Net paycheck in budget
Chris Anderson
Member ✭✭✭
Is there a way to only budget your net paycheck for the income portion of a budget in QM? QW had a "Paycheck" function that allowed you to do this.
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Comments
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Hello Chris,
To better answer your question, do you have the paycheck set up with the gross amount and then split off different amounts?
There isn't a specific button that does this, but if you have the amount of the paycheck entered into Quicken and have the category for the paycheck in the budget only that amount of income will show in the budget.
-Quicken Tyka~~~***~~~0 -
I enter the gross amount as the “Salary” category then all the various deductions are taken resulting in the net income. There is no category for the net income.0
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Hello Chris,
Thank you for answering that.
I will be changing the post to an Idea as there currently isn't an option to do this in the Mac version at this time.
Thank you for taking the time to come to the Community to make this contribution!
-Quicken Tyka~~~***~~~0 -
Is there a way to do this on the PC version?
I use paycheck wizard too. Looking at the categories, Salary is gross - there is no net salary (after all additions/deductions). A ‘shadow’ net salary would be very helpful for usage in the Budget tool. Otherwise, it requires budgeting out all the individual extra ideas that paycheck wizard tracks. Duplication of work.
Help to see this in the future.0 -
If you go into Manage Categories within your Budget you can see an option to select Paychecks you've set up. This should only display the net income of your paycheck in the budget.0
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+1 on this feature request.
I tried this another way, which ultimate doesn't work either - I created an account for my employer and entered a paycheck as a split. The last split is categorized "Paycheck : Net Pay" and is a transfer to my checking account. Sadly, we cannot budget transfers.
I'd actually prefer this approach because I routinely have some $0 pay stubs for things like RSU releases. I need to put those transactions somewhere so I can do the appropriate splits for taxes and to transfer into the brokerage account.
I'd rather these entries not be in the checking account because they do not appear on the account statement to reconcile.
One alternative would be a mechanism to apply a category to the split remainder.0 -
Now with budgeted transfers, the above works. I create a cash account for my employer and each paystub gets created there as a split with Gross Earnings, all deductions, transfers to 401k, health savings account, and then finally a transfer to my checking account.
I then adjust the budget to include transfers FROM this employer account. I do need to exclude the HSA and 401k from the budget, otherwise the budget does not have the desired effect of tracking net pay.
I still wish it would respect the category applied to the transfer (E.g., Paycheck : Net) and allow me to budget on that instead, rather than the transfer.
Lastly, a scheduled transaction to this employer account always shows up as a Bill, not an Income.0 -
I would love to see this feature implemented. Quicken Mac recently gained the ability to budget for detailed loan payments (where you have a transaction that splits out the principal, interest, escrows, etc.). With the new ability for loan payments, you can budget for the net amount of the loan payment transaction, while still breaking out all the splits in the register. I would love to see the same ability set up for transactions with the “paycheck” category as one of the splits, so that the budget would look at the net amount of these transactions.0
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Hello, when will this feature be available?0
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I've been complaining about this since 2004. It won't happen. Been told it can't be done!0
