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Best way to utilize Split Transactions

oldngrmpy1

I'm wanting to put Social Security income into my register with split transactions. Is the best way to have the following catagories, line items as split transactions:
(1) Income: Gross SSA ; (2) : Health Care: Medicare Health Insur (3) Fed Withholding: SSA: (4) Total Deductions SSA ((5) Income: SSA Net. This seems to be the most logical to me. I do not use my Quicken to help with taxes, but I'd still like to be able see My SSA net and gross on a report if I need to. Then when I run my reports just check the Category box or uncheck it as necessary for a given category and report, whatever it may be.

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Accepted answers

Tom Young

The "net check" amount is the amount you'd enter as a Deposit in your check register, it doesn't show up on a split line. Then you'd split that net amount, first showing the gross amount as a larger number than the net number and as a positive number, followed by the deductions show as negative numbers. The sum of the positive numbers and negative numbers should equal the net number you started with.

That's a very reasonable approach and one that many people use.

All comments

Sherlock

If you haven't already, you may want to review: https://community.quicken.com/discussion/7863666/faq-how-to-record-social-security-income-in-quicken-for-windows

oldngrmpy1

Looking for more specific idea on how to do it. I use Kaiser too in CO, so I assume you are too or CA.

Tom Young

That's a very reasonable approach and one that many people use.

oldngrmpy1

How do you use help to find out what reports to use to see split transactions expanded in the report

TTSguy

@Tom Young Can you show me with a screen snip how the Split transactions show in the split box (whole thing, including the total box at bottom

TTSguy

@ Tom Young can you display what your whole split transaction box looks like including some bogus numbers with totals?

q_lurker

@TTSguy (when a user has a blank in his name, use "" == @Tom Young)

Is this what you were looking for?

Image: https://us.v-cdn.net/6031128/uploads/editor/23/rki7q2vlmvvs.jpg

TTSguy

It's my understanding that the top line is the gross amount, and the bottom line (transaction total) Is the net deposit amount?

Tom Young

TTSguy said:

It's my understanding that the top line is the gross amount, and the bottom line (transaction total) Is the net deposit amount?

Yes, that's correct.