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Subject Author Date
Incorrect account setup Joe 03-09-2007
Posted by Joe on March 9, 2007, 10:14 pm
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 I've been reading google group archives and believe I am up a creek, but I
thought I'd check.

I've always manually updated my dollar cost averaging mutual funds. Now I'm
tired of doing it and want to download instead, but I realized I set up my
401k as "401k" instead of an "investment" account. Therefore, I can't
download. I was able to set up a new account that can automatically
download transactions, but it only brings down the last two years. I've been
entering manual transactions since 2001.

I am using Quicken 2006. Are my only options to manually re-enter them in a
new account, or copy them in? Is there any functionality in Quicken 2007
that might automate this mess?



Posted by Laura on March 10, 2007, 9:52 am
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> I've been reading google group archives and believe I am up a creek, but I
> thought I'd check.
>
> I've always manually updated my dollar cost averaging mutual funds. Now
> I'm tired of doing it and want to download instead, but I realized I set
> up my 401k as "401k" instead of an "investment" account. Therefore, I
> can't download. I was able to set up a new account that can automatically
> download transactions, but it only brings down the last two years. I've
> been entering manual transactions since 2001.
>
> I am using Quicken 2006. Are my only options to manually re-enter them in
> a new account, or copy them in? Is there any functionality in Quicken 2007
> that might automate this mess?

Is the ending balance of the new account correct? Assuming it is then just
keep the detail in the old account through the date of the opening balance
in the new account and delete the last 2 years of data. Do an adjustment in
the old account equal to the opening balance in the new account. Show it as
a transfer to the new account. Then run your reports on the 2 accounts
together to get your whole history.


Posted by John Pollard on March 10, 2007, 10:50 am
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Joe wrote:
> I've been reading google group archives and believe I am
> up a creek, but I thought I'd check.
>
> I've always manually updated my dollar cost averaging
> mutual funds. Now I'm tired of doing it and want to
> download instead, but I realized

> I set up my 401k as
> "401k" instead of an "investment" account.

This is normally what you *should* do.

> Therefore, I can't download.

With most real-world 401k accounts, you must have a Quicken 401k
account to download. Your situation seems to be an exception to
the norm.

> I was able to set up a new account that
> can automatically download transactions, but it only
> brings down the last two years. I've been entering manual
> transactions since 2001.
> I am using Quicken 2006. Are my only options to manually
> re-enter them in a new account, or copy them in? Is there
> any functionality in Quicken 2007 that might automate
> this mess?

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



Posted by Bob Wang on March 10, 2007, 12:58 pm
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John:

A quirk with Charles Schwab is that solo 401(k)'s have to be downloaded as
tax-deferred investment accounts.

Setting up a solo 401(k) as a 401(k) results in error messages.

Schwab knows about this, and hopefully, one day, they'll get around to
correcting it.

Bob


>>>
Joe wrote:
> I've been reading google group archives and believe I am
> up a creek, but I thought I'd check.
>
> I've always manually updated my dollar cost averaging
> mutual funds. Now I'm tired of doing it and want to
> download instead, but I realized

> I set up my 401k as
> "401k" instead of an "investment" account.

This is normally what you *should* do.

> Therefore, I can't download.

With most real-world 401k accounts, you must have a Quicken 401k
account to download. Your situation seems to be an exception to
the norm.

> I was able to set up a new account that
> can automatically download transactions, but it only
> brings down the last two years. I've been entering manual
> transactions since 2001.
> I am using Quicken 2006. Are my only options to manually
> re-enter them in a new account, or copy them in? Is there
> any functionality in Quicken 2007 that might automate
> this mess?

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




Posted by Joe on March 10, 2007, 2:11 pm
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Bob,
You are correct, it is Schwab. Laura's idea sounds like a good idea.
Thanks!



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