unofficial microsoft.public.money FAQ and A
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Q) My 401(k) cash account is going negative. How do I enter employer contributions?
A) There are several ways to accomplish this. Which one you should choose depends on whether you want to track the cash in association with your paycheck or not. Probably the easiest way is to schedule a deposit to your 401(k) contributions/cash account in the Bills & Deposits section, the amount and date of which correspond to the match. Use an income category setup to be excluded from tax reports like "Gross Pay:Employer Matching," so these funds aren't factored in to tax reports and Tax Planner calculations.
The disadvantage to this method is that it decouples the match money from your paychecks, which, depending on your plan, may cause problems for things like matching money associated with overtime income.
The more elaborate way that gets the contributions tied to your paycheck--assuming that your plan matches on a pay period basis--but doesn't hose up the Tax Planner--is to enter an income entry on the After Taxes tab (use a negative number--trust me on this) against the "Gross Pay:Employer Matching" or similar, tax-neutral, category. Then do a Transfer of the same amount to the 401(k) contributions account on the next line of the split.
Thanks for Derrick Cole for contributions to this answer.
Please see this disclaimer if you are using Money 2005 or this comment if you are using Money 2006.
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Last update: 10 December 2006 |
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