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

Chet-NYC62
Chet-NYC62 Member ✭✭✭
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. 

Best Answers

  • Jon
    Jon SuperUser, Mac Beta Beta
    edited January 5 Answer ✓
    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.
    Quicken Mac subscription. Quicken user since 1990.
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Answer ✓
    @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.
    Quicken Mac Subscription • Quicken user since 1993

Answers

  • Jon
    Jon SuperUser, Mac Beta Beta
    edited January 5
    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.
    Quicken Mac subscription. Quicken user since 1990.
  • Chet-NYC62
    Chet-NYC62 Member ✭✭✭
    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
    Jon SuperUser, Mac Beta Beta
    edited January 5 Answer ✓
    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.
    Quicken Mac subscription. Quicken user since 1990.
  • Chet-NYC62
    Chet-NYC62 Member ✭✭✭
    Thanks Jon... that seemed to do the trick.  I didn't bother with the underscore part.  But it seems to be working now. 
  • jacobs
    jacobs SuperUser, Mac Beta Beta
    Answer ✓
    @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.
    Quicken Mac Subscription • Quicken user since 1993