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Subject Author Date
Transaction recording problem with Q6 R4 curmudgeon 09-11-2006
Posted by danbrown on September 14, 2006, 7:21 am
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curmudgeon wrote:
> Dan,
> If I proceed as you suggested by first entering the deposit then
> recording the sale, when the sale of the m/f is recorded the proceeds
> show up as an additional deposit in the savings account.
>

TURN OFF the "Single Mutual Fund" attribute. It's what causing the
advice I gave previously (before you stated that the a/c was SMF) to
not work. SMF is one of Intuit's WORST inventions and regularly causes
much difficulty of the trivial assistance it brings.

db


Posted by JM on September 13, 2006, 7:25 am
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 <snip>
>
> The event was entered as a sale with the proceeds going to the savings
> account. However since taxes were withheld from the proceeds, I edited
> the savings account to show a split transaction with negative amounts
> entered for the taxes (similar to a payroll transaction). The net
> proceeds are then deposited. I have done this in the past with no
> apparent problems.
<snip>

Am wondering if you are by chance using a 'SellX' transaction here??

If memory serves me right [dangerous assumption] there have been prior
discussions where one gets strange results using this single
transaction in an IRA Acct. If this is the case, suggest re-enter as
two transactions - a Sell and then a Transfer and see what happens.

I have been using your general procedure for recording regular
distributions from a tax-deferred retirement account; Sell securities
to generate cash, Transfer gross proceeds to Checking, edit the deposit
[Transfer] in Checking to add splits to reflect tax [Fed & State]
with-held. I get proper tax reporting this way - the gross distribution
is taxable and the with-holding is properly recorded.

The tax with-holding transaction(s) are recorded outside of the
tax-deferred account and thus QW picks them up in it's default Tax
Schedule Report. I do not use an account for the with-holding; rather
categorize these as an Expense with the proper tax-line assignment.
Also, the 'Transfers Out' tax attribute for the tax-deferred acount is
set to record the transfer as a taxable event.


Posted by curmudgeon on September 13, 2006, 1:18 pm
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><snip>
>>
>> The event was entered as a sale with the proceeds going to the savings
>> account. However since taxes were withheld from the proceeds, I edited
>> the savings account to show a split transaction with negative amounts
>> entered for the taxes (similar to a payroll transaction). The net
>> proceeds are then deposited. I have done this in the past with no
>> apparent problems.
><snip>
>
>Am wondering if you are by chance using a 'SellX' transaction here??

Yes.
>
>If memory serves me right [dangerous assumption] there have been prior
>discussions where one gets strange results using this single
>transaction in an IRA Acct. If this is the case, suggest re-enter as
>two transactions - a Sell and then a Transfer and see what happens.

The only option in the sell transaction is to record proceeds to a
single account. If I record the proceeds in the same account the there
is no option to then transfer cash to another account.
>
>I have been using your general procedure for recording regular
>distributions from a tax-deferred retirement account; Sell securities
>to generate cash, Transfer gross proceeds to Checking, edit the deposit
>[Transfer] in Checking to add splits to reflect tax [Fed & State]
>with-held. I get proper tax reporting this way - the gross distribution
>is taxable and the with-holding is properly recorded.

Agreed. This is what I have been doing except the proceeds are
recorded directly in the cash account.
>
>The tax with-holding transaction(s) are recorded outside of the
>tax-deferred account and thus QW picks them up in it's default Tax
>Schedule Report. I do not use an account for the with-holding; rather
>categorize these as an Expense with the proper tax-line assignment.

Doing the same.

>Also, the 'Transfers Out' tax attribute for the tax-deferred acount is
>set to record the transfer as a taxable event

I don't quite understand the term 'Transfers Out' tax attribute
statement.

Archie

Posted by JM on September 13, 2006, 2:17 pm
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curmudgeon wrote:
>
> ><snip>
> >>
> >> The event was entered as a sale with the proceeds going to the savings
> >> account. However since taxes were withheld from the proceeds, I edited
> >> the savings account to show a split transaction with negative amounts
> >> entered for the taxes (similar to a payroll transaction). The net
> >> proceeds are then deposited. I have done this in the past with no
> >> apparent problems.
> ><snip>
> >
> >Am wondering if you are by chance using a 'SellX' transaction here??
>
> Yes.
> >
> >If memory serves me right [dangerous assumption] there have been prior
> >discussions where one gets strange results using this single
> >transaction in an IRA Acct. If this is the case, suggest re-enter as
> >two transactions - a Sell and then a Transfer and see what happens.
>
> The only option in the sell transaction is to record proceeds to a
> single account. If I record the proceeds in the same account the there
> is no option to then transfer cash to another account.
> >
> >I have been using your general procedure for recording regular
> >distributions from a tax-deferred retirement account; Sell securities
> >to generate cash, Transfer gross proceeds to Checking, edit the deposit
> >[Transfer] in Checking to add splits to reflect tax [Fed & State]
> >with-held. I get proper tax reporting this way - the gross distribution
> >is taxable and the with-holding is properly recorded.
>
> Agreed. This is what I have been doing except the proceeds are
> recorded directly in the cash account.
> >
> >The tax with-holding transaction(s) are recorded outside of the
> >tax-deferred account and thus QW picks them up in it's default Tax
> >Schedule Report. I do not use an account for the with-holding; rather
> >categorize these as an Expense with the proper tax-line assignment.
>
> Doing the same.
>
> >Also, the 'Transfers Out' tax attribute for the tax-deferred acount is
> >set to record the transfer as a taxable event
>
> I don't quite understand the term 'Transfers Out' tax attribute
> statement.
>
> Archie

Ok - you are using a 'Single Mutual Fund' account. If possible, you
might try changing it to a regular account [still an IRA]. Look under
'Account Attributes' for this option. This change will let you
carry/show a cash balance i the account.

The 'Transfers Out' attribute I referred to serves to notify QW to
treat transfers out of a tax-deferred account as taxable income. In the
account summary view under Options, select 'Set tax attributes'. For
'Transfers Out:' select 1099-R:Total IRA taxable distribution' from the
drop-down list. QW will now include these distributions in the Tax
Schedule Report for tax purposes and this should sync with the 1099-R
you get from the FI at year-end.


Posted by curmudgeon on September 14, 2006, 10:15 am
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On Mon, 11 Sep 2006 19:52:09 -0400, curmudgeon

>I am running Quicken 6 R4 and have recently run into a problem in
>recording the distribution from a mutual fund account into a savings
>account.
>
>The event was entered as a sale with the proceeds going to the savings
>account. However since taxes were withheld from the proceeds, I edited
>the savings account to show a split transaction with negative amounts
>entered for the taxes (similar to a payroll transaction). The net
>proceeds are then deposited. I have done this in the past with no
>apparent problems.
>
>If I then review the transaction ledger for the mutual fund account,
>it has been changed to reflect a large negative Commission amount and
>erroneous investment amount.
>
>Can anyone shed any light as to what is happening and what to do about
>it??

Summary reply to all suggestions and thanks to all for the
suggestions.

The only approach that worked for me was to create a "dummy" cash
account which doesn't show in the totals. The m/f sale proceeds are
then recorded in the "dummy" account. Then the funds are transferred
to the real savings account as a split transaction with the
appropriate amounts allocated to the tax categories. The "real" source
of the funds in the savings account are noted as a memo in the
register. It is sort of a PITA but it works until I can determine why
this happened.

I will have another MRD from a different account in October and will
see what happens when I try to record this sale as I had in the past.

Archie

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