Zero out account

My employer changed there 401k administrator and plans. It used to be Hewett now it's TR Price. TR Price updated fine but Hewett still shows a balance and all accounts are there. When I do an update Hewett does not update and I don't have access to them anymore. How do I zero out the account. I don't want to transfer because TR Price is correct. For now I have hidden the account. It's that all I can do. Thanks Jeff

Reply to
Jeff
Loading thread data ...

Funny- I just went through the same thing with Hewitt but it went to Fidelity. Boy, they must be losing big accounts. But I digress (as usual....)

At any rate, I simply disabled the online transfer ability ("remove one step update") to Hewitt, and activated the same account with Fidelity. Kept the same account. I even renamed it since I had Hewitt in the name ("401K Hewitt" is now "401K Fidelity"). Upon reactivation, Quicken even asked me to match the funds since the names where slightly different coming from Fidelity. Ergo, kept the entire cost basis. Pretty slick.

Now, with Fidelity, it actually then downloaded ADDED SHARES at that time; I think that can be handled a number of different ways - I just simply REMOVED the total set of shares per security from Hewitt the same day at the net add from Fidelity and all is well. Might not have been the best way of accounting, but i'll leave that for others. Worked for me.

(One thing I did notice, as an aside, is that Fidelity only tracks with 3 decimal places of accuracy, whereas Hewitt had 6. This is going to cause me a problem. Even when simply looking at the Fidelity website, one multiples they NAV by number of shares hoping to come to fund balance....not even very close. Hewitt was always within a single cent. Fidelity is off by several dollars, the larger the account values, the worse the error in actual dollars. I'd be curious how TR Price does this....pls. report back.)

Reply to
Andrew

Reply to
Jeff

This statement leads me to believe that you sold all your Hewett securities and transferred the resulting cash to TR Price, where you purchased new securities.

If it were me, I would duplicate the real-world experience in Quicken.

Reply to
John Pollard

Reply to
Jeff

Depending on how the balance got into the Quicken TR Price account: modify the existing TR Price transaction to be a transfer of cash from the old account, or delete the existing TR Price transaction and create a new cash transfer transaction.

Reply to
John Pollard

"Jeff" wrote in news:URCfj.228$hS.207@trnddc08:

I'd use an asset account to do a SellX into, then the TR Pice account to do a BuyX from the asset account. Should zero the asset account.

Reply to
Han

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.