401K Employer Contribution Category just doesn't seem to work

Chet-NYC62

Okay, so I get an employer match to my 401(k) account with each paycheck.   I'm able to categorize the "deduction" to the 401(k) account using the category "Transfer:[xxxx 401(k)].

However, to make sure the net check amount is correct, that contribution needs to be added in as a positive.  The category "_401EmployerContribution" exists for this purpose.  However, it absolutely will not save in the saved transaction I have for my paycheck, and when I try to enter it manually, it asks if I want to create a new category even though it absolutely already exists in the Category List.

What [Removed - Language] is going on?   It is driving me mad.  It is also one of the thousand reasons I also run Quicken Windows (via Parallels) on my Mac... because no matter what, the Mac version just isn't the same or nearly as powerful. 

Jon

I was able to create a "_401KEmployerContribution" category & Quicken let me use it without complaint.

What I would try is creating a new "401KEmployerContribution" category (without the leading underscore) & see if Quicken will let you use that. If that works, then try merging the old category into the new one & then renaming the new one to put the underscore back. That should clear out the old category while keeping your existing paycheck transactions correctly categorized.

jacobs

@Chet-NYC62 In your screenshot, you're showing a transfer from your checking account to the 401k account for the employer match amount, and then an uncategorized positive identical amount to offset that. The uncategorized split is because, as Jon mentioned, the employer match is not a deduction from your paycheck. If you've now changed that uncategorized split to use your "401K Employer Contribution" category, then indeed everything should work accounting-wise. But I agree with Jon that instead of recording the negative and positive splits for the employer match in your paycheck transaction, it would be simpler (and more accurately mirror the real world), if you just created a deposit transaction in the 401k account for the employer contribution.

Chet-NYC62

Yes!  This file did start out as a Windows import.  Thanks for info.  I fixed this sometime back by just creating a new category.  But great to know about all the “underscore” categories.  

Thanks! 

Jon

Your employer match is not a transfer, as the money is not coming from any of your accounts. It should be recorded as a separate deposit transaction in your 401K account; it should not be part of your paycheck at all.

Quicken Mac doesn't automatically have a category called "_401KEmployerContribution", so maybe that came over from Windows as part of your data file? And even if it did, no category is going to make a Transfer not be a transfer, so there's no way it could possibly solve your problem.

Chet-NYC62

Here's what the split looks like.

Why won't that last category recognize "_401EmployerContribution"?    If I'm supposed to just go enter that separately in the 401k Account register, that is truly stupid.   The Windows version gives you the employer match right in the paycheck window... an entire feature that the Mac version is missing.

I will NEVER understand why Quicken decided it was necessary to try an reinvent the wheel with the Mac version instead of just porting over the entire Windows version into a MacOS application.  

Jon

I was able to create a "_401KEmployerContribution" category & Quicken let me use it without complaint.

What I would try is creating a new "401KEmployerContribution" category (without the leading underscore) & see if Quicken will let you use that. If that works, then try merging the old category into the new one & then renaming the new one to put the underscore back. That should clear out the old category while keeping your existing paycheck transactions correctly categorized.

Chet-NYC62

Thanks Jon... that seemed to do the trick.  I didn't bother with the underscore part.  But it seems to be working now. 

jacobs

@Chet-NYC62 In your screenshot, you're showing a transfer from your checking account to the 401k account for the employer match amount, and then an uncategorized positive identical amount to offset that. The uncategorized split is because, as Jon mentioned, the employer match is not a deduction from your paycheck. If you've now changed that uncategorized split to use your "401K Employer Contribution" category, then indeed everything should work accounting-wise. But I agree with Jon that instead of recording the negative and positive splits for the employer match in your paycheck transaction, it would be simpler (and more accurately mirror the real world), if you just created a deposit transaction in the 401k account for the employer contribution.

richakaye

Just ran into the same thing. Entering 3rd paycheck of the year. Noticed that the employer match shows as uncategorized. Scratch head. Check the prior paycheck entry. It's there. Try to type it into the current paycheck. Doesn't show up. Go to the category window and it's there but greyed out. WTF, indeed Quicken...

jacobs

@richakaye The categories in your screenshot beginning with an underscore seem like categories imported from Quicken Windows. Did you migrate at some point? None of the default Quicken Mac categories begin with an underscore; the default income categories are subcategories of Personal Income. (It’s also fine to make your own category, and map it to the correct tax line.)

Chet-NYC62

Yes!  This file did start out as a Windows import.  Thanks for info.  I fixed this sometime back by just creating a new category.  But great to know about all the “underscore” categories.  

Thanks!