Help with Split Transactions and Transfers...

nothingclever
nothingclever Member ✭✭
I am trying to create a paycheck wizard in Mac, such as there is one in windows.

What I am having issue with is split transactions that are transfers.

For instance, I am trying to using my full paycheck amount, creating a 401k transfer, which then is part of a split in my 401K account and adds to that my employer match.

When I try to do this, quicken creates separate transactions, as opposed to being part of the split transaction.

Is there a work-around to this?

Comments

  • RickO
    RickO SuperUser, Mac Beta Beta
    Normally, you would create the split transaction of your paycheck in your checking account. One line of the split would be the payroll deduction that is transferred to the 401k account, showing up as a single transaction in the 401k. The employer contribution would be shown as a separate individual transaction in the 401k. 

    If your 401k downloads the combined employee and employer contribution as a single transaction in the 401k, ideally you could show in the incoming split amount from your checking account as one line of a separate split transaction in the 401k. Unfortunately, there is no way in QMac to have a single amount be part of split transactions in accounts at both ends of the split. Transfers that are shown as splits always result in non-split single transactions at the other end of the transfer.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • nothingclever
    nothingclever Member ✭✭
    Is there a work around? Potentially creating an adjustment, that won’t be part of my reports…
  • RickO
    RickO SuperUser, Mac Beta Beta
    I think the easiest workaround is in your 401k account, just delete the combined transaction that has downloaded. Then replace that with two separate transactions, one representing your contribution and one representing the employer contribution. The one representing your contribution will be created by the split from your paycheck in your checking account. The one representing the employer contribution you will create manually. Since the combined totals of these two transactions will equal that of the single downloaded split transaction (that you delete), everything will balance and any reports you generate will be correct.

    Yes, this is a bit of a pain. I don't have another suggestion. If the amount is the same from period to period, you can save the manual transaction in the 401k as a scheduled transaction and it will be one click to enter it. Even if the amount changes, saving it as a scheduled transaction will speed up the input. Hope that helps.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • garysmith87
    garysmith87 Member ✭✭✭✭
    I enter the EMPLOYER contribution amounts in the original split line in the checking account...but you need TWO splits.

    The first split is the transfer to the 401K account for the employer contribution amount...and is a negative amount as a deduction.  To counter that and zero it out, you need to create another split line for a positive value for the same amount.  I've categorized this as 401KEmployerContrib.  

    Of course, I also have my EMPLOYEE contribution as a negative amount split to the 401K account, as it is a deduction from my paycheck.  This, along with all the other miscellaneous deductions such as health insurance, dental insurance, flex spending deduction, federal income tax withheld, state income tax withheld and Medicare withheld... results in the net amount of my paycheck.

    In your 401K account, you'll then see TWO entries...one from your contribution and one from your employer contribution.  You'll just need to execute the BUY transactions for the proper securities in the 401K account...either through downloads or manually.  If you download transactions to the 401K account, you may have to delete the downloaded contribution amount...as the total amount may get downloaded as one transaction instead of two separate transactions from the transfers.  

    You can memorize or schedule the paycheck transaction from your checking account...and just modify the amounts/splits if they change for each pay period. 

    And finally, just take care when you create reports as to whether you want to include or exclude those 401KEmployerContrib amounts.  In most cases, I don't want them included.  But occasionally, it's good to see what the total amount my employer contributed, so the report may need to be edited to account for those.  
  • nothingclever
    nothingclever Member ✭✭
    Okay thank you. The only issue I encountered was that a transfer wouldn't really be tracked, so I just created an adjustment category, and I usually exclude adjustments.

    Not sure if this is the best way, but works for now.

    Thanks for the help.