Placeholder entries
in [Quicken]
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From: John Oliver on 27 Aug 2009 21:28 So, I have a 401(k) that is filling up with "placeholder entries", presumably because the management firm sells some tiny portion of shares to pay for expenses and doesn't feel the need to put specific entries in the info it sends to me. So... what do I do with them? Instead of a binary "trust Quicken / trust the downloaded info", it asks me for a cost. Huh? -- * John Oliver http://www.john-oliver.net/ *
From: John Pollard on 29 Aug 2009 09:47 John Oliver wrote: > So, I have a 401(k) that is filling up with "placeholder entries", > presumably because the management firm sells some tiny portion of > shares to pay for expenses and doesn't feel the need to put specific > entries in the info it sends to me. So... what do I do with them? > Instead of a binary "trust Quicken / trust the downloaded info", it > asks me for a cost. Huh? Cost is probably not as important in a retirement account since you're not going to pay capital gains taxes. But you're right that if the fi removes shares to pay fees, but doesn't provide transactions to account for the removal of those shares, Quicken will offer to adjust the share balance for you, creating a placeholder if you say "yes". But you don't have to accept the offer of the adjustment. It's your choice to keep your account accurate by manual means (where necessary); or to let Quicken do some, or all of the work for you (with the "Update 401(k) Holdings" wizard, you could probably avoid ever having to enter any "transaction" in the 401k account; you'd just have Adjust Share Balance entries for each security for each printed statement). When we had contributions to a 401k where the administrator removed shares and didn't account for that removal (anywhere - not even in printed statements), I just computed the shares removed using the share balance the actual transactions produced and the share balance the fi reported; I entered a Shares Removed for that difference and put a note in the memo field. [I don't care for placeholders, so I don't allow them in any account for any reason.] -- John Pollard
From: John Oliver on 1 Sep 2009 13:08 On Sat, 29 Aug 2009 08:47:03 -0500, John Pollard wrote: > John Oliver wrote: >> So, I have a 401(k) that is filling up with "placeholder entries", >> presumably because the management firm sells some tiny portion of >> shares to pay for expenses and doesn't feel the need to put specific >> entries in the info it sends to me. So... what do I do with them? >> Instead of a binary "trust Quicken / trust the downloaded info", it >> asks me for a cost. Huh? > > Cost is probably not as important in a retirement account since you're not > going to pay capital gains taxes. > > But you're right that if the fi removes shares to pay fees, but doesn't > provide transactions to account for the removal of those shares, Quicken > will offer to adjust the share balance for you, creating a placeholder if > you say "yes". But you don't have to accept the offer of the adjustment. It isn't "offering"... I just get the placeholders. I might very well have wound up "accepting" once. > It's your choice to keep your account accurate by manual means (where > necessary); or to let Quicken do some, or all of the work for you (with > the "Update 401(k) Holdings" wizard, you could probably avoid ever having > to enter any "transaction" in the 401k account; you'd just have Adjust > Share Balance entries for each security for each printed statement). Is there a way to tell Quicken to "always trust the download"? There is no point in my *not* trusting what the FI gives me. The information that's available on their website is so crappy, there's no way I could verify accuracy anyway. This is an institution that, when I called asking for statements showing details of every transaction, actually said, "That would be far too complex to do." I tried to break the news to them that there was this fancy, new-fangled contraption called a "com-pu-tor" that would do stuff like that for them, but... > When we had contributions to a 401k where the administrator removed shares > and didn't account for that removal (anywhere - not even in printed > statements), I just computed the shares removed using the share balance > the actual transactions produced and the share balance the fi reported; I > entered a Shares Removed for that difference and put a note in the memo > field. [I don't care for placeholders, so I don't allow them in any > account for any reason.] I would love to disallow them, too :-) But since I do have these awful placeholders building up now... how can I get rid of them? I don't know what "cost" they're looking for. I need to click on something in Quicken to make Quicken happy and take the placeholders away. -- * John Oliver http://www.john-oliver.net/ *
From: ebloch on 1 Sep 2009 15:56 All financial experts suggest that it is best to pay these fees from an account outside of the IRA and that would eliminate this problem. Eric "John Oliver" <joliver(a)john-oliver.net> wrote in message news:slrnh9ecmm.ue5.joliver(a)ns.sdsitehosting.net... > So, I have a 401(k) that is filling up with "placeholder entries", > presumably because the management firm sells some tiny portion of shares > to pay for expenses and doesn't feel the need to put specific entries in > the info it sends to me. So... what do I do with them? Instead of a > binary "trust Quicken / trust the downloaded info", it asks me for a > cost. Huh? > > -- > * John Oliver http://www.john-oliver.net/ *
From: Art McClinton on 1 Sep 2009 20:27 "John Oliver" <joliver(a)john-oliver.net> wrote in message news:slrnh9ql87.52i.joliver(a)ns.sdsitehosting.net... > Is there a way to tell Quicken to "always trust the download"? There is > no point in my *not* trusting what the FI gives me. My FI will about once a quarter issue a download that says I have zero shares in all my holdings. It is straightened out the next day. No I would not want to trust what the FI gives me. When I was automatically not thinking and accepting the FI download I found a lot of shares removed and shares added that I needed to clean up.
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