401K fees
I have my 401K as a an investment account. The 401K institution gets its fees by selling shares, there is no cash balance. What is the best way to record these transactions?
Thanks.
I have my 401K as a an investment account. The 401K institution gets its fees by selling shares, there is no cash balance. What is the best way to record these transactions?
Thanks.
2 Posted by FatRaiderFan on 01 Feb, 2010 11:15 AM
I use a two step method. First, I enter a "Sell" transaction for each fund within the 401(k) to accurately reflect the redemption of shares. This will cause the Cash Balance to increase and the Number of Shares to decrease. Then I enter one transaction to expense the total fee using the "Xfr-Transfer funds to/from another account" action. This will cause the cash balance to return to the original value (in my case $0.00). I expense these funds to "Investment Expense 401(k)", but you could use any expense category you like.
The attached file shows how to do it.
Support Staff 3 Posted by Ben Spencer on 02 Feb, 2010 08:28 PM
You could even do it in a single step by entering a SellXfr transaction for each sale. This will allow you to specify which securities are being sold and specify in the same transaction where the cash from the sale would go. i.e.directly into an expense category.
Ben Spencer
4 Posted by tripkhalaf on 02 Feb, 2010 08:59 PM
Thanks. That was what I needed.
Could I make a request? In the next upgrade, could you put the stock
symbol to the left of "price" in the portfolio view?
TK
Support Staff 5 Posted by Ben Spencer on 03 Mar, 2010 06:41 PM
I created suggestion ticket for your suggestion. Here is the link to the ticket:
http://moneydance.com/trac/ticket/2694
If you register and log into trac you can vote on tickets.
Sincerely
Ben Spencer
Ben Spencer closed this discussion on 03 Mar, 2010 06:41 PM.
Angie Rauscher re-opened this discussion on 25 Aug, 2010 08:52 PM
6 Posted by cornellflip on 04 Jun, 2012 04:48 PM
Hi!
Per Ben's suggestion (Post #3) I'm trying to use SellXfr to record sales of fractional mutual fund shares used directly to pay 401k fees.
I'm having trouble getting things working the way it seems like they should. Would someone please post a screenshot of a dummy transaction for me? ("Dummy" as in "I can't believe I can't get this to work"!)
Much appreciated.
Support Staff 7 Posted by Angie Rauscher on 04 Jun, 2012 06:10 PM
I surely can! The screenshot attached should make it all clear, but if you have any other questions don't hesitate to ask.
Angie Rauscher
Moneydance Support
8 Posted by cornellflip on 04 Jun, 2012 07:51 PM
Much obliged, Angie Rauscher!