Tithe in Paycheck Setup
I want a fully automated feature (with customization choices) to handle tithing starting from Paycheck Setup. [Tithing is a statute in the Christian and Jewish religions where a certain percentage of you income is required to be given away - the idea that this money does not belong to you - it is to be given directly to the poor, or to your religious/charity organization.]
- Would you like to set up Tithe for this paycheck? (Yes/No)
- Specify base from which you will be tithing (gross pay, net pay, or include/exclude other multiple elements from the paycheck sections)
- What percentage would you like to tithe? (Defaults at 10%)
- Would you like to set up a ledger Account in Quicken [not an actual account at a bank] in which this tithe will accumulate until you disburse it, or would you like it to be associated with an Expense Category instead?
- If [Account]: Would you like the accumulated tithe in this account to be counted, or excluded, in your Accounts total(s) and/or in your Net Worth? [Some people believe that upon arrival of their paycheck, their tithe no longer belongs to them, but to God, and should not be counted as "spendable" money - Quicken might be able to use existing credit card structure to create this sense of "money owed".]
- If [Category]: Which category should this tithe be associated with? (Option to select existing category or create new category)
- Would you like to set up Automatic Payments and/or Bill Reminders for your tithe? (Or would you rather manually control when and to whom your tithe is disbursed, or both.)
- When they make tithe payments (to organization, or pay for a hotel for a homeless person from checking, for example) they can add [Tithe Account] or the Tithe Category to the category field in the register.
- They are able to include tithing into their budgets
- They can easily see at any given time how much tithe has accumulated so they know how much they still need to disburse. (Needed for those who do not set up Automatic Payments on the full amount of tithe each paycheck.)
- They can give MORE than their allotted %, and they can easily see that they've "gone over".
- FYI Savings Goals will not be sufficient for this.
- I created a Quicken banking account called [Tithe]. It is not associated with a real account at a bank.
- I created a Reminder that coincides with paycheck dates. The Payee is the name of my job. The Category is [Tithe]. The account to use is Tithe. The amount I leave blank until the paycheck comes.
- When the paycheck comes, I go to the Reminder, click Enter. I manually calculate 10% of takehome pay, and put that in the amount field in the reminder. Click Enter Transaction.
- This creates a negative balance in the Tithe account (red) - like a credit card. If it's red, I know I "owe" tithe. I set it up this way so that it will be subtracted from my Banking total and from my Net Worth. I still can see exactly how much money is in Checking, but I can also see that some of it isn't "mine" by looking at the banking total.
- When I write a check to my organization, or purchase something for the needy, I put [Tithe] in the category field. This makes the red value in the Tithe account less negative. If the expense exceeded the amount "owed" in tithe, then the Tithe balance becomes positive. This is where it breaks down, because now the black amount is added to my Banking total and my Net Worth, which is doubly wrong.