401K Moved from Hewitt to Fidelity

My company moved our 401k from Hewitt to Fidelity Netbenefits. I had both set up to xfer electronically in quicken 2007 deluxe windows. i created the new fidelity acct and it successfully connected to fidelity and imported the transactions. but how do i clear it out of the hewitt account, or modify these quicken txns to show that they came from hewitt? right now my assets are overstated because both accts have that same amount. TIA

Reply to
JerryC
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The easy way (perhaps not the best way) is to do an Remove Share transaction from Hewitt. Do it for each fund and the balance should become zero.

A better way - which I have done over the years - is to stop the download from old company and started the download from the new company into the same Quicken Account. You would need to delete any Transfer Out / Transfer In (Remove or Add Shares). This way you would retain your history in one account.

Reply to
Oilcan

Your problem started when you didn't consider the ramifications before you Accepted downloaded transactions.

There is no way that any financial institution could know whether, or how, you had setup your Quicken accounts ... and no way they could effectively address the situation even if they knew.

You need to understand how Quicken works, and how Quicken interfaces with the real world.

The way to approach your situation in Quicken is to "sell" all the holdings in the "old" account, "transfer" the resulting cash to the new account, and create (or Accept) Buy transactions in the new account ... duplicating what happened in the real-world.

[If you believe you have a problem relating to Quicken thinking you are making a "contribution" to the "new" account; there is a way to overcome that.]
Reply to
John Pollard

Thanks John. I realize I screwed up now. I should have posted *before* I downloaded the new transactions and gotten advice here.

So now that the damage is done, can I use your technique below and just delete the downloaded transactions? Won't get get me back to fairly good shape?

If not, maybe I'll just do what oilcan said, it sounds simple, even though I'll lose the continuity of my history for this fund.

Thanks....

Reply to
JerryC

Yes, you can delete the downloaded transactions in the new account, sell the securities in the old account and transfer the cash to the new account, and buy the new securities there.

Quicken wants to treat the transfer of "cash" into a retirement account as a "comtribution". I don't know all the ramifications of that in your situation, but I know how to avoid it.

When you sell all the securities in the old account, use the resulting "cash" to purchase a dummy security in the old account, call it "Dummy Cash", or "Cash Transfer" or some such. Then use the Quicken "Shares transferred between accounts" transaction to transfer that dummy cash security to the new 401k account. Then sell the dummy cash security in the new 401k account to generate the actual cash to purchase the other securities.

Reply to
John Pollard

Hi Jerry!

John recommendation is correct on the way to get you out of your nightmare. For my personal needs - I prefer to keep it in the same Quicken Account. With my case, in 25+ years with my company, my employer has changed 401(k) admin three times - each resulting in transfers (Employer (I suspect this was admin by Wells Fargo) to State Street, State Street to State Street - Citi, and now Vanguard).

As I said >> So now that the damage is done, can I use your technique below and

Reply to
Oilcan

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