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From: JCO on 1 Apr 2008 16:26
Using Quicken 2008 Home & Business on Windows XPsp2

I created a 401K mutual fund account. Each paycheck (which includes Gross
pay and all deductions) includes a transfer to this 401K Fund. All the
transfers for this first quarter are already entered and I'm trying to
reconcile the account. It appears that the cash balance is zero. So when I
try to reconcile this account, I expected it to ask me my changes is Share
Balance. Instead it is asking me what the new Cash Value is.

If I put the correct cash value from the statement, this account will put a
an adjustment and bring the cash value to the correct amount. But this is
wrong. I have Shares that have been purchase. You can't reconcile this
way.

What is the issue here?
Thanks in advance


From: danbrown on 1 Apr 2008 18:24
Within Quicken, is this designated as a "Single Mutual Fund" account?

Alternatively, are there placeholder transactions present?

db
From: John Pollard on 1 Apr 2008 21:50
JCO wrote:
> Using Quicken 2008 Home & Business on Windows XPsp2
>
> I created a 401K mutual fund account. Each paycheck (which
> includes
> Gross pay and all deductions) includes a transfer to this 401K
> Fund. All the transfers for this first quarter are already
> entered and I'm
> trying to reconcile the account. It appears that the cash
> balance is
> zero. So when I try to reconcile this account, I expected it
> to ask
> me my changes is Share Balance. Instead it is asking me what
> the new
> Cash Value is.
> If I put the correct cash value from the statement, this
> account will
> put a an adjustment and bring the cash value to the correct
> amount. But this is wrong. I have Shares that have been
> purchase. You can't
> reconcile this way.

Investment account reconciles do not attempt to reconcile your
"holdings", just your cash. [The reconcile dialog will allow
you to "mark" all your investment transactions as "R"econciled,
but it makes no attempt to determine how many shares you own,
how you got those shares, or what they are worth.]

It is your responsibility to insure that the correct investment
transactions are in the register before you reconcile (I
recommend never accepting any Quicken offer to enter an
adjustment, even for cash, and even in non-investment accounts.
If one is willing to accept adjustments to get the balance
"correct", there seems little reason to bother reconciling.]

You can download transactions or enter them manually (you can
also employ the "Update 401k Holdings" wizard, but I think this
is generally not a good idea ... especially if you have
knowledge of the number of shares/units owned, and even more so
if you have an independent record of the real-world transactions
in the account).

You should have your paycheck setup in Quicken to transfer your
contributions to your Quicken 401k account.

Once Quicken has transferred the funds from your paycheck
transaction to the 401k account, there will be cash in the 401k
account which you can use in the Buy transactions you enter (or
download). After all your transactions are entered for the
statement period, you can reconcile.

To reconcile your 401k account holdings, I suggest a report like
the Portfolio Value report. When a Portfolio Value report for
the account agrees with your printed statement for the account,
you should be reconciled. Then the Quicken "reconciliation"
dialog is merely a formality to mark the appropriate
transactions as reconciled.

--

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


From: JCO on 1 Apr 2008 23:36
yes

"danbrown" <db37215(a)yahoo.com> wrote in message
news:5756ca10-ea72-40db-9568-9b51d3b68590(a)a22g2000hsc.googlegroups.com...
> Within Quicken, is this designated as a "Single Mutual Fund" account?
>
> Alternatively, are there placeholder transactions present?
>
> db


From: JCO on 2 Apr 2008 00:17
I agree never to let an adjustment occur.

My understanding is that the previous version of Quicken had an error and
allowed me to make the entries, that I've done. This new version, fixes this
error. At the same time, my wife has a mutual fund closed out at the end of
2007 and fund goes to a new Mutual Fund that began Jan 2008. So this issue
began because I had to create a new 401K fund, transferred the old to the
new, then make weekly Investments (automatically from her paycheck). So we
are talking about 13 entries that Quicken treats as a BoughtX incorrectly
(in my opinion). In reality, the Dollars Amounts (401k amount) never goes
into my checking account so it should not be a "Transfer" (therefore
resulting in a Cash Bal change of zero).

The other issue is the matching portion that the company puts in. There's
no good way for Quicken to do this and I don't want to download the numbers
(to afraid that will mess other things in other registers)

I'm not sure I understand what your way (other than a direct download) of
solving the issue.
There has to be a way for and investment that includes an employer match
portion that utilizes the "Bought".


"John Pollard" <invalid(a)invalid.com> wrote in message
news:fsuop0$gvc$1(a)aioe.org...
> JCO wrote:
>> Using Quicken 2008 Home & Business on Windows XPsp2
>>
>> I created a 401K mutual fund account. Each paycheck (which includes
>> Gross pay and all deductions) includes a transfer to this 401K Fund. All
>> the transfers for this first quarter are already entered and I'm
>> trying to reconcile the account. It appears that the cash balance is
>> zero. So when I try to reconcile this account, I expected it to ask
>> me my changes is Share Balance. Instead it is asking me what the new
>> Cash Value is.
>> If I put the correct cash value from the statement, this account will
>> put a an adjustment and bring the cash value to the correct amount. But
>> this is wrong. I have Shares that have been purchase. You can't
>> reconcile this way.
>
> Investment account reconciles do not attempt to reconcile your "holdings",
> just your cash. [The reconcile dialog will allow you to "mark" all your
> investment transactions as "R"econciled, but it makes no attempt to
> determine how many shares you own, how you got those shares, or what they
> are worth.]
>
> It is your responsibility to insure that the correct investment
> transactions are in the register before you reconcile (I recommend never
> accepting any Quicken offer to enter an adjustment, even for cash, and
> even in non-investment accounts. If one is willing to accept adjustments
> to get the balance "correct", there seems little reason to bother
> reconciling.]
>
> You can download transactions or enter them manually (you can also employ
> the "Update 401k Holdings" wizard, but I think this is generally not a
> good idea ... especially if you have knowledge of the number of
> shares/units owned, and even more so if you have an independent record of
> the real-world transactions in the account).
>
> You should have your paycheck setup in Quicken to transfer your
> contributions to your Quicken 401k account.
>
> Once Quicken has transferred the funds from your paycheck transaction to
> the 401k account, there will be cash in the 401k account which you can use
> in the Buy transactions you enter (or download). After all your
> transactions are entered for the statement period, you can reconcile.
>
> To reconcile your 401k account holdings, I suggest a report like the
> Portfolio Value report. When a Portfolio Value report for the account
> agrees with your printed statement for the account, you should be
> reconciled. Then the Quicken "reconciliation" dialog is merely a
> formality to mark the appropriate transactions as reconciled.
>
> --
>
> John Pollard
> First initial underscore Last name at mchsi dot com
> Please reply to newsgroup
>


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