I track my personal expenses in Quickbooks. The quarterly statement for my 401(k) account shows "Current Period Gains/Losses". How do I record this adjustment in my general ledger? If I have a gain, which account do I credit? Do I debit that same account when I have a loss?

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Originally Posted by bjbucher

I track my personal expenses in Quickbooks. The quarterly statement for my 401(k) account shows "Current Period Gains/Losses". How do I record this adjustment in my general ledger? If I have a gain, which account do I credit? Do I debit that same account when I have a loss?

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You should have an investment account for this investment, create it as a bank account then you will have a register and you can enter debits and credits through the Cheque/Deposit function and reconcile the balance with your statement. You can create an account as an income or expense account i.e. 401k gains/losses under other income/expenses, it is up to you whether you have one account or two and credit/debit the movement. The initial balance will be an adjustment to equity