Converting a Savings Account to 401K Account in QM19

User251646

I have a 401K in QM2007 that was modeled as a Bank account (no 401K type in the old days). When I imported into QM19 Deluxe version 5.11.2 (MacOS 10.14.6 Mojave), my 401K Bank account was converted to a Savings account. Since QM19 supports a 401K account type, I wanted to change my QM19 401K Savings account into a QM19 401K account, but I can't find a way to make this happen. I tried a) changing the account type directly, but 401K is not an option I can select; b) creating a new 401K account type, but QM19 would not allow me to move the transactions from the Savings account to the 401K account. Is there a way to do this? Is there any benefit to changing from a Savings account to a 401K account other than having the account grouped under Retirement instead of Savings?

Thanks, Will

John_in_NC

No, you can't switch a cash/credit account to an investment account.

A 401k normally won't have a cash balance-it will reflect the shares of securities you own to create your current balance. Even if all your $ were in cash equivalents, in still is likely held as shares of a money market fund.

So, this make me wonder what you did in the old days: Did you create cash transactions in a savings account to represent your current 401k balance?

You're fine with the savings account approach, then you can certainly leave it as that. As you pointed out, it won't show up under retirement.

If you want to have it be reflected as a true 401k account, then you will want to set it up as one, and let it download the shares held of each security to build your balance. You would then hide/delete your older savings account. If the 401k doesn't offer download activity, you could manually enter the shares held.

John_in_NC

No, you can't switch a cash/credit account to an investment account.

A 401k normally won't have a cash balance-it will reflect the shares of securities you own to create your current balance. Even if all your $ were in cash equivalents, in still is likely held as shares of a money market fund.

So, this make me wonder what you did in the old days: Did you create cash transactions in a savings account to represent your current 401k balance?

You're fine with the savings account approach, then you can certainly leave it as that. As you pointed out, it won't show up under retirement.

If you want to have it be reflected as a true 401k account, then you will want to set it up as one, and let it download the shares held of each security to build your balance. You would then hide/delete your older savings account. If the 401k doesn't offer download activity, you could manually enter the shares held.