I have set up a paycheck transaction in Quicken. All seems to work fine, except that the employer match (SIMPLE IRA) shows up in reports as uncategorized. Both my contribution and the match are shown in reports as transfers from my employer to the SIMPLE IRA account. So something is off here, but I'm not sure how to fix it. Any ideas? Thanks,
Nothing is wrong. Both your contribution and your employer's contribution are, in fact, "transfers" to your IRA. [Odd that you did not quibble about "your" contribution showing up as a "transfer".]
Because you have neglected to provide the year of your Quicken version, I can't tell whether there could be some minor difference in the way the transactions appear from my observations; but in my experience, Quicken treats paycheck "contributions" to retirement accounts correctly. [Many users mis-interpret the "categorization" of Quicken retirement account contributions.]
The most important place to look is in the Quicken "Tax Schedule" report.
nbettencourt had written this in response to
------------------------------------- Ross Payne wrote:
I have recently been attempting to move all of my financial info from Money to Quicken. The default settings during import have caused endless headaches, and the problem you describe is one of them. After about two hours of trying different things, I have figured out that the employer match will show up as uncategorized no matter how you change your paycheck settings. The key is to make sure the account you are moving the funds INTO is correctly recognized by Quicken. For example, I have been trying to set up my 401k contributions & employer match. The account detail for my 401k account had been imported into Quicken with the following settings (as seen in the Setup tab): "Show in" "Investing Tab" and "Used for" "Investing." I changed the "Used for" to "Retirement," but still no luck. Then I tried setting up a new account. When I selected account type "Investing/Retirement," I had the option to select an account sub-type. That is, Quicken requested an "Investment Account Type," and I chose "401(k) or
403(b)." Now, when I transferred my contributions & employer match to this new account, the employer match was no longer uncategorized. Hallelujah. Now I just need to figure out how to get all the transaction detail from the old to the new account. Yuck. I am not sure for the SIMPLE IRA that you have what would be the correct account sub-type, but if you play with these particular account settings, I am sure you will be able to resolve the issue of the uncategorized employer match.##-----------------------------------------------## Newsgroup Access Courtesy
You can change a Quicken standard brokerage account to an IRA or a 401k by first telling Quicken that the account is "tax-deferred"*, then clicking the resulting link, "Convert to a 401k or IRA?"**.
[*To make a Quicken investment account "tax-deferred", click "Options" in the Overview tab, Account Attributes title bar and put a check mark in "Tax-Deferred or Tax-Exempt Account".] [** Found in the "Account Type" field in the Account Attributes pane on the Overview tab of the account.]To move transactions from one Quicken investment account to another, you can: manually add them to the new account; Cut/Paste them, one at a time; or export the FROM account to QIF, modify the QIF file with Notepad, then import the QIF file into the TO account***.
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