401k deposit question

I am trying to figure out how to properly account for 401k earnings when I receive my paycheck that goes into my checking account every two weeks.
For simplicity, let's say
Paycheck = 100 less 401 k = (20) less company match (5)
Total Deposit = $75 into my checking account
The $25.00 I receive from my 401k gets automatically deposited in my Schwab account one week later. I am set up for automatic downloads in Schwab, so it shows up as a deposit.
My question is how do I properly account for it in my checking account? I used to account for it as a transfer to my 401k account, but now that I'm doing automatic downloads, the prior method won't work.
Thanks
Reply to
Joe
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 $75.00
Reply to
Oilcan
The problem I have is it records twice when it posts automatically at schwab since I already recorded it manually. How do I account for that ?
Reply to
Joe
"Joe" wrote in news:RHcNh.13$ 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?
Reply to
Porter Smith
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.
Reply to
Joe
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.
Reply to
Oilcan

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