Entering Schwab Wealth Advisor Expenses in Quicken

breace2
breace2 Quicken Windows Subscription Member
edited August 7 in Investing (Windows)

My Wealth Management account in Schwab makes a charge each quarter for their expenses. They show it as a Cash entry but no account to show receiving it.

Quicken wants an account where the money is going. Anyone know a way around that, or a good way to record it?

Answers

  • [Deleted User]
    [Deleted User]

    @breace2 create an expense category for the quarterly charge. It can be anything you want such as

    "Financial Planning:Financial Advisor Fees"

    "Fees & Charges:Quarterly Wealth Mgmt Fees"

    In the Memo field you can add further details about the fees.

  • q_lurker
    q_lurker Quicken Windows Subscription SuperUser ✭✭✭✭✭

    The transaction should not go into Quicken as an XOut transaction which requires an account. A transaction such as MiscExp, Withdraw, or WriteChk is preferable because they are Category oriented.

  • breace2
    breace2 Quicken Windows Subscription Member

    Maybe. It looked like it still wants a Transfer Account, which I don't have.

    I used Miscellaneous Expense as the Transaction name, but seems to be missing something. I'll play with it more…

  • [Deleted User]
    [Deleted User]

    @breace2 a Miscellaneous Expense is usually used for security or fund related expenses. It doesn't allow you to use a payee.

    If you use a Withdrawal transaction, you can use a payee for the fee.

  • q_lurker
    q_lurker Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I used Miscellaneous Expense as the Transaction name, but seems to be missing something. I'll play with it more…

    I was suggesting MiscExp as an Action, not as a “Transaction Name” suggesting a payee.

This discussion has been closed.

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