Paycheck Problem, Again

I was overpaid in a paycheck in March, the overpayment was taken back (withdrawn from my account) in April. The debit was posted as a single deduction (transaction) in my checking account register in Quicken, how or what do i use as a category so the debited amount will show (be subtracted) in Budgets? Thank you.

Comments

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Here are two ways you may handle the situation:
    • You may enter the debit using the appropriate paycheck categories.  This will show the overpayment in March and the reduction in April in the budget.
    • You may edit the March paycheck separating the overpayment into a distinct category not included in the budget and use the same category for the withdrawal in April.  This will eliminate the overpayment and subsequent reduction from influencing the budget.
  • allgoodnamestaken
    allgoodnamestaken Member ✭✭
    Hi Sherlock, I tried to enter as a paycheck transaction, in April, but the paycheck wizard does not accept negative numbers. I think that would have been the easiest workaround?
    I'm not clear on what you are suggesting in your second solution? Currently the Budget is only picking up net pay, although the paycheck wizard is broken down with all deductions, those deductions are not listed in the Budget in order to get net pay. Thank you.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    In the paycheck with the over payment.
    Use "Add Earning" -> Other earning, and type in a new category (you probably want it to be an income category).
    Enter the amount of the overpayment.

    In the paycheck with the withdraw use Add Pre-Tax Deduction -> Other Pre-Tax Deduction, and in this one select the category you created above, and entry the amount.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited April 18
    Hi Sherlock, I tried to enter as a paycheck transaction, in April, but the paycheck wizard does not accept negative numbers. I think that would have been the easiest workaround?
    I'm not clear on what you are suggesting in your second solution? Currently the Budget is only picking up net pay, although the paycheck wizard is broken down with all deductions, those deductions are not listed in the Budget in order to get net pay. Thank you.
    You may want to edit the paycheck transaction in the register as a split:  press Ctrl + Shift + S

    As you're using net pay, the second approach as suggested would not resolve the budget issue.  Instead, you would introduce a separate transaction for the over payment to match the payment for the withdrawal.
  • allgoodnamestaken
    allgoodnamestaken Member ✭✭
    Chris-So the overpayment was made on a paycheck deposit posted on 3-30-21. The withdrawal of the overpayment was taken on 4-15-21. Since it was debited from my checking account the transaction is only shown as a payment (deduction) in the register. If I go back and make an adjustment in the 3-30-21 paycheck won't that throw off my reconciliation for the month of March?

    Sherlock-I'm not clear on what you are suggesting regarding the split and the separate transaction?
    Thank you
  • master
    master Member
    I'm using Quicken for Windows to automatically enter my paycheck every two weeks, but every time I run one step update the bank the transactions for the past three months disappear, and I have to reenter them. Is there a way to correct this?
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    If you haven’t already, you may want to verify the register is sorted appropriately and there aren’t any unexpected filters being applied:  open the register, select the Date column header (you want the small triangle to right of Date to point up) and Reset.

  • ddwilco
    ddwilco Member
    I now have exact same issue, after 5 1/2 months of Paychecks going in, I now see in my Register, ONLY a net amount, with NO deduction details? My ongoing/future bill reminders are correct, but when the post to Account(s) only net shows.
    HELP...
    Home, Business & Rental Property edition
    Version R33.19
    Build 2701.33.19
  • System
    System Member ✭✭✭✭
    This discussion was created from comments split from: How to adjust previous split deductions for paychecks?.
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