Accounting Talk Accounting Talk    FAQ   Search   Memberlist   Usergroups   Register   Profile   Log in to check your private messages   Log in  2008 Deluxe Problem Tracking Retirement Account          Accounting Talk Forum Index -> Quicken View previous topic :: View next topic   Author Message mrdavie Guest Posted: Sun May 11, 2008 10:45 pm    Post subject: 2008 Deluxe Problem Tracking Retirement Account One of my major reasons for using money management software is to absolutely minimize the need to enter transactions manually. Somebody somewhere has already been paid to do that for me. I don't want to have to do it again! I have five different mutual funds with American Funds in my Simple IRA. When I enter paycheck deposits I want to transfer the cash deducted for retirement to a retirement account. Then, I want to download into that retirement account transactions online between American Funds and Quicken. American Funds allows only one mutual fund to be linked to one retirement account in Quicken. So now I have set up not one but five retirement accounts to download transactions from American Funds. The problems is that there is only one "bucket" of cash to pay for these investments. Where do I put it? For now I created a cash account to transfer deducted cash from my paychecks. I don't know yet whether all five retirements accounts can automatically recognize that cash account as the source for cash. So for now I also have to manually change each transaction to point to the source account for the cash. Dangit! Back to top   Ads Advertising Sponsor John Pollard Guest Posted: Mon May 12, 2008 12:23 am    Post subject: Re: 2008 Deluxe Problem Tracking Retirement Account mrdavie wrote: Quote: One of my major reasons for using money management software is to absolutely minimize the need to enter transactions manually. Somebody somewhere has already been paid to do that for me. I don't want to have to do it again! I have five different mutual funds with American Funds in my Simple IRA. When I enter paycheck deposits I want to transfer the cash deducted for retirement to a retirement account. Then, I want to download into that retirement account transactions online between American Funds and Quicken. American Funds allows only one mutual fund to be linked to one retirement account in Quicken. So now I have set up not one but five retirement accounts to download transactions from American Funds. The problems is that there is only one "bucket" of cash to pay for these investments. Where do I put it? For now I created a cash account to transfer deducted cash from my paychecks. I don't know yet whether all five retirements accounts can automatically recognize that cash account as the source for cash. So for now I also have to manually change each transaction to point to the source account for the cash. If you setup your paycheck with a plain Quicken split transaction (instead of the Paycheck Wizard "form"), you should be able to create 5 transfers of cash directly to your 5 IRA accounts. As long as the total number of split lines doesn't exceed 30, you should be able to handle any number of IRA accounts. (Look at one of your current paycheck transactions in a Transaction Report with split lines displayed to see the basics of how to setup a paycheck without the Wizard). Alternatively, you could have an additional Scheduled Transaction you enter when you enter paycheck transactions. That Scheduled Transaction could consist of 5 transfers from your current intermediate "cash accout" into your 5 IRA accounts. -- John Pollard First initial underscore Last name at mchsi dot com Please reply to newsgroup Back to top   Ads Advertising Sponsor Han Guest Posted: Mon May 12, 2008 2:45 am    Post subject: Re: 2008 Deluxe Problem Tracking Retirement Account mrdavie <dmris300@alltel.net> wrote in news:4f781$482730d1$4b594952$17425@ALLTEL.NET: Quote: One of my major reasons for using money management software is to absolutely minimize the need to enter transactions manually. Somebody somewhere has already been paid to do that for me. I don't want to have to do it again! I have five different mutual funds with American Funds in my Simple IRA. When I enter paycheck deposits I want to transfer the cash deducted for retirement to a retirement account. Then, I want to download into that retirement account transactions online between American Funds and Quicken. American Funds allows only one mutual fund to be linked to one retirement account in Quicken. So now I have set up not one but five retirement accounts to download transactions from American Funds. The problems is that there is only one "bucket" of cash to pay for these investments. Where do I put it? For now I created a cash account to transfer deducted cash from my paychecks. I don't know yet whether all five retirements accounts can automatically recognize that cash account as the source for cash. So for now I also have to manually change each transaction to point to the source account for the cash. Dangit! I only read your full question after John Pollard gave his answer. I have a different answer from John's. I think you did right by setting up a "holding account" for the cash withheld from your paycheck, because usually (means in my case) the purchase of retirement fund shares does not occur on the same date as the withholding, but much later (days in my case). I would memorize the transactions into each of your retirement accounts when you download them from AF. Once you have a memorized transaction set up, it should be recognized on the next download, or easily selectable. HTH -- Best regards Han email address is invalid Back to top   Ads Advertising Sponsor mrdavie Guest Posted: Tue May 13, 2008 9:16 am    Post subject: Re: 2008 Deluxe Problem Tracking Retirement Account Han wrote: Quote: mrdavie <dmris300@alltel.net> wrote in news:4f781$482730d1$4b594952$17425@ALLTEL.NET: One of my major reasons for using money management software is to absolutely minimize the need to enter transactions manually. Somebody somewhere has already been paid to do that for me. I don't want to have to do it again! I have five different mutual funds with American Funds in my Simple IRA. When I enter paycheck deposits I want to transfer the cash deducted for retirement to a retirement account. Then, I want to download into that retirement account transactions online between American Funds and Quicken. American Funds allows only one mutual fund to be linked to one retirement account in Quicken. So now I have set up not one but five retirement accounts to download transactions from American Funds. The problems is that there is only one "bucket" of cash to pay for these investments. Where do I put it? For now I created a cash account to transfer deducted cash from my paychecks. I don't know yet whether all five retirements accounts can automatically recognize that cash account as the source for cash. So for now I also have to manually change each transaction to point to the source account for the cash. Dangit! I only read your full question after John Pollard gave his answer. I have a different answer from John's. I think you did right by setting up a "holding account" for the cash withheld from your paycheck, because usually (means in my case) the purchase of retirement fund shares does not occur on the same date as the withholding, but much later (days in my case). I would memorize the transactions into each of your retirement accounts when you download them from AF. Once you have a memorized transaction set up, it should be recognized on the next download, or easily selectable. HTH I am waiting for the next purchase of shares at AF to see if, when I download the transactions Quicken will remember what account was used for the last cash transfer. That would be great. However, it could get more complicated because employer contributions are not part of my paycheck so that cash needs to show up in the IRA account set up for each mutual fund. It's a losing proposition for me but it's not the first time. It really is impossible to get all parties on the same page - Quickan and all the potential financial institutions and credit card companies. Back to top   Ads Advertising Sponsor Han Guest Posted: Tue May 13, 2008 11:03 am    Post subject: Re: 2008 Deluxe Problem Tracking Retirement Account mrdavie <dmris300@alltel.net> wrote in news:54737$48291124$4b594952$7216 @ALLTEL.NET: Quote: I am waiting for the next purchase of shares at AF to see if, when I download the transactions Quicken will remember what account was used for the last cash transfer. That would be great. However, it could get more complicated because employer contributions are not part of my paycheck so that cash needs to show up in the IRA account set up for each mutual fund. It's a losing proposition for me but it's not the first time. It really is impossible to get all parties on the same page - Quickan and all the potential financial institutions and credit card companies. I feel the same way. One of my roblems is that my paycheck varies by a few cents to a couple of dollars seemingly each pay period, and I don't understand why that is since the gross is the same each time. An attempt by Cornell to make paychecks bimonthly raher than biweekly was defeated, and getting paid every other week may make things more difficult. Also, retirement fund investments are tough since first money is take from a paycheck and sometime later is invested at the then current rates. Notice comes even later. Company contributions are (for me) always the same, but date and share price of investment varies. I have been unable to get TIAA/CREF to download data directly into my accounts, for some reason. Others can, but not I. So for these data I have to rely on manual adjustments of the memorized transactions. At least Quicken lets me enter paychecks and investments (estimated as they may be) a couple of months ahead to make the picture easier to follow. -- Best regards Han email address is invalid Back to top   Ads Advertising Sponsor danbrown Guest Posted: Wed May 14, 2008 3:35 pm    Post subject: Re: 2008 Deluxe Problem Tracking Retirement Account Han, I believe that the "couple of pennies" variation in your net pay is, basically, due to rounding. Your employer is, probably, calculating the various taxes that you owe on a "YTD Gross pay basis", and then deducting from your pay an amount that, when added with previous deductions, equals the amount owed YTD. This is done for each of the types of tax owed. Due to rounding, this can cause the amount owed for each of the taxes to vary by a penny or two each pay period. The same thing can happen whether pay-days are every two weeks, or twice a month. I can't offer a similarly easy explanation for your reported "couple of dollar" variations. Is it possible that you have a deduction that it only taken out of, say, the first paycheck of the month? OR, is taken out of 2 paychecks a month, but not out of the (twice a year) third paycheck in a month? BTW, "Payroll" was the first banking application that I worked on, back when I was first hired as a programmer in 1978. db Back to top   Ads Advertising Sponsor Han Guest Posted: Thu May 15, 2008 5:18 am    Post subject: Re: 2008 Deluxe Problem Tracking Retirement Account danbrown <db37215@yahoo.com> wrote in news:d3cb6b8c-4d92-47be-ac9c- d1b0e986f3c5@k13g2000hse.googlegroups.com: Quote: Han, I believe that the "couple of pennies" variation in your net pay is, basically, due to rounding. Your employer is, probably, calculating the various taxes that you owe on a "YTD Gross pay basis", and then deducting from your pay an amount that, when added with previous deductions, equals the amount owed YTD. This is done for each of the types of tax owed. Due to rounding, this can cause the amount owed for each of the taxes to vary by a penny or two each pay period. The same thing can happen whether pay-days are every two weeks, or twice a month. I can't offer a similarly easy explanation for your reported "couple of dollar" variations. Is it possible that you have a deduction that it only taken out of, say, the first paycheck of the month? OR, is taken out of 2 paychecks a month, but not out of the (twice a year) third paycheck in a month? BTW, "Payroll" was the first banking application that I worked on, back when I was first hired as a programmer in 1978. db The pennies difference I can understand, although I would prefer set amounts and then a reckoning at the last paycheck of the year. Should be much easier for everyone. The few dollars I can't figure out, but I have no experience with such applications. It is NOT for a variable deduction, but more like a recalculation every once in a while. I think that Weill Cornell Medical College needs help <grin>. -- Best regards Han email address is invalid Back to top   Ads Advertising Sponsor Bob Brown Guest Posted: Sat May 17, 2008 12:36 am    Post subject: Re: 2008 Deluxe Problem Tracking Retirement Account "mrdavie" <dmris300@alltel.net> wrote in message news:4f781$482730d1$4b594952$17425@ALLTEL.NET... Quote: One of my major reasons for using money management software is to absolutely minimize the need to enter transactions manually. Somebody somewhere has already been paid to do that for me. I don't want to have to do it again! I have five different mutual funds with American Funds in my Simple IRA. When I enter paycheck deposits I want to transfer the cash deducted for retirement to a retirement account. Then, I want to download into that retirement account transactions online between American Funds and Quicken. American Funds allows only one mutual fund to be linked to one retirement account in Quicken. So now I have set up not one but five retirement accounts to download transactions from American Funds. The problems is that there is only one "bucket" of cash to pay for these investments. Where do I put it? For now I created a cash account to transfer deducted cash from my paychecks. I don't know yet whether all five retirements accounts can automatically recognize that cash account as the source for cash. So for now I also have to manually change each transaction to point to the source account for the cash. Dangit! To download all transactions into the same account, try first setting up one account that is NOT setup for online. I'm not familiar with the download for American Funds, not can I look into it since I do not have any American Funds. But try downloading each fund and saving each toi s seperate download file to your hard drive. Then go into your account and click on File, Import Web Connect. A box will pop up with your accoutn listed in it. Select it and the trasnaction for the file you selected should show up. Accept them. Then you have to do this for each downloaded file. The key to it is that you then have to go into Account Setup and remove One Setp Update for the file. Then upload the next file, etc, etc. It is a PITA but better maybe than having an account for each. It's your choice. It may not even be possible with American Funds, but probably it is. I have the same problem with Vanguard. 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