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401k Account Set Up If Not Tracking Investments / Shares

Paul Schwartz
Paul Schwartz Member ✭✭
edited June 2018 in Investing (Mac)
So if I don't track individual funds / investments for my 401k account, should I set up this account up as other than a 401K account in Quicken Mac 2018?  In Quicken 2007, I had my 401K set up an Asset account, but am not sure I could set it up a a 401K in Quicken 2018 as that account type seems to require tracking at a per fund / investment share level.

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    edited November 2017
    If you just want to have a placeholder for total value, then you could just update an asset account periodically. Or you could do the same setting it up as a 401k. Depends on which sidebar group you want it included in.

    On the other hand, if you download from a brokerage, it can be pretty painless to let the 401k keep track of individual share holdings and transactions.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Paul Schwartz
    Paul Schwartz Member ✭✭
    edited February 2018
    Rick, I’d like to have it show up under the retirement sidebar, so can you further explain “or you could do the same setting it up as a 401k”? I’d like to just have a placeholder for “total value”, but it seems that approach would require me keeping it as an asset. Can you explain how to just have a placeholder for total value setting it up as a 401k . . . or am I miss understanding your reply? Ssems like if I want it set up as a 401k I’d have to set up downloads.
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited December 2017

    Rick, I’d like to have it show up under the retirement sidebar, so can you further explain “or you could do the same setting it up as a 401k”? I’d like to just have a placeholder for “total value”, but it seems that approach would require me keeping it as an asset. Can you explain how to just have a placeholder for total value setting it up as a 401k . . . or am I miss understanding your reply? Ssems like if I want it set up as a 401k I’d have to set up downloads.

    Easy... create a 401k account in Quicken. When the Add Account window comes up, click Options and then Manual.  

    Enter one and only one transaction in the account. That transaction would be a Payment/Deposit transaction with the amount equal to the total account value. The category can be Balance Adjustment and the Payee can be Opening Balance. When the account value changes, just edit the transaction and change the amount to the current value.

    It would look like this:

    image

    The amount value of $12,345.67 will appear in the sidebar under Investing > Retirement.

    If you want to record the quarterly changes, then instead of editing that first transaction, you could put in additional Payment/Deposit transactions (category Balance Adjustment) to reflect the quarterly account value change shown on your statements.

    If you further want to record the contributions, you could show those deposits separately, either directly into the account (employer contributions) or as transfer transactions from your paycheck in your checking account (employee contributions).

    Essentially you're just treating the 401k as a cash holding account labeled as a 401k. There's no problem doing it that way if that's what you want. 
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Paul Schwartz
    Paul Schwartz Member ✭✭
    edited November 2017

    Rick, I’d like to have it show up under the retirement sidebar, so can you further explain “or you could do the same setting it up as a 401k”? I’d like to just have a placeholder for “total value”, but it seems that approach would require me keeping it as an asset. Can you explain how to just have a placeholder for total value setting it up as a 401k . . . or am I miss understanding your reply? Ssems like if I want it set up as a 401k I’d have to set up downloads.

    OK  Thanks!
  • Unknown
    Unknown Member
    edited December 2017

    Rick, I’d like to have it show up under the retirement sidebar, so can you further explain “or you could do the same setting it up as a 401k”? I’d like to just have a placeholder for “total value”, but it seems that approach would require me keeping it as an asset. Can you explain how to just have a placeholder for total value setting it up as a 401k . . . or am I miss understanding your reply? Ssems like if I want it set up as a 401k I’d have to set up downloads.

    Hey, RickO, what if the Category doesn't show up in the transaction line fields, just the Security/Payee and Description fields?
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited December 2017

    Rick, I’d like to have it show up under the retirement sidebar, so can you further explain “or you could do the same setting it up as a 401k”? I’d like to just have a placeholder for “total value”, but it seems that approach would require me keeping it as an asset. Can you explain how to just have a placeholder for total value setting it up as a 401k . . . or am I miss understanding your reply? Ssems like if I want it set up as a 401k I’d have to set up downloads.

    John, I'm not exactly sure what you're asking. If you just want the Category column to show and it is not currently, just click menu View > Categories > Category to checkmark that column and it will appear in the register.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited December 2017

    Rick, I’d like to have it show up under the retirement sidebar, so can you further explain “or you could do the same setting it up as a 401k”? I’d like to just have a placeholder for “total value”, but it seems that approach would require me keeping it as an asset. Can you explain how to just have a placeholder for total value setting it up as a 401k . . . or am I miss understanding your reply? Ssems like if I want it set up as a 401k I’d have to set up downloads.

    I'm a rookie. I was in the balances section, not the transactions section. I'm an old Q2007 guy. Thanks for getting back.
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