401k Contributions

Robert Lynch

I recently set up my 401k account in quicken 2017.  My provider is ADP retirement services, they do not support direct connect, so I am manually downloading monthly transactions.  

I have had the account since 2008 and I have uploaded all transactions and noticed that the cash balance was incorrect.  In my research I noticed that the contributions I make are not recorded.  I added in all as payment/deposits.  I added in all deposits and all reconciles now.

However, in my reports screen, I am seeing these contributions as line items.  But they should be transfers from my paycheck?  Since my paycheck is recorded in my checking as the net amount, what is the best practice that most users are working with?  Do you gross up the check with taxes, insurance and retirement dollars and create the retirement dollars as transfers to the 401k?  What is done for employer matching?  I cannot include that in paycheck as it is not part of my gross amount?  What is best practice?

I don't mind manually working the balances and / or transfers monthly, but would like to know what is everyone else doing before I begin a project that I may have to change in the future.

Lastly, what is the difference in 2019 vs. 2017?  Is it worth it for me to update yet?  One update I would love is in budgets to allow you to select accounts to remove to account for transfers such as these retirement dollars and automated savings.

Thanks!

volvogirl

jacobs

Robert Lynch

jacobs

smayer97

smayer97

Robert Lynch

jacobs