Incorrect Transfers

JCO -

This is not an error and does not have anything to do with your upgrade to Q2008. In the real world these are two transactions. The Mutual Fund receives the money (transaction 1) and then it invests it (transaction 2).

In my world - often my 401(k) receives the money and invests it before I receive the direct deposit of my paycheck in my bank.

I'm not sure how to respond to you answer. I get my check every Friday and it shows all of the transactions. I enter my gross amount (which many folks do not do) and underneath I enter all of the deductions and/or transfers to other accounts. At any instant, I can do a report and know exactly how much taxes has been removed and how much transferred to other (Quicken) accounts such as my Mutual Fund. True, the actual mutual fund may not make record the investment until the following Monday, but I see that as irrelevant as long as I reconcile the amount every Quarter or so. This is not the point of my post.

Every thing worked fine with the transfer went into 401k-a but when I created this new transfer account, 401k-b the error began. I can't see what the difference between the two Quicken accounts are, the weekly transfer worked okay before (for 15 years) and now it does not (as explained in my previous post).

Thanks very much for your help

JCO...

I think your problem lies in the fact that you are trying to use the 'BoughtX' transaction instead of the 'Bought' transaction. Definitions are below:

Bought: Purchase of a security with cash in the account. BoughtX: Purchase of a security with cash transferred from another account. This type of transaction does not impact the cash balance of the current account.

As Oilcan mentioned, it's two transactions. The XIn transaction moves the money from you paycheck to your 401k account. The 'Bought' transaction actually purchases the equity (x shares at $y amount).

On the day you get paid, you should see your Cash Balance increase by the amount of your XIn transaction. Then, when the equity is purchased, your Cash Balance should go back to zero (assuming you don't have any cash holdings).

Hope that helps,

Dave

I think the situation you had in your old 401k account was the result of a bug in Quicken, a bug which no longer exists.

At one time, it was possible to create a tax deferred Single Mutual Fund account in Quicken, then "convert" that account to a

A Single Mutual Fund account can not hold cash, and any transfers of cash from another account into a SMF result in a BoughtX transaction in the Single Mutual Fund account.

Newer versions of Quicken have corrected the bug, and to the best of my knowledge, you can no longer create a 401k account that has SMF characteristics.

Which is just as well because a SMF can not duplicate the actual activity in a real-world 401k account, and couldn't even come close for most 401k account holders. [Just one minor example: the 401k account in my household doesn't make purchases until at least 6 days after the paycheck is deposited. That allows transfers of cash into the 401k to occur in one statement period while the purchases made with that cash occur in the subsequent statement period.]

So your saying, because the bug is fix... That my initial transfer, that occurs every Friday from my paycheck, should go to an interim cash account, then the day of the actual Mutual Fund purchase, I should make the transfer from the cash account to the Mutual Fund?

Is that correct?

I didn't say that, but that is one way to approach the situation.

You only need worry about the delay between paycheck deposit and security purchase if you are creating a transfer from your paycheck that causes a BuyX transaction on the same date as the paycheck.

If your 401k account is not a Single Mutual Fund account, then it can hold "cash". So your paycheck transaction can transfer cash to the 401k account on Monday (creating an XIn transaction in the 401k account which will increase the 401k account cash balance), and your 401k account administrator can purchase your security on Friday (creating a Buy transaction that will reduce your 401k account cash balance).