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For employer sponsored 401k accounts, you have to download a transaction file from their website and import it into Quicken. You can do this by going to your Principal.com account and signing in, clicking the "Overview" tab, then selecting "Account History" from the menu that pops up.
The detail screen @ Principal does not reflect the register for the same account on Quicken so the balance is not the same. I either messed it up at account creation or the Quicken program can not compute the accounting needed for what Principal downloads.
I have been tracking a 401k account for a few years. i recently realized it hadn't downloaded updates in several months. I went to the account and tried to download but all it would do was go to the Principal Financial webpage and so nothing - even if I was logged in. I tried to deactivate downloads and then reactivate them.
If you max out a crappy 401k today, you might miss a better opportunity to contribute to a 401k in the future. Big expenses could pop up at exactly the same time you get better investment options. Side note: if not enough employees participate in the 401k, the principals won't be able to take full advantage of it themselves.
So, to answer your question...YES, you'll have to manually enter the buy transactions in your 401K account. And the "separate accounts" setup in his Principal 401K account is sure to be a huge problem as well.
However, in my 401k many funds are ~1.4%. One of the lowest expense ratio funds I could find was the "LargeCap S&P 500 Index Separate Account-R3" which has an expense ratio of 0.73%. I was also able to get a small and mid cap fund with a similar expense ratio.
I’ve tried both: Principal Financial Funds and Principal Funds (it’s the same url address). Regarding contacting the financial institution, I am able to access the login successfully. Also, I recently changed password to shorten it to 16 digits. Successful with Principal; no luck with Quicken.
I have just opened a 401K account with The Principal. I have followed the directions for a QFX download which worked well. The account in Quicken is showing a balance of -$.51, which is the difference between the value of the two funds in the account and the amount of monies I have actually deposited for the purchase of those two funds.
I have had my 401k with Principal Financial connected to Quicken for the last few years with relatively no issues (the feed did not bring in transaction details but updated the portfolio correctly). Well, this stopped a few weeks ago..
We have two Principal 401(k) accounts (both spouses) set up in Quicken. The first is linked online via Web Connect and works as expected when I download from the Principal site (wish they would support Direct Connect). When I attempt to link the second, Quicken tries to create a new account and will not link to the existing second account.