[GNC] PayCheck, 401k, Accounts Setup Help

[Michael or Penny Novack]

There are other issues involved with the 401k.

You need to decide WHAT information you want from your books and whether 
you want to get into complications like considering the conditional 
nature of some of it << for example, you might only over time be 
"vested" in those employer contributions >>

For example, you might want answers to questions like "what is my total 
effective income" including "virtual" components like not yet vested 
employer contributions to a 401k or "split dollar" insurance policy or 
the buildup of vested pension benefits.

So you might enter as just described by Stan but there are other options 
depending on what you want to see. If you want to see all components of 
income totaled you might want children "taxable" and "non-taxable".

For example, your asset account 401K might have children for "my 
contributions", "employer contributions", "401K gains" << you'd adjust 
here from statements >>  OH, and BTW, if this is going to include a mix 
of pre-tax and after-tax contributions another complication.

You might want income to have a "taxable" and "non-taxable" << the 
latter is for things like the 401k contributions  but could include 
things like the gain in cash value of "split dollar" or present value of 
portable pension contributions, etc.  >> NOTE: if I seem strangely aware 
of the possibility of insurance components of employee compensation, 
well I spent my working days at the of the world's largest  life companies.

Details of how your 401k funds are invested probably do not belong in 
your books << at least not in your main books >>


Michael D Novack