Recording a Miscellaneous Transaction for Mutual Fund (QW Premier 2020)

mrmanouche

Hello all,

I have read previous questions related to this and attempted to follow some of the answers. I have a mutual fund that levied an "Account Maintenance Fee", which was basically, a removal of x shares from my account. At the time, the direct connect was not working, so it was not recorded in Quicken. So, I need to enter it manually

My approach 1) Do a sale of the shares 2) Record a Miscellaneous Expense.

When I attempt to do #2, I don't see Miscellaneous Expense in the "Enter Transactions" pop up box. I thought it might have changed in the version that I am using, yet I see that there is a solution in the Quicken Help in the application.

So, I have two questions. 1) Is this the correct approach and 2) if it is, where do I record the Miscellaneous Transaction ?

Many thanks.

mrmanouche

Ok, I have more information. I have a number of mutual funds. The specific one that I am working with does not have an option for "Miscellaneous Expense" under "Enter Transactions". All the other mutual funds do. What would be the difference in this specific account ?

mrmanouche

So, the reason was that this specific fund was set up as a 'Single Mutual Fund'. I have changed that and now I can see the option for "Miscellaneous Expense".

My original question still stands. Is my approach the right way to log a account maintenance fee that has removed shares from my account. I apologize. I should have done some more investigation before I posted. Thank you for any advice about the best way to do this.

q_lurker

mrmanouche said:

Ok, I have more information. I have a number of mutual funds. The specific one that I am working with does not have an option for "Miscellaneous Expense" under "Enter Transactions". All the other mutual funds do. What would be the difference in this specific account ?

The difference might be that the account is identified as a Single Mutual Fund account (see Account Details).  You can change that setting to No and get the MiscExp transaction.  

A companion question - if this was a SMF account, where did the cash from the sale go?  To what other account?  You should be able to enter the expense in that account.

Another possibility is that this account has a linked cash/checking account (see Account Details) , in which case, the expense could be recorded there.  (This is basically a variation on the prior paragraph.) 

Jim_Harman

mrmanouche said:

My original question still stands. Is my approach the right way to log a account maintenance fee that has removed shares from my account. I apologize. I should have done some more investigation before I posted. Thank you for any advice about the best way to do this.

The way I enter account maintenance fees is to enter a Sold transaction for the shares then a Misc Expense transaction for the fee.

In the Misc Expense, you have an opportunity to enter a security name. If you do, the expense will reduce the reported performance for the security. If you leave the security blank, the fee will treated like a withdrawal and will not reduce the performance.

The choice IMO depends on whether you think the fee buys something valuable - investment advice or whatever. If so, you should leave the security blank in the MiscExp.