401k Employee Contribution / Employer Match not posting
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gabotuit
Member ✭
Hello,
Whenever I register a paycheck sometimes it only shows one transfer in the 401k account. If I change it, it only shows the last one I edited. This is creating a cash balance mismatch. How do I make Quicken to post both Employee and Employer contributions??
Whenever I register a paycheck sometimes it only shows one transfer in the 401k account. If I change it, it only shows the last one I edited. This is creating a cash balance mismatch. How do I make Quicken to post both Employee and Employer contributions??
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Answers
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Hi @gabotuit
Typically, most folks will use two transactions to effect contributions - one to record the payroll transaction - which includes your contribution amount, and a second entry to record your employer's matching contribution.
Using two transactions is a little more work but it actually makes it easier to make sure that you can follow the activity in the account, especially since the timing of employer contributions doesn't always happen with the timing of the payroll transactions. In addition, if there's a limit to the match, once that is hit, you don't have to make the second entry.
Let mw know if you have any followups.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
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How do you have it setup in the Paycheck reminder?
It should look like this:
Note the Edit button(s) for the contribution brings up this dialog:
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