How do I enter a sell and transfer transaction in a 529 account?

Unknown
Unknown Member
edited June 2018 in Investing (Mac)
I have a 529 account in Quicken Mac 2018. I sold some shares to cover tuition costs. How do I show that? The account shows a sell (which is fine), but now I need to transfer the money to my checking account. 

Comments

  • Unknown
    Unknown Member
    edited December 2017
    Additional info. The 529 account is now showing a cash balance, and quicken has magically made new money.

    For example:

    Lets say that prior to the transaction,

    529 balance = 50,000
    Checking balance = 1,000

    Transfer amount = 10,000

    Should end up with:

    529 balance = 40,000
    Checking balance = 11,000

    What I have is

    529 balance = 50,000
          520 portfolio shows
               shares = 40,000
               cash balance = 10,000
    checking balance = 11,000

    So quicken magically created and extra 10K for me. Wish it worked like that in the real world...

    any advice?

    I'm using quicken premier for mac 2018, build 5.3.2. Mac OS 10.13.1
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited December 2017
    The transactions in the 529 account should look something like this:

    image

    And then the checking account would look like this:

    image

    I'm not understanding how you're seeing what you're seeing. Can you post screenshots of the relevant transactions?
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Unknown
    Unknown Member
    edited December 2017
    @Rick, thanks for the info. I will grab the screenshots and post.

    I'm not able to enter the payment/deposit entry. When I enter it, it gets changed to a sale or a buy transaction.
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited December 2017

    @Rick, thanks for the info. I will grab the screenshots and post.

    I'm not able to enter the payment/deposit entry. When I enter it, it gets changed to a sale or a buy transaction.

    Hi Anant...

    When you create the payment transaction, click the little up/down arrow icon in the Type column and choose Payment/Deposit at the bottom of the popup that appears.

    The Category and Transfer columns don't show by default in an investment account, so you will want to turn those on using menu View > Columns. You can use any Category you want, but Transfer would make sense. Then enter the name of your checking account in Transfer column. It should look like this:

    image
    Quicken Mac Subscription; Quicken Mac user since the early 90s
Sign In or Register to comment.