Retirement Payments

[ThomasK]

Hi Mark,

In Canada we have to convert our retirement accounts from RRSP's to RRIF's (Registered Retirement Income Fund).

Annualy amounts must be taken out and cannot be put back in.

How best to record the money out? Sometimes securities/bonds need selling to arrive at a cash holding that the bank can then transfer to a chequing account. In either case, the funds would come out of "CASH" and thus the transaction needs to reduce the default cash account.

Thanks,
Thomas
p.s. could this become a "User-defined" data type?

[Mark]

Hi Thomas,

The "user defined" fields you're looking at are for distributions. This sounds like it should just simply be a sell of cash.

If you sold some securities, record those sell transactions, and the money will automatically be put into your default cash account (via a Buy transaction). When you take the money out, record a sell of cash.