How do I track my employer's 401(k) matching contribution if I haven't set up my paycheck?
Many companies contribute matching funds to their employees' 401(k) plans. If you've included your employer matching contributions in your Quicken paycheck setup, a special category has already been created to track these funds. If you've not yet set up your paycheck in Quicken, you can track these contributions separately from your own contributions in an investment or asset account.
If you're using an asset account to track your 401(k), you can either enter the contribution as a split transaction, with your contribution and your company's contribution as separate items in the split, or as separate transactions.
If you're using an investment account to track your company's contributions, follow these steps.
If you're using an investment account to track your employer's contributions, do the following for each contribution:
- Open your 401(k) account.
- Enter your employer's contribution as an income transaction.
- Enter your employer's contribution as a Buy transaction.
- Enter your own contribution as a Buy transaction.
Notes
The easiest way to capture your employer's contribution to a 401(k) account is to set up a paycheck transaction in Quicken.
If you're using a 401(k) account, you'll capture your employer's matching funds during the update process, even if you haven't set up a paycheck transaction.