401k deposit question

First of all you net paycheck is $80.00 and not $75.00. The company match should have no affect of what is deposited in your checking accounting. If you are using a version of Quicken with a Paycheck Form, the is a spot to enter the employer match of $5.00. This goes to a _401KEmployerContribution (or something close to this) category. At the bottom of the form, you would show -$30 transfer to Schwab. So it would look something like this:

Wages $100.00 _401KEmployerContribution $5.00 [Schwab 401K] $30.00- My Checking Account $75.00

The problem I have is it records twice when it posts automatically at schwab since I already recorded it manually. How do I account for that ?

"Joe" wrote in news:RHcNh.13$ snipped-for-privacy@newsfe05.lga:

When you download transactions into your 401(k) are you seeing cash deposits? When I do this I see "X shares of Fund A purchased at $Y" So my register has the cash entered from my paycheck (say $30) and purchase of the various funds, totalling $30, leaving me with a cash balance of $0.

If you are downloading cash transactions, can you Manually Match them to the transactions you entered via your paycheck?

It shows up as "deposit", and says "journal entry from xxxxxx" with a deposit amount. Is the correct method to do a manual match ? I deposit into a money market fund at Schwab then purchase funds on the 5th and 20th of every month.

It depends on Schwab on how they report to you. If there report the $30.00 as cash, you already have the entry. You either match this to your entry (may not be possible) or you delete there enty and manually clear the $30. If they report the MMF as "shares", you will need to enter an Buy of $30.00 (probably @ $1 share) and then a sale of $30 @ $1 when it gets invested. They might be handling this through some 'memo' type of entries which might not map to a Quicken transaction.

delete their entry and then manually clear the $30.