transfer from the cash account to the Mutual
Fund?
Is that correct?
> 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
>
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