Client requested electronic fund distribution


M

Meebers

Each month my broker does a " Client requested electronic fund
distribution". It is direct deposited into my checking account. When it
is downloaded from Ameritrade into Q, it is listed as a "MiscExp". I am
thinking it should be a cash withdrawl, or something like that?? They may
be thinking it is a MiscExpense to the brokerage account.?
 
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T

TomYoung

Each month my broker does a " Client requested electronic fund
distribution".    It is direct deposited into my checking account.  When it
is downloaded from Ameritrade into Q,  it is listed as a "MiscExp".  I am
thinking it should be a cash withdrawl, or something like that??  They may
be thinking it is a MiscExpense to the brokerage account.?
Not sure what version of Q you're using, but my version (QD2007) puts
"Misc Expense" in the Description box if I leave the Description box
blank when entering a transfer. Since I enter transactions in Q
manually I always make sure to put "Transfer" in the Description box
as it does look odd to label a transfer from one account to another as
Misc Expense. However, what really governs the accounting in Q is the
Action as shown in the Action column of the register. A transfer out
of one account to another will have an Action of XOut.

If this is the situation you're facing then I'd suggest just changing
the wording from Misc Expense to Transfer, or learn to live with it.

Tom Young
 
M

Meebers

Each month my broker does a " Client requested electronic fund
distribution". It is direct deposited into my checking account. When it
is downloaded from Ameritrade into Q, it is listed as a "MiscExp". I am
thinking it should be a cash withdrawl, or something like that?? They may
be thinking it is a MiscExpense to the brokerage account.?
Not sure what version of Q you're using, but my version (QD2007) puts
"Misc Expense" in the Description box if I leave the Description box
blank when entering a transfer. Since I enter transactions in Q
manually I always make sure to put "Transfer" in the Description box
as it does look odd to label a transfer from one account to another as
Misc Expense. However, what really governs the accounting in Q is the
Action as shown in the Action column of the register. A transfer out
of one account to another will have an Action of XOut.

If this is the situation you're facing then I'd suggest just changing
the wording from Misc Expense to Transfer, or learn to live with it.

Tom Young

Q=09H&B. If I go and try to change the "Action" field, I am presented with
2 types of transaction category's. One is Investment transactions and the
other is Cash transactions. Investment transactions are N/A as this is from
cash in the account, no shares/stocks are sold etc. The closest one under
cash transactions is withdrawl, but I must enter a payee which is N/A since
the cash is direct deposited. A transfer is not availiable such as Xout,
which will go from one account to the other. It becomes difficult when I
D/L the deposit from the checking account, would be a double entry?? One
from the transfer and one from the direct deposit. Seems like a simple
thing to do, but having a little trouble...nothing that I can't live with.
Tx for your comments....
 
R

R. C. White

Hi, Meebers.

I have a similar problem with income tax withholding on dividends and
interest in my Merrill Lynch account. (The withholding was required for one
year in the early 1990's and just never got shut off; it provides a small
estimated tax cushion each year so I've just let it continue.) ML withholds
from each income check and sends it to the IRS, just like from a paycheck.
So I have to record both the dividend income and the Transfer to the "FIT
Prepaid" Asset Account that I've created in Quicken.

Quicken knows very well how to handle the download from ML of the dividend
information; that goes into my ML cash balance and into _DivInc. No
problem.

But Quicken always wants to put the withheld tax into MiscExp. When I make
the entry manually, I can show it as a Transfer Out to [FIT Prepaid]. But
when ML downloads the transaction, they always show it as an expense - which
it is not - yet. At least, it is not an expense until I file my tax return
next April and apply the prepayment to the actual tax; until then, it's
still my money being held and protected (and used or wasted) by Uncle Sam.

So I always let ML download the dividend and record the New entry in
Quicken. Then I use a Memorized Investment Transaction in my ML account to
record the tax withheld as an XOut to my checking account. Then, I Match
the downloaded "expense" transaction to my previously-recorded XOut
transaction - and everything is correct.

It's a little extra hassle, but not enough to get upset about. But I DO
wish Intuit would take a walk in the Real (Investment) World now and then.
This goes into my collection of little Quicken hassles, along with the
oft-bemoaned failure to understand Certificates of Deposit - and my newest
gripe with Q2010's Backup: When I click Backup, I can just press
<Ctrl>+<Enter>, as before, to select the destination folder. But now I have
to reach for the mouse to confirm that I want to overwrite yesterday's
backup file of the same name. The default, if I just press <Enter> again -
as I did in Q2009 and earlier - is to Cancel! It's only one additional
step, but why can't I change the default to Overwrite, since that's ALWAYS
what I want?

For your transaction, go ahead and record the transfer manually, using a
Memorized Investment Transaction. Then Match it with the MIscExp
transaction downloaded from Ameritrade. Schedule the memorized transaction
so that it is already recorded, waiting for the Match; otherwise, you'll
have to change it after the download, as you probably are doing now. Until
Quicken learns how to handle downloaded transfers, we're going to have to
deal with this hassle every month, one way or another. :>{

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
(e-mail address removed)
Microsoft Windows MVP
(Using Quicken Deluxe 2010 and Windows Live Mail in Win7 x64)
 
M

Meebers

Thanks R. C. I just entered a Memorized Investment Transaction set for the
15th of the month. Will have to wait until then and see how it works. I am
still using Q2009H&B on my Xp machine but have put Q2010D on my Win7 Machine
and I am still getting used to it. I guess from your comments on 2010
backup, that you are not adding the date to the file name?? I append the
date without issue unless I happen to do another backup on the same date,
then I have to choose overwrite. Ditto on the CD's.

R. C. White said:
Hi, Meebers.

I have a similar problem with income tax withholding on dividends and
interest in my Merrill Lynch account. (The withholding was required for
one year in the early 1990's and just never got shut off; it provides a
small estimated tax cushion each year so I've just let it continue.) ML
withholds from each income check and sends it to the IRS, just like from a
paycheck. So I have to record both the dividend income and the Transfer to
the "FIT Prepaid" Asset Account that I've created in Quicken.

Quicken knows very well how to handle the download from ML of the dividend
information; that goes into my ML cash balance and into _DivInc. No
problem.

But Quicken always wants to put the withheld tax into MiscExp. When I
make the entry manually, I can show it as a Transfer Out to [FIT Prepaid].
But when ML downloads the transaction, they always show it as an expense -
which it is not - yet. At least, it is not an expense until I file my tax
return next April and apply the prepayment to the actual tax; until then,
it's still my money being held and protected (and used or wasted) by Uncle
Sam.

So I always let ML download the dividend and record the New entry in
Quicken. Then I use a Memorized Investment Transaction in my ML account
to record the tax withheld as an XOut to my checking account. Then, I
Match the downloaded "expense" transaction to my previously-recorded XOut
transaction - and everything is correct.

It's a little extra hassle, but not enough to get upset about. But I DO
wish Intuit would take a walk in the Real (Investment) World now and then.
This goes into my collection of little Quicken hassles, along with the
oft-bemoaned failure to understand Certificates of Deposit - and my newest
gripe with Q2010's Backup: When I click Backup, I can just press
<Ctrl>+<Enter>, as before, to select the destination folder. But now I
have to reach for the mouse to confirm that I want to overwrite
yesterday's backup file of the same name. The default, if I just press
<Enter> again - as I did in Q2009 and earlier - is to Cancel! It's only
one additional step, but why can't I change the default to Overwrite,
since that's ALWAYS what I want?

For your transaction, go ahead and record the transfer manually, using a
Memorized Investment Transaction. Then Match it with the MIscExp
transaction downloaded from Ameritrade. Schedule the memorized
transaction so that it is already recorded, waiting for the Match;
otherwise, you'll have to change it after the download, as you probably
are doing now. Until Quicken learns how to handle downloaded transfers,
we're going to have to deal with this hassle every month, one way or
another. :>{

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
(e-mail address removed)
Microsoft Windows MVP
(Using Quicken Deluxe 2010 and Windows Live Mail in Win7 x64)

Meebers said:
Each month my broker does a " Client requested electronic fund
distribution". It is direct deposited into my checking account. When
it is downloaded from Ameritrade into Q, it is listed as a "MiscExp". I
am thinking it should be a cash withdrawl, or something like that?? They
may be thinking it is a MiscExpense to the brokerage account.?
 
R

R. C. White

Hi, Meebers.
I guess from your comments on 2010 backup, that you are not adding the
date to the file name??
Right. I recognize that there are differing valid philosophies on the
subject of dated backups, but I - generally - prefer a single backup for my
current working file.

There's a distinct difference between a backup and an archive. An archive
is something that we should be able to consult a year from now - or decades
later - to reconstruct a picture of how things were at some point in
historical time. These archives should be created after "milestone" dates,
like year-ends or before/after a marriage or other major event; such an
archive should be safeguarded for posterity.

A backup, though, has no long-term value. Its use is to assure that the
current file is usable and has not been damaged or corrupted in some way, or
lost. a recent-but-not-current backup can come in very handy when we
realize that we just made a dumb mistake and wish we could roll back the
clock to yesterday or this morning and "take a mulligan". Once we are sure
that current backup is up to date and functioning correctly, all backups but
the most-current one are redundant and can be deleted.

Quicken's automatic backups provide more than adequate protection for all
but the worst situations. (At least, they did until Q2010. I'm not fully
comfy yet with the new automatic schedule, so my remarks apply mostly to the
default 5 weekly backups that were the norm before 2010. These provided
"mulligans" for over a month's mistakes.) There is no need to put the date
in the filename, since Windows automatically records the date and time that
each file was saved. Since I typically make a manual backup several times a
day, and since each backup takes a lot of space, I could use up a big hard
drive very quickly if I didn't re-use the same space over and over. And the
added disk space used would provide almost zero added protection from my
mistakes.

What are we protecting ourselves FROM with backups? Nuclear war? Computer
theft? Hard drive meltdown? How could date-named backups help protect us
from any of those?

As I said, philosophies vary. This is mine. You are entitled to yours.
;<)

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
(e-mail address removed)
Microsoft Windows MVP
(Using Quicken Deluxe 2010 and Windows Live Mail in Win7 x64)


Meebers said:
Thanks R. C. I just entered a Memorized Investment Transaction set for
the 15th of the month. Will have to wait until then and see how it works.
I am still using Q2009H&B on my Xp machine but have put Q2010D on my Win7
Machine and I am still getting used to it. I guess from your comments on
2010 backup, that you are not adding the date to the file name?? I append
the date without issue unless I happen to do another backup on the same
date, then I have to choose overwrite. Ditto on the CD's.

R. C. White said:
Hi, Meebers.

I have a similar problem with income tax withholding on dividends and
interest in my Merrill Lynch account. (The withholding was required for
one year in the early 1990's and just never got shut off; it provides a
small estimated tax cushion each year so I've just let it continue.) ML
withholds from each income check and sends it to the IRS, just like from
a paycheck. So I have to record both the dividend income and the Transfer
to the "FIT Prepaid" Asset Account that I've created in Quicken.

Quicken knows very well how to handle the download from ML of the
dividend information; that goes into my ML cash balance and into _DivInc.
No problem.

But Quicken always wants to put the withheld tax into MiscExp. When I
make the entry manually, I can show it as a Transfer Out to [FIT
Prepaid]. But when ML downloads the transaction, they always show it as
an expense - which it is not - yet. At least, it is not an expense until
I file my tax return next April and apply the prepayment to the actual
tax; until then, it's still my money being held and protected (and used
or wasted) by Uncle Sam.

So I always let ML download the dividend and record the New entry in
Quicken. Then I use a Memorized Investment Transaction in my ML account
to record the tax withheld as an XOut to my checking account. Then, I
Match the downloaded "expense" transaction to my previously-recorded XOut
transaction - and everything is correct.

It's a little extra hassle, but not enough to get upset about. But I DO
wish Intuit would take a walk in the Real (Investment) World now and
then. This goes into my collection of little Quicken hassles, along with
the oft-bemoaned failure to understand Certificates of Deposit - and my
newest gripe with Q2010's Backup: When I click Backup, I can just press
<Ctrl>+<Enter>, as before, to select the destination folder. But now I
have to reach for the mouse to confirm that I want to overwrite
yesterday's backup file of the same name. The default, if I just press
<Enter> again - as I did in Q2009 and earlier - is to Cancel! It's only
one additional step, but why can't I change the default to Overwrite,
since that's ALWAYS what I want?

For your transaction, go ahead and record the transfer manually, using a
Memorized Investment Transaction. Then Match it with the MIscExp
transaction downloaded from Ameritrade. Schedule the memorized
transaction so that it is already recorded, waiting for the Match;
otherwise, you'll have to change it after the download, as you probably
are doing now. Until Quicken learns how to handle downloaded transfers,
we're going to have to deal with this hassle every month, one way or
another. :>{

RC

Meebers said:
Each month my broker does a " Client requested electronic fund
distribution". It is direct deposited into my checking account. When
it is downloaded from Ameritrade into Q, it is listed as a "MiscExp".
I am thinking it should be a cash withdrawl, or something like that??
They may be thinking it is a MiscExpense to the brokerage account.?
 
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J

JimH

R. C. White said:
Hi, Meebers.
What are we protecting ourselves FROM with backups? Nuclear war?
Computer theft? Hard drive meltdown? How could date-named backups help
protect us from any of those?

As I said, philosophies vary. This is mine. You are entitled to yours.
;<)

RC
RC, I worked in software for a long time. Backups saved me several times.

On one occasion, I found that all of my work for the previous year had
been deleted by a mainframe computer glitch. The system support team
restored the backup, but it turned out to be empty. I knew I had
listings that I had dumped into the confidential trash a few days
earlier. I grabbed the sealed 50 gallon trash can and locked it in my
office just in case. After two days, they finally found a backup from a
month earlier that was reasonably good. They also told me they only kept
a months worth of backups. If that one had failed, I would have had to
resort to the listings or hope that the archive at Iron Mountain could
be restored. I would still have had to figure out all of the updates to
the source code, and re-write them all.

Quicken does it own automatic backups on the hard drive. I never use
them. I consider them worthless.

I backup Quicken daily to a DVD that sits one of my DVD drives all the
time. I create a new directory named for the date, and copy the files
into it. I use Karen's Replicator to automate the entire operation. Each
quarter, I take the DVD to the bank where it sits in my safety deposit
box. I start a new DVD at that time. Each one is labeled with the
beginning and ending date.

The cost is about $.50 per quarter or $2.00 per year. I always have
several backups available in the DVD drive, so if my hard drive or my
computer fails, I can load the backup on another computer, and get going
immediately with recent data. I've done this on at least three
occasions. One was a hard drive failure. One was a computer failure, and
one was a catastrophic Quicken failure that re-installing and Quicken
support could not resolve. Restoring the backup on the second computer
was what convinced Quicken support that is was not a corrupted Quicken
database. I later resolved the problem myself, and used the new DVD
backup from my laptop to restore to my desktop.

The DVD's at the bank take almost no room, so that is not a concern.
They protect me against burglary, flood, fire, or almost any other
catastrophe that could occur. Having multiple DVD's at the bank also
insures that a defective DVD will not compound the problem. I have had
DVD's fail, so that is a real possibility.

The cost is minimal. The effort is minimal, and the security seems fool
proof. One of my responsibilities along the way was disaster planning. I
gained an appreciation of what it took, and how important it is. If my
computer failed, that would be a pain in the neck. If my home burned
down, that would be horrible, but I would rebuild and recover. Losing my
financial record my financial records could take months to recover, and
much of the history could never be restored.

That is my philosophy; maybe overkill, but at a reasonable expense and
effort.
 

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