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| It is absolutely possible, but how is a MUCH more complicated answer. There are LOTS of possible sccenarios and variations depending on you plan and your desired level of tracking--hence insight and understanding--which needs to be inversely proportional to your willingness to go to the effort to find and/or poke in the data necessary. The basic soup-to-nuts drill from 100,000 feet, assuming the answer to the last two questions was detailed tracking and lots of effort: 1) Setup an investement account to track the 401(k) that represents the real world account. This account will have an Investements register and a cash register. 2) Define Investments that match the ones you are contributing to. This typically will have to be done when you start adding positions in these investments since Money doesn't make it easy to define an investment you aren't creating a position in. This is a very important step and, depending on your plan, can and/or should be done several different ways. The basic BIG QUESTION here is does your plan let you invest in real investment vehicles that are traded on the open market or private derivatives for which you cannot go get a market value quotation. The second not so big question is, if the latter, how does your plan report to you activity? as some number of units at some per unit value or just as value $s. Basically the answers drive you to either a) track real shares in real investments with a symbol for the investment and you can get quotes online to determine value, or b) track shares in some investment for which you can't get quotes, or c) track each investment as something equivalent to a money market fund where the # of shares = the $ value. 3) Setup your Paycheck transactions to account for and transfer your contributions to the Investment Cash Account. This should match you your employer's payroll system does this. 4) Setup (something--lots of possibilities here) to account for and transfer your employer's contributions, if applicable, to the Investment Cash Account. This should match you your employer's payroll system and your plan does this. 5) You should enter investments purchases in the Investment Cash account that "Buy" the Investments that would then be held in the Investment Account using cash that steps #3 and 4 put in the Investment Cash Account. 6) Periodically adjust the accounts to match the statements. There are also several ways to do this but it is important--if you want detailed tracking--to understand and match the plan's mechanics. (E.g., say your employer sits on contributed money for 45 days before sending it on to the plan administrator. You'd need to make sure to recognize this when trying to get your Money accounts to match the plan admninistrator's statements.) There are variations on all of these and more possoible details. (E.g., 401(k) loans.) You can also just create an account with dollars that represents teh total statemtn value on your most recent statement and track no transactions and investments. Again, it depends on your plan and your desired outcome of following it in Money. "Karine" <nospam[at]nospam.com> wrote in message news:B7965FC4-5021-4566-9259-967C55115B53[at]microsoft.com... I have a 401k with an institution that doesn't currently provide syncing capabilities with Microsoft Money. I receive a statement quarterly from the institution that provides my total contributions and gains/losses for the quarter, but doesn't provide any further detail. Is it possible to manually keep track of my 401k in Money using the information provided on my quarterly statement? If so how do I do it? |
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| I have a 401k with an institution that doesn't currently provide syncing capabilities with Microsoft Money. I receive a statement quarterly from the institution that provides my total contributions and gains/losses for the quarter, but doesn't provide any further detail. Is it possible to manually keep track of my 401k in Money using the information provided on my quarterly statement? If so how do I do it? |
| Tags |
| 401k, track |
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