Help with Split Transactions and Transfers...

nothingclever

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?

nothingclever

Is there a work around? Potentially creating an adjustment, that won’t be part of my reports…

garysmith87

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

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.