Home Quicken for Mac Product Ideas - Quicken for Mac Manage Accounts and Transactions (Mac)

Allow a category for split balance

When creating a paycheck as a split transaction in order to track tax withholdings and other deductions, one creates splits for earnings (Gross Pay, Bonus Pay, etc) and for deductions (Medical, Dental, Federal Tax, Social Security, etc).

The balance of the split transaction is the Net Pay, though there is no way to categorize it as such.

Instead, move the split icon to its own column (see my other feature request "Add disclosure triangle to show/hide detail of a split transaction"). Then, in the category column, show "Split" as is done now, in grey (to indicate it is a default value). However, allow the user to provide a category for the transaction to be applied to the balance remaining from the split.

Thus, a user could then categorize the paycheck balance as "Paycheck : Net Pay" or similar, and budget for this amount without the need to fully budget all paycheck deductions.

Similarly, for those who record a Mortgage payment as a split, this might provide a way to provide an aggregate category for the total of the payment.

I.e., my mortgage payment is recorded as a split with 3 transactions:

- Transfer:[House Escrow] / Transfer to House Escrow
- Home:Mortgage Principal / Transfer to BofA Mortgage
- Home:Mortgage Interest / Transfer to BofA Mortgage

If the split were categorized instead as "Home:Mortgage Payment", then it could be budgeted as a single item. However, this sort of thing would require additional logic to ensure there is no double counting in reports.
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  • NotACPANotACPA SuperUser, Windows Beta Beta
    Some terminology needs to be clarified here.
    - Transfer:[House Escrow] / Transfer to House Escrow
    - Home:Mortgage Principal / Transfer to BofA Mortgage
    - Home:Mortgage Interest / Transfer to BofA Mortgage
    In Q, a "Transfer" is from one account, managed in Q to another.
    SO, your Escrow is indeed a Transfer, and you show it as such with the Square brackets.
    BUT, the Principal payment is ALSO a transfer and, likewise, should be in Square brackets.  Do you have your mortgage loan set up in Q?
    Lastly, your interest payment is an Expense ... NOT a Transfer ... but you have shown it correctly as not having Square brackets ... it's just the description that's misleading.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • phellerpheller Member ✭✭
    Hi, thanks for your response.

    Yes, I have setup my mortgage in Quicken, and linked it to the bank account. And after reviewing the setup, there was definitely some confusion. I was not using the payment that the mortgage account setup, but rather one that I created on my own. I've fixed that and it's aligned with what you describe.

    Nevertheless, I think the original feature request is still valid. Specifically, you can't budget transfers, so with this payment setup like this, you can only budget your Mortgage Interest payment.

    If you could assign a category to the balance of a split (be it "Paycheck : Net" or "Home : Mortgage Payment", etc) and if the balance of the split was thus visible to the budget on that category, it would simplify budgeting for those who want to track splits for tax purposes.

    Just my thoughts on it, happy to hear comments, criticisms, or refinements of the idea.
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