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Adding missed deposits after doing an Update my 401K Holdings function

After completing the Update my 401K Holdings for the most recent quarter I realized I had forgotten to add the employee and employer contributions. Now I cannot go back in to add these. When I go back through Update 401K Holdings it says I have already updated the account with a more recent statement (that being the quarter I just entered). How can you add missing deposits after you update?

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    So the way these types of transactions are usually entered into Quicken are the periodic (usually weekly, biweekly, or monthly payroll transactions - for the withheld portion of the 401(k) addition and through manual input of the employer payments) entries on a regular basis.  They can be manual or downloaded entries, and they vary by Quicken user so I don't know how you've done these in the past.  But you do need to get them entered one way or another if you want the information for this account to be complete and accurate in your Quicken file.

    The reason that the "stocks themselves are already updated to reflect the current share balances" is because you allowed Quicken to "plug" (to use a technical accounting term) the balances before all entries were present.  That's why you either need to go forward and leave things as they are or revert to a backup and make the entries in the account.  The choice is yours,

    Frankx


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Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @Shenmeqi,

    You should still be able to add those transactions into the Quicken account register for that particular account.  You should enter them with the actual dates of each transaction that you had previously missed.  Once you get all the transactions entered, go back and do the Update process again.

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited January 3
    Okay, then you should revert to a backup copy of your file from before your did the premature "Update my 401K Holdings".  And then follow the above instructions.

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
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  • Shenmeqi
    Shenmeqi Member
    Can you be more specific. Do I enter them as a manual transaction using the Enter Transaction button? If so, what do I classify them as, a deposit? That won't add them to some sort of cash deposit in the account. The stocks themselves are already updated to reflect the current share balances
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    How are you entering your paychecks?  One of the deductions should be a transfer to the 401K account to build up the cash.  Then you enter or download the buys it should use the cash.  Is the cash balance going more negative?
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    So the way these types of transactions are usually entered into Quicken are the periodic (usually weekly, biweekly, or monthly payroll transactions - for the withheld portion of the 401(k) addition and through manual input of the employer payments) entries on a regular basis.  They can be manual or downloaded entries, and they vary by Quicken user so I don't know how you've done these in the past.  But you do need to get them entered one way or another if you want the information for this account to be complete and accurate in your Quicken file.

    The reason that the "stocks themselves are already updated to reflect the current share balances" is because you allowed Quicken to "plug" (to use a technical accounting term) the balances before all entries were present.  That's why you either need to go forward and leave things as they are or revert to a backup and make the entries in the account.  The choice is yours,

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • Shenmeqi
    Shenmeqi Member
    I figured out which categories to use by looking at the older transactions. It allowed me to input the contributions but still will not allow me to do the updating process again. The stock holdings updated when I did the update initially. Not sure how it did that without any deposits being input but it did somehow so the share balances of the individual securities are correct.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    @Shenmeqi,

    You said: Shenmeqi said:
    Not sure how it did that without any deposits being input but it did somehow so the share balances of the individual securities are correct.

    Well that is progress.  The good news is that as long as you've entered the transactions correctly, and continue to do that going forward, the account in Quicken will track reality.  

    Here's some information on the "401k Update procedure" that you need to be aware of going forward - LINK.

    Good luck.

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
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  • Shenmeqi
    Shenmeqi Member
    I saw some comments about linking my paycheck to show the employee contributions into the account. I had been entering everything manually. When I go through the Update 401K Holdings function there is a screen that asks for Employee, Employer and Other Contributions. I had been entering there and when I started doing so through the paycheck midstream it seemed to cause problems so I disconnected the paycheck entry from the 401K account.

    It may not be completely correct and it could be that the accounts will have issues when I start withdrawing because the data won't be correct but it reflects the correct share balance for each security so perhaps not.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi again @Shenmeqi,

    So, when one switches methods of input, and/or also uses a function such as 401k Holdings (the result of which function is only to make sure that the account's total shares and total value agree to the totals as reported as of certain date by the FI administering the account) it means that there may not be complete transaction by transaction history in the account.  But the good news is that the account balance will accurately reflect what the FI has in its files.

    For a 401k account this doesn't present as many potential problems as would a non-tax advantaged account (like a regular (taxable) brokerage account) because the bottom line is that all distributions from a 401k are taxable distributions as ordinary income.  And if you are interested in knowing other stats on how individual funds are performing, or the breakdown between employer versus employee contributions, the fund company will likely provide this on their website.  So I believe that you should be okay on the withdrawal end.  The only potential problems would be on the issues of whether all proper withholdings from your paycheck and proper employer matches have actually made their way into the account.

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
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