Problems entering a paycheck

Bill Ferguson

My wife's paycheck is a gross amount, less commission, resulting in her net pay.  When I enter it into Quicken, I enter it as a deposit of the net amount, then go to a split transaction, entering the gross amount as a positive number and the commission as a negative number.  The net of these two equals the amount of the deposit.  The amount of her account balance increases by the net pay.

When I click edit to look at the details and click split, all the numbers I entered are reversed;  gross earnings are negative, commissions are positive.   In addition, a figure equal to 2 times the net pay is shown at the bottom as a positive number.  It does not have a category attached - it is unallocated.

While this makes the total of the deposit correct, it screws up YTD earnings because it makes them negative in any spending/budget reports.

I usually have to edit and reenter each paycheck 2 or 3 times until Quicken shows it correctly.

Can anyone help with this?

garysmith87

I would start off by making sure your checking register has "Payment" and "Deposit" columns displayed...and then remove the generic "Amount" column.  

The Amount column encompasses both...so the proper sign is important...but also confusing.

Once you have the two new columns added, make sure you click on the Deposit column and enter the net amount.  Then select the split transaction.  Select Clear All.  

In the split, then enter the gross amount as a positive number and the next split is the commission, which is a negative number.  Make sure there aren't any other split lines (unless you intend to account for taxes withheld and other deductions).  

When you click on OK from your split transaction window, the net deposit should now show with the correct sign...and not doubled. 

Bill Ferguson

My check register has Cash Amount and Cash Balance columns.  I didn't know I could change these columns.  Let me look elsewhere on here to find out about that.

Thanks!

garysmith87

In your checking register on the right side just above the scroll bar is an icon.  When you mouse on that icon is says "Register Columns".

Click on that.  Then select "Payment" and "Deposit".  Then uncheck "Amount".

This will add those two columns and delete the "catchall" Amount column.

Now, you can see what's a payment and what's a deposit without worrying about getting the signs correct.  

Just one question though...is your checking account a "true" checking account...or is it a linked checking account to an investment account?

Bill Ferguson

It is a Cash Management account with Fidelity.  As such, Quicken puts the account as an Investing account.

q_lurker

You might take a look at your Memorized Payee List (Ctrl-T), and see if there are one or more transactions memorized for her employer.  I assume you are in the Investment Account, choosing the Enter Transactions button, and then the Deposit transaction type.  That is where I see the option to split the categories.  

NotACPA

I also have a CMA with Fidelity.  You can choose to display all cash/checking type transactions in a checking type account if you wish ... this makes dealing with them MUCH easier.

Do TOOLS, Account List and check EDIT adjacent to your taxable brokerage account.  Then check "Show cash in a Checking account".

Q will create a pseudo-checking account (it doesn't really exist) and move all of your cash transactions from the brokerage account to this new account.

THEN, it should be much easier to record your wife's paycheck and manage any other cash type transactions.