How to enter employer SEP-IRA contribution into Investments account?

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
Forgive me if someone has asked this before, but I did not find the exact answer I was looking for.

I am using Quicken 2018 to manage my self-directed SEP-IRA account as an Investment account. How do I enter my 2018 SEP-IRA contribution? I know I can use a transaction type of "ContribX", but this requires me to select a Quicken account the funds are being transferred from. I am not transferring them for one of my Quicken accounts--they are coming from my business checking account which is NOT tracked in Quicken. So I need to enter this is a Contribution, not a Contribution and Transfer, but there appears to be no simple "Contrib" transaction type in the SEP-IRA investments account.

Thank you.

Comments

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited October 2018
    I suggest you use a Deposit transaction.

    If you're wedded to having the transaction enterred as a ContribX, you could use an escrow account.  An escrow account is simply a cash account that's used to manage payments.  For example, you enter a Deposit transaction in the escrow account and a ContribX from the escrow account in the SEP-IRA account.
  • Unknown
    Unknown Member
    edited October 2018
    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited March 2018
    Manzil said:

    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.

    Select Enter Transactions and review the Enter transaction: pull-down menu.image
  • Roger M
    Roger M Member ✭✭✭✭
    edited March 2018
    Manzil said:

    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.

    What happens if you open the transaction register, then click on "Enter Transaction" button on upper left?
    image
    Quicken Windows Premier - Subscription **** Windows 10 Home *** Quicken user since 1996
  • Roger M
    Roger M Member ✭✭✭✭
    edited March 2018
    Manzil said:

    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.

    Oops, sorry, Sherlock. Didn't see your previous post.
    Quicken Windows Premier - Subscription **** Windows 10 Home *** Quicken user since 1996
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited March 2018
    Manzil said:

    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.

    R Miller:

    No problem.  There are significant delays in GetSatisfaction's caching.

    BTW, until a subsequent comment is submitted, we have the ability to remove our comment.
  • Unknown
    Unknown Member
    edited March 2018
    Manzil said:

    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.

    Thanks Sherlock and R Miller, that worked. I didn't think to open the Edit Transaction window--was going off the dropdown in the transaction register which, for some reason, doesn't include the "Deposit" transaction type.
  • Roger M
    Roger M Member ✭✭✭✭
    edited March 2018
    Manzil said:

    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.

    Sherlock: Got it. I was thinking of deleting it, but thought I'd leave it there, anyway.
    Quicken Windows Premier - Subscription **** Windows 10 Home *** Quicken user since 1996
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited March 2018
    Manzil said:

    I thought of that, but there is no deposit type transaction in the drop-down for a SEP IRA investment account.

    @Manzil:  From the Enter Transactions, you can also select the "Cash Transferred into Account" option.  That let's you assign the tax year of the contribution, if that is significant for you. 

    By referencing the same account (the IRA account) as the source of the funds, you do not need to be accounting for it as from a different Quicken account.  The cash still gets added to the account.  You might watch for any other unintended consequences from that approach.  That is the same technique the program uses to establish the Opening Balance of accounts, so I think you will be OK with that approach.  
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